Category: Cryptocurrency

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Crypto exchange mistakenly sends 103 bitcoin to wallet it’s locked out of

sudshr47 February 13, 2019

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When it comes to cryptocurrency, things can always get worse. 

Earlier this month, news broke that QuadrigaCX, a Canadian cryptocurrency exchange, lost access to $190 million worth of customer crypto after the founder died — taking sole knowledge of the account passwords to the grave. 

Now, it looks like it screwed up again. According to a preliminary report filed by Ernst and Young, which is acting as a court-appointed monitor for the company, QuadrigaCX sent a so-called cold storage wallet 103 bitcoin (worth more than $460,000) after it had been locked out. 

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The plot to revive Mt. Gox and repay victims’ Bitcoin

sudshr47 February 7, 2019

It was the Lehman Brothers of blockchain. 850,000 Bitcoin disappeared when cryptocurrency exchange Mt. Gox imploded in 2014 after a series of hacks. The incident cemented the industry’s reputation as frighteningly insecure. Now a controversial crypto celebrity named Brock Pierce is trying to get the Mt. Gox flameout’s 24,000 victims their money back and build a […]

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Crypto exchange Kraken acquires Crypto Facilities

sudshr47 February 4, 2019

Cryptocurrency exchange Kraken just closed its biggest acquisition to date. The company is buying Crypto Facilities in a nine-figure deal. Crypto Facilities is an exchange and index provider regulated by the Financial Conduct Authority in the U.K. In particular, Crypto Facilities lets you trade futures on multiple cryptocurrency pairs. Following this acquisition, some Kraken users […]

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Crypto exchange Kraken acquires Crypto Facilities

sudshr47 February 4, 2019

Cryptocurrency exchange Kraken just closed its biggest acquisition to date. The company is buying Crypto Facilities in a nine-figure deal. Crypto Facilities is an exchange and index provider regulated by the Financial Conduct Authority in the U.K. In particular, Crypto Facilities lets you trade futures on multiple cryptocurrency pairs. Following this acquisition, some Kraken users […]

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First hacker convicted for SIM swapping gets 10 years in prison for stealing millions

sudshr47 February 3, 2019

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A college student is facing 10 years in prison for stealing millions in cryptocurrency using a method called “SIM swapping.”

According to Motherboard, 20-year-old Joel Ortiz of Boston accepted a plea deal for stealing more than $5 million in cryptocurrency from around 40 victims. Ortiz plead guilty to the crime and was sentenced to 10 years in prison as part of his plea deal. 

Ortiz was able to steal the cryptocurrency through a hacking method known as SIM swapping. Krebs on Security has frequently reported on the rise of SIM swapping throughout the past few months.

Over the last year, a number of brazen SIM hijackers have been arrested, such as 21-year old Nicholas Truglia who allegedly stole a million dollars in cryptocurrency. However, authorities say Ortiz is the first person to be convicted of a crime involving SIM swapping. Read more…

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He had sole access to $190 million worth of customers’ crypto. Then he died.

sudshr47 February 1, 2019

In the risk-filled world of cryptocurrency, “sorry for your loss” has a very specific meaning. In the case of Canadian crypto-exchange QuadrigaCX, it’s become a rather grim double entendre. 
The exchange’s founder, 30-year-old Gerald Cotten, die…

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Binance now lets users buy crypto with a credit card

sudshr47 January 31, 2019

Binance, the world’s largest crypto exchange based on trading volume, will now let you spend money you don’t have after it added support for credit cards from Visa and Mastercard. Credit card usage in crypto is controversial. Aside from the risk — ask anyone who bought crypto last year… — top exchanges have gone back and […]

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Crypto wallet BRD raises $15M for Asian expansion

sudshr47 January 25, 2019

Mobile cryptocurrency wallet BRD is announcing that it’s raised $15 million in Series B funding. The funding comes from SBI Crypto Investment, a subsidiary of Japanese financial services company SBI Holdings (formerly a subsidiary of SoftBank). BRD said the funding will allow it to grow its product and engineering teams, and to expand in Japan […]

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