The Incognito Darknet Market is extorting all its users, following the exit scam pulled by the admins 💸 Surprisingly, people shouldn't put their trust on darknet market makers when they say your messages are "auto-encrypted" and your money is safe. Brett Johnson, notorious reformed cybercriminal and builder of the precursor to contemporary darknet markets, makes a good point: "The Truth of Darknet Markets? ALL of them are Exit Scams. The only question is whether law enforcement can shut down the market and arrest its operators before the exit scam takes place." https://lnkd.in/dEqdmZen
Gonçalo Magalhães’ Post
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The strange and fascinating story of the alleged operator of the darknet market Incognito and Antinalysis, a #blockchain analytics tool for money launderers. A timely reminder too that we are combating active adversaries who will try to use the same techniques and tools that are deployed against them. #cybercrime #financialcrime #aml #crypto #bitcoin #cryptocurrency
I pieced together the bizarre story of Lin Rui-siang, the 23-year-old accused of running the $100 million Incognito dark web drug market, stealing from and then extorting his own users...and finally landing a gig training cops to fight crypto crime. 🙃 https://lnkd.in/g7uGUDvQ Truly one of the weirdest ones in the history of the dark web (and there are a lot of weird ones.) Aside from his amazing pivot from alleged dark web drug kingpin to government crypto expert, one other notable detail: Lin had allegedly threatened to leak half a million of his dark web drug market’s transaction records late this month if the site’s users didn’t pay him. It’s possible that only his arrest last week prevented him from following through.
He Trained Cops to Fight Crypto Crime—and Allegedly Ran a $100M Dark-Web Drug Market
wired.com
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WazirX Cancels Trades and Restores Wallets After $235M Hack WazirX restores wallet balances and cancels trades after a $235M hack, addressing user concerns and legal actions. #WazirX #LegalActions #Regulations https://lnkd.in/gcqbpYyy
WazirX Cancels Trades and Restores Wallets After $235M Hack
cryptonewsland.com
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Should decentralized privacy protocol be made illegal? 1. CoinDesk reports that #TornadoCash developer's criminal case would proceed to a trial. 2. Reason: Tornado Cash facilitated money laundering, particularly by North Korea's Lazarus Group. 3. The fact that there are legitimate use cases (e.g. anonymously donating to parties under oppressive regimes) or that misuse of Tornado Cash is outside the control or knowledge of the developer doesn't hold water with the judge. 4. Can legitimate tools be criminally misused? 5. Virtual Private Network (VPN) is a privacy tool commonly used for securing online communications to prevent data theft, especially when using public Wi-Fi networks. But it can be used by hackers to obfuscate their tracks. 6. #AI has good security use cases (e.g. scan smart contracts to detect vulnerabilities etc). However it has been increasingly used to create deepfakes for social engineering attacks. 7. Should VPN or AI be banned because of its misuse? 8. Or should the focus be on 𝙝𝙤𝙬 𝙩𝙝𝙚 𝙩𝙤𝙤𝙡 𝙞𝙨 𝙪𝙨𝙚𝙙 rather than the tool itself? I'm inclined towards the former. Would love to hear thoughts and legal opinions on this. https://lnkd.in/gwZbX-Ye
Tornado Cash Dev Roman Storm’s Criminal Case Will Proceed to Trial, NY Judge Orders
coindesk.com
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Over the last 24 hours, my wallet shows over 1 000 transactions and 𝗻𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲𝗺 𝘄𝗲𝗿𝗲 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗲𝗱 𝗯𝘆 𝗺𝗲! No, I was not hacked, it is a type of "Phishing" attack that has been going on for a while now. In a nutshell, the attacker identifies a wallet that has done a few large transactions (USDT in my case). Creates a dummy token with the same name and ticker. Then spams transactions "from my wallet" to a wallet they own for the same amount as my real transactions. The hope being that next time I do a transaction I might copy their address from the block explorer rather than the correct one. Some reports estimate that a few million worth of tokens are already stolen using this approach. 𝗧𝗟𝗗𝗥: 𝗮𝗹𝘄𝗮𝘆𝘀 𝗱𝗼𝘂𝗯𝗹𝗲 𝗰𝗵𝗲𝗰𝗸 𝘁𝗼 𝘄𝗵𝗶𝗰𝗵 𝘄𝗮𝗹𝗹𝗲𝘁 𝘆𝗼𝘂 𝗮𝗿𝗲 𝘀𝗲𝗻𝗱𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀! But this raises another question, more relevant to #tokenomics and this is 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗳𝗲𝗲𝘀! One of the original reasons for blockchains having fees is not actually to pay the block producers (as this can be handled via inflation)! It is actually to prevent on chain spam! Right now the person spamming my wallet, does the same for 60 other wallets in every single transaction. It costs him less than 0.10 USD per transaction due to the low fees on BSC! So while a lot of chains boast to be #ethereum killers due to the lower fees, keep in mind that there is a balance to be had. You don't want too high fees as to discourage usage, but you also don't want too low fees as to encourage spam! I cannot wait until the next tax period when I have to explain to my accountant and the local tax agency that the "millions" transacted from my account were not initiated by me and where never there in the first place. 🙄
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Many people think Ethereum is dying because of the rise of better, cheaper alternatives like Solana. But the truth is that people who are moving million-dollar tokenized assets or locking hundreds of thousands of dollars in DeFi protocols won't be going to mind paying a few hundred dollars in transaction fees and waiting for thirty seconds. Moreover, Ethereum is outsourcing execution/activity to rollups which has been successful until now. Actually never been so bullish on $ETH.
Over the last 24 hours, my wallet shows over 1 000 transactions and 𝗻𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲𝗺 𝘄𝗲𝗿𝗲 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗲𝗱 𝗯𝘆 𝗺𝗲! No, I was not hacked, it is a type of "Phishing" attack that has been going on for a while now. In a nutshell, the attacker identifies a wallet that has done a few large transactions (USDT in my case). Creates a dummy token with the same name and ticker. Then spams transactions "from my wallet" to a wallet they own for the same amount as my real transactions. The hope being that next time I do a transaction I might copy their address from the block explorer rather than the correct one. Some reports estimate that a few million worth of tokens are already stolen using this approach. 𝗧𝗟𝗗𝗥: 𝗮𝗹𝘄𝗮𝘆𝘀 𝗱𝗼𝘂𝗯𝗹𝗲 𝗰𝗵𝗲𝗰𝗸 𝘁𝗼 𝘄𝗵𝗶𝗰𝗵 𝘄𝗮𝗹𝗹𝗲𝘁 𝘆𝗼𝘂 𝗮𝗿𝗲 𝘀𝗲𝗻𝗱𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀! But this raises another question, more relevant to #tokenomics and this is 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗳𝗲𝗲𝘀! One of the original reasons for blockchains having fees is not actually to pay the block producers (as this can be handled via inflation)! It is actually to prevent on chain spam! Right now the person spamming my wallet, does the same for 60 other wallets in every single transaction. It costs him less than 0.10 USD per transaction due to the low fees on BSC! So while a lot of chains boast to be #ethereum killers due to the lower fees, keep in mind that there is a balance to be had. You don't want too high fees as to discourage usage, but you also don't want too low fees as to encourage spam! I cannot wait until the next tax period when I have to explain to my accountant and the local tax agency that the "millions" transacted from my account were not initiated by me and where never there in the first place. 🙄
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A recent report from Chainalysis highlights an alarming 85x increase in revenues from such frauds since 2020, underscoring the sophistication and persistence of cybercriminals in exploiting digital relationships for financial gain. At CNC Intelligence Inc., we've been closely monitoring these developments, recognizing the unique challenges they pose to law enforcement and legal professionals. Our team of Cryptocurrency Investigators leverages cutting-edge tools and methodologies, including analytics from leading platforms like Chainalysis. As we navigate this digital frontier, the importance of collaboration between legal entities, cybersecurity experts, and regulatory bodies cannot be overstated. For law enforcement agencies and law firms specializing in cyber cases, CNC Intelligence Inc. stands ready to assist. Our bespoke solutions are tailored to meet the unique challenges of each case, ensuring that no stone is left unturned in the pursuit of justice. Let's unite to combat crypto romance scams and other forms of digital fraud! #CyberSecurity #AssetRecovery #LawEnforcement #LegalTech #CryptoCrime #FraudPrevention #CNCIntelligence #CNCintel #CNCIntelligenceInc #RomanceScams #PigButchering #Scams https://lnkd.in/ecatAUCp
Darknet market crypto crimes on the rise in 2023, $1.7B revenue — Chainalysis
cointelegraph.com
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An extreme case of 'eating your own dog food': Developing address screening tools and a darknet marketplace for criminals, while simultaneously being certified by large #blockchainanalysis firms and training police. 📰 https://lnkd.in/eZ_KCvJ9 Building trust in trustless environments remains a significant challenge as crypto adoption grows. But by strengthening public-private partnerships, and listening to/empowering those on the front lines, we can make #crypto safer for everyone.
He Trained Cops to Fight Crypto Crime—and Allegedly Ran a $100M Dark-Web Drug Market
wired.com
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Builder @ CoinDCX || Building for Indian Crypto and Web3 Ecosystem || Fortune 40 under 40 || Forbes 30 under 30 || Angel investor || Hiring For Leadership Roles @CoinDCX
The rise of #crypto offers immense investment and trading opportunities, but beware of scamsters. Sridhar Govardhan, Senior VP and Head of Information Security at CoinDCX wrote a detailed article on Economic Times Insights on how you can stay safe by: 🕵️♂️Easily Identifying fake websites and scams 🔒 Using platforms with robust security 🎁🚫Watching out for impersonation and fake giveaways You can read the article below. Link in the comments. Also feel free to bookmark it for reference! 👇 📕
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To simplify management for investors and casual users alike, we selected the top Fantom wallets of 2024 according to device compatibility, security, and usability. https://buff.ly/3UJZ0By #fantom #FTM #crypto #wallets #top2024
Top 10 Fantom Wallets in 2024 | Coin Wallet
coin.space
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The recent WazirX hack is an unfortunate event that has highlighted significant gaps in the current regulatory framework for cryptocurrencies. This incident has raised important questions about how such platforms manage security and user trust. You can read the full article on The Print - https://lnkd.in/gQgDaXwQ In our contribution, we emphasized the necessity for robust regulatory measures to protect users and maintain market integrity. Strengthening regulations is critical to fostering a secure and trustworthy environment in the rapidly evolving digital asset space. For a more detailed discussion, you can also watch this video: Watch Here - https://lnkd.in/gs_jnhEF
'Flimsy, contradictory & nonsense' — why WazirX's post-hack actions have raised calls for regulation
theprint.in
