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Bitcoin Price Watch: Currency Sits at $7,600

At press time, nothing has changed regarding the bitcoin price. The father of cryptocurrencies is sitting at $6,700 – a price it has held for roughly 24 hours, and recovery doesn’t appear imminent anytime soon.

The mega-drop that hit the asset during yesterday’s morning hours stem from two likely sources. The first is the hack of South Korean digital exchange Coinrail, which is not one of the country’s largest cryptocurrency platforms, but still ranks amongst the top 90 across the globe.

During the morning of June 10, Coinrail executives released the following statement on the company’s website:

“Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking at it with an investigative agency, related exchanges and coin developers.”

Coinrail alleged that most of the cryptocurrencies it was housing were placed in a secure wallet. Unfortunately, the thieves still managed to get away with over $40 million worth of assorted tokens, and bitcoin – along with several other forms of cryptocurrency such as Ethereum, Ripple, bitcoin cash and EOS – all lost approximately five percent or more of their respective values.

The next big hit came by way of the Commodity Futures Trading Commission (CFTC). The organization is now opening a probe into bitcoin price manipulation, and is asking four major exchanges for bitcoin futures trading data from January 2018 and on. The exchanges – which at press time are Coinbase, itBit, Kraken and Bitstamp – are refusing to cooperate with the request, explaining that submitting such information would hurt their customers’ privacy.

Following the announcement, bitcoin tanked hard, falling from $7,300 to $6,700 in just 30 minutes, and all major digital assets are trapped in the red.

Securities and Exchange Commission (SEC) chairman Jay Clayton also warned against the selling and trading of any unregulated cryptocurrencies:

“I caution against promoting or touting the offer and sale of coins without first determining whether the securities laws apply to those actions. Selling securities generally requires a license, and experience shows that excessive touting in thinly-traded and volatile markets can be an indicator of ‘scalping,’ pump-and-dump, and other manipulations and frauds.”

At press time, bitcoin is now being hit with another negative move as computer king Apple recently announced at the Worldwide Developer Conference that all iPads and iPhones could no longer be used to mine cryptocurrencies. As stated by Apple Insider, the new rule explains that “apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”

The move comes after a wave of recent backlash against bitcoin by major internet companies such as Facebook, Google and Twitter, all of which have recently banned crypto and ICO-related advertisements on their platforms. As bitcoin’s price continues to plummet, it is continuing to garner mistrust from major institutional players, and Apple is just the latest mega-player to strike against the digital asset space.

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FBI: “Call of Duty” Players Remotely Stole $3.3 Million in Cryptocurrencies

A group of “Call of Duty” players from Indiana are accused of stealing more than $3 million in cryptocurrencies after coercing an Illinois man to aid them in remotely hacking unsecured crypto wallets on more than 100 cell phones. Man Coerced Into Hack After SWATing Incident The episode began in Bloomington, Illinois, where a local man told the FBI he met the members of the would-be group of cybercriminals online playing Call of Duty. In the simulated warfare game, players are able to communicate with each other in real-time and with relative privacy. The group, based out of Dolton, Indiana, allegedly coerced the man from Bloomington into working for them using an intimidation tactic called “SWATing,” a nefarious, illegal, and dangerous phenomenon that has become increasingly popular in online gaming communities. SWATing is when police are called with a false report of a violent crime at someone’s home, which prompts a response from a SWAT team — oftentimes leading to door breaches, gunfire, and even the accidental deaths of unknowing victims. It’s often used as a decidedly dark method of payback, or, as in this case, to intimidate or threaten an individual. Afraid of further retaliation the man succumbed to the hacker’s requests, to which they handed over names, phone numbers, and other information that permitted him to remotely access the cell phones of their victims. According to the FBI affidavit, the man admitted to taking over the cell phones of more than 100 people. Once the group took over a phone, they were able to hack into a victim’s cryptocurrency account and drain their funds. The group is suspected of stealing at least $3.3 million in various cryptocurrency, including about $805,000 in Augur’s Reputation Tokens, according to the FBI. The suspects then allegedly moved stolen tokens through cryptocurrency networks, such as Ether or Bitcoin, to their own digital wallets. As of yet, the Chicago Sun-Times isn’t naming the suspects identified in the affidavit because they don’t appear to have been charged with any crimes. In an online interview the Bloomington man proclaimed his innocence — even going as far as to say that considers himself a victim: “I have done nothing but cooperate with Augur and the FBI,” he said. “I have never once profited from anyone [by] crypto-hacking, ever.” Crypto Thefts in First Half of 2018 Total Over $1.1 Billion According to recent study from cybersecurity firm Carbon Black, the total amount of cryptocurrency that has been stolen through cybercrime this year alone is over $1.1 billion — primarily through ransomware and exchange hacks. The firm’s report claims that many criminals are using the dark web to appropriate cryptocurrency from their victims, estimating that there are over 12,000 marketplaces with almost three times that number of crypto theft listings between them. Rick McElroy, security strategist at Carbon Black, spoke on the trend, noting how easy it is for cybercriminals to operate these days: “It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware… It’s not always these large nefarious groups, it’s in anybody’s hands.” Part of the reason for this is the accessibility and user-friendliness of the tools of the trade. McElroy said that certain pieces of malware even come with customer service to aid would-be cybercriminals, adding that the malicious software costs an average of $224 but can be picked up for as little as $1.04. Many of the attacks against crypto users, companies, and exchanges originate from an organized group of criminals like those out of Indiana, however, McElroy says, they’re just as likely to be the product of a trained engineer who is out of work: “You have nations that are teaching coding, but there’s no jobs… It could just be two people in Romania needing to pay rent.” Image from Shutterstock The post FBI: “Call of Duty” Players Remotely Stole $3.3 Million in Cryptocurrencies appeared first on NewsBTC.

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