This is the story of a hacker group called the “SnoopSnatch” who stole Bitcoin from an exchange in Singapore, and then used it to make off with more than $30m worth of the cryptocurrency.
The thieves, dubbed the “snatch team”, stole around $1m in Bitcoin at a time when Bitcoin’s value was in free fall.
They stole from the Singapore-based exchange Bitstamp on February 20th, using a technique known as “double-spending”, and then sent a message to a bitcoin address in Hong Kong, saying they had more than 30,000 Bitcoins and that they would release the Bitcoins if they were paid in cash.
“We were looking for someone to steal a large amount of Bitcoins and were looking at the Hong Kong exchange for an opportunity,” Mr Lee said.
Bitcoin is a decentralised virtual currency, so it’s hard to trace who was behind the theft.
It’s also not clear whether the stolen Bitcoins were the proceeds of criminal activity or the result of a cyber attack.
According to the Hongkong exchange’s security team, the thieves used a “snake-oil” attack, which involves creating a fake email address for a user to use to trick them into handing over the Bitcoin.
Once the email address is created, the user can be asked to send the coins in cash, where the hackers get their hands on the coins.
When the email is sent, it’s sent as a .txt file, which has a file extension of .exe, a popular Windows file that lets malware steal files.
If the user does not click on the file to open it, the malware will then execute a command to a remote server that will then send the email.
As a result, it will allow the thief to send Bitcoins to a new email address that is linked to the stolen Bitcoin address.
One of the attackers used the new address to contact the hacker, which led to the theft of the Bitcoins, according to the security team.
While the stolen coins were not used for anything criminal, they did have some value, because they were stolen from an account that had more Bitcoin in it than was needed to pay the ransom.
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In 2017, Bitcoin’s price hit an all-time high of around $4,100.
Today, it has slumped to around $2,000.
Its price surge coincided with the rise of an alternative cryptocurrency called Dash, which gained a following in the crypto-community after its developers developed an automated method for creating a “coin” using the Blockchain technology.
Dash, which was created in 2017, is the name of a cryptocurrency that’s based on the blockchain, a distributed ledger technology.
It allows people to send each other anonymous payments.
Since the beginning of the year, the number of new cryptocurrencies that have emerged has been in a steep decline, with Bitcoin’s market cap down more than 50 per cent in 2017.
On Monday, the Bitcoin price fell to its lowest level since February 2017, and on Tuesday, it also dropped as much as 50 per the same time period.
But the Bitcoin community has since rallied, with many commentators calling it a “reboot” and predicting that the currency will rebound once it sees its market share return.
With a new currency on the market, there’s little doubt that there will be an increase in scams and thefts in the future, with a rise in the number and volume of Bitcoin thefts.