Bitcoin
Bitcoin Hacker Who Took $72 Million Returns Funds in Exchange for $7.2 Million ‘Reward’ – DL News
- The wBTC hacker began returning funds taken from a victim in early May.
- The hacker initially escaped with $72 million in wBTC.
Last week, someone he picked up a staggering $72 million in wrapped Bitcoin tokens – Bitcoin on the Ethereum blockchain – from one victim, but both parties have agreed to a settlement that will see 90% of the funds returned to the original owner.
The hacker, in turn, will keep the remaining 10% – which is equivalent to US$7.2 million – as a “reward”, after negotiation with the victim.
The attacker has already started returning funds, with nearly half of the original withdrawal transferred back to the victim so far, according to on-chain data.
Both parts negotiated the agreement through on-chain messaging and Telegram chats with the victim by providing his online identity on the latter platform as “Bui Duy Phong”.
“You won, brother. You can keep 10% and return the 90%. We can act as if nothing had happened,” the victim communicated to the hacker via onchain messages on May 4. “We both know that $7 million is enough to live very comfortably, but $70 million will keep you up at night.”
The hacker drained Phong’s assets last week using a phishing attack that used address poisoning to trick the victim.
Address poisoning is a type of attack where the hacker creates a wallet address that matches the victim’s.
In last week’s attack, the first four and six digits of both addresses were the same.
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The hacker then spammed the victim with transactions sent using the poisoned address to trick them into sending funds to the wrong destination wallet.
$1.7 billion in cryptocurrency thefts
Crypto Thefts Totaled US$1.7 billion last yeara drop of more than 50% compared to the values recorded in 2022.
Phishing attacks accounted for around 17% of stolen funds with the victims losing US$300 million last year, according to onchain fraud detector Scam Sniffer.
Most phishing attacks occurred due to large wallet drainers such as MS Drainer, Pink, Monkey and Inferno Drainer.
Wallet drainers automate the phishing process by filling blockchain networks with malware transactions designed to siphon funds from victims’ wallets.
One victim even lost $24 million in a phishing attack last year.
Offering hackers a 10% reward has become the ideal strategy to recover stolen crypto funds.
The offer of a reward is usually given in exchange for not filing a complaint with authorities.
The infamous Euler explorer which stole $197 million worth of crypto from the DeFi protocol last year initially did not respond to a similar offer but later returned the funds.
Osato Avan-Nomayo is our DeFi correspondent in Nigeria. He covers DeFi and technology. To share tips or story information, contact him via email [email protected].
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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