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Australian Hacker Sentenced to 2 Years in Prison for $300K XRP Theft

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A judge has sentenced Australian citizen Kathryn Nguyen to a maximum time of 2 years and 3 months in prison for her role in stealing more than 100,000 XRP tokens in January 2018.

According to an Aug. 11 report in Australian publication Information Age, Nguyen was sentenced over the theft of more than $300,000 in XRP two years ago. She was initially charged in Oct. 2018 and pled guilty to fraud charges the following August.

Chris Craigie, the judge presiding over Nguyen’s case, said it was a “difficult and troubling decision” to send her to prison. The Australian national will reportedly be eligible for parole in October 2021.

First Australian crypto fraud case

Nguyen was one of the first people to be charged with the theft of crypto assets in Australia.

In January 2018, she reportedly hacked into the email of a 56-year-old man with the same last name as her and stole all his XRP holdings before releasing control of the account two days later. This was at a time when the crypto asset was near its all-time high of $3.84.

Nguyen reportedly transferred the XRP holdings to a Chinese crypto exchange where she swapped the tokens for Bitcoin (BTC), sending them to multiple wallets in what may have been an attempt to launder the funds. According to local news outlet 7News Sydney, authorities in China were only able to recover roughly $9,000.

XRP falls out of favor

The value of XRP has since dropped to $0.30 as of this writing, making the amount of crypto stolen now worth approximately $30,000.

Source: https://cointelegraph.com/news/australian-hacker-sentenced-to-2-years-in-prison-for-300k-xrp-theft

Blockchain

Crypto.com Blocks Withdrawals After Alleging Users Attempted Illegitimate Trades

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Crypto.com temporarily blocked all deposits and withdrawals on Sept 21 after suffering a database error that it says some users tried to take advantage of.

Writing on his Twitter account, Crypto.com CEO Kris Marszalek revealed that the platform’s risk systems blocked certain users from making withdrawals after they took advantage of a service outage to manipulate the Ethereum price.

According to him, the outage was caused by an unexplained overnight database error on Sept 21 which is still under investigation. He assured users that the exchange suffered “negligible” financial losses and that deposits and balances are safe and normal service will be restored within 48 hours.

Crypto.com Kerfuffle

According to Marszalek, the problem began overnight on Sept 21 when an unknown database bug led to a service outage. Some users, he said, tried to take advantage of the situation by manipulating the ETH/USDT price and rapidly selling to other coins in order to lock in massive gains.

The screenshot below shows that ETH was pumped to over $1 million, against its actual price of around $370 at the time.

Source: Publish0x

Marszalek added that the platform’s risk system immediately flagged and blocked the attempted transactions. Shortly afterward, the app went offline altogether and users were presented with an error message when they tried to log in:

Source: Publish0x

Marszalek said that the platform suffered only “negligible” losses during the incident, but the process of putting the exchange back up for users to resume trading is a “complex, time-consuming process” which would require significant downtime. He estimated that users would regain full functionality within 48 hours.

Apology for Service Shutdown

Apologizing to Crypto.com users for the unexpected service outage, Marszalek said:

My apologies to all our users. The team will be on it 24/7 until we are back online. We will learn from this outage and strengthen all systems accordingly. We will be posting regular updates as we get a more accurate timeline to resume trading.

Since he made the comments, users have regained access to the Crypto.com app. As of the time of press, however, the exchange was still unavailable.

Source: https://beincrypto.com/crypto-com-blocks-withdrawals-after-alleging-users-attempted-illegitimate-trades/

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DeFi Tokens Take a Beating Amid Cryptocurrency Market Hemorrhaging

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A marketwide selloff has accelerated and it appears that DeFi tokens are taking the biggest hits at the moment as many of them retreat further from their all-time highs.

Cryptocurrency markets have dumped around $20 billion over the past 24 hours in a fall back to around $315 billion according to TradingView, but it has not been the largest daily slump of the year.

Bitcoin’s 5% slide back to $10,400 has been the catalyst as usual, and the asset could fall even further when a platter of futures expire later this week. The closure of the CME gap could easily send prices back into the mid-$9,000 zone.

BTC Bitcoin RecessionBTC Bitcoin Recession

DeFi Tokens Tanking

Historically, when Bitcoin falls, the rest of the market hemorrhages and this has certainly been the case for a large number of DeFi tokens this week.

Many of the top DeFi tokens including LEND, CRV, UNI, SUSHI, BAL, UMA, KAVA, REN, SNX, SWRV, and YFI have lost double digits over the past 24 hours:

This appears to have been to the delight of a number of Bitcoin maximalists including BTC community member, Zack Voell (@zackvoell), who posted a screenshot of the bleed out;

DeFi market capitalization has been hit harder due to the rapid gains that most of these tokens have made over the past couple of months.

Analytics websites CoinMarketCap and CoinGecko currently report the market cap for the top DeFi tokens as being around $12 billion, or around 4% of the total for all digital assets.

DeFi TVL Falls From Record High

The total value locked across all DeFi platforms hit a record high of $13.2 billion last week according to analytics provider DeFi Pulse.

However, the platform has stated that there have been some problems with accurate reporting of the measure which has skewed the leaderboards:

At the time of press, TVL is being reported as $9.4 billion with Uniswap leading the pack commanding a market share of just over 20%. The chart does look a bit choppy and analysts have pointed out that TVL is not the best measure of a project’s performance since there are opportunities for double-counting with various liquidity pools.

DeFi TVLDeFi TVL
DeFi TVL – DeFi Pulse

DTC Capital head Spencer Noon [@spencernoon], pointed out that the move appears to be macro-driven and fundamentals for Bitcoin, Ethereum, and DeFi are all still solid;

It’s important to keep in mind that market corrections are perfectly natural and should be expected after long periods of gains.

Source: https://beincrypto.com/defi-tokens-take-a-beating-amid-cryptocurrency-market-hemorrhaging/

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7 Ways to Build Your Brand with Blockchain Marketing

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Meta Description: The business world is always adapting to every new technology. These innovations have been greatly beneficial to the marketing teams. Blockchain is one such system that can take marketing and branding to the next level and improve your strategies.

Introduction

Blockchain technology was first used in 1991.  W. Scott Stornetta was the main mastermind behind this project. Today, it has become extremely well-known because of the various advantages of the procedures and methods of blockchain.

What is Blockchain Technology?

The blockchain technology is designed to alter how we transact and share digital data. Blockchain ensures that all your data are secure, they use a time-stamp ledger to save all your digital information. Technology refers to information or data as blocks. Every time new information is updated, a new block gets added to the existing long chain of data or blocks. These facts and figures are secured by the blockchain technology through encryption as well as a timestamp. Therefore, any company can benefit greatly by adopting this technology. Blockchain processes are decentralized, this means that the data has been stored in different locations, and to tamper with it, you have to visit the locations separately and alter it. The different locations, also known as nodes, borrow data from the original block. Whenever the original block is updated, the nodes get updated as well.

Another key feature of the blockchain network is that it can quickly verify whether or not a man is operating the system. The technology requires you to solve various math problems, through which it gauges if the operator is human or not. Blockchain is not only secure, but it is also quick. Usually, transactions take a tiring amount of time, but with this modern intervention, you can carry out any operation easily and reliably.

Ways to Build Your Brand with Blockchain Marketing

 

Blockchain for business has become a very common sight. Companies always want to be ahead of their competitors, and right now, the best way to accomplish that is by embracing science and technology. It is an extremely important tool in marketing as it can bring people together even when they are separated. Find out more about how you can utilize this gift in the field of marketing:

1.      Stay Ahead

Understanding what you lack and how you can improve your strategies is the first step of excelling at anything. Always stay on a lookout for anything new in the market, keep track of what your competitors are doing, and find out how you can improve your performance. What all blockchain marketers have in common is the thirst for winning. The technology is relatively new, and many companies still have no idea how to utilize it. This is a good time to start. Stay at the top of your game with the latest advancements.

2.      Importance of Influencers

If you are looking for a new face to promote the products of your brands, then you will surely know how important influencers can be. These people who are termed “influencers” by the millennials are everywhere. Most social platforms give birth to one or the other type of influencer. Your brand can easily use the popularity of these people to promote or advertise your products. However, it may be extremely difficult to track a genuine influencer who is acquainted with the marketing and knows how to promote a brand. It is almost impossible to know whether the followers are genuine or not, and if recruited, will he or she be actually of any help?

This is where the role of blockchain begins. Experts use this technology to generate several codes to verify every detail given by the influencer. The codes, also known as smart contracts, specify certain terms and conditions. Once these are fulfilled, the associated actions are carried out.

3.      Payment Procedures

Blockchain payment methods like cryptocurrencies have become popular. The technology does an excellent job when it comes to carrying out monetary transactions. The systems discard the need for any middleman or any intermediate server. Therefore, now you can promote your products without paying a fortune to any intermediary party. Advertising has just become faster and cheaper. Relying on third parties not only makes marketing expensive but also slow and time-consuming. Blockchain and digital payments are quick and secure. You may have noticed difficulties in money transactions if you have played online casino games like free 20 no deposit games.

4.      Immutability and Security

Blockchain business models have been prepared based on this key feature. The technology makes sure that the data is secure and immune to forgery. The blocks share different locations. This means that when one block is updated, the other blocks get updated as well.  The immutability of the system guarantees the full safety of any information that has been updated on it.

Use this feature of the system to build trust among your clients and customers. Let them know that their information is safe with you. Blockchain is capable of providing you with valuable data about the needs and necessities of the consumers without interfering with any personal data.

5.      Reach your Target Audience Easily

It can be very confusing to understand, as marketing personnel, which people you actually want to target. Even if you do know your target audience, reaching them is no easy job. This is why blockchain is an absolute necessity. As we have mentioned before, the systems store data on different locations. These separate locations work simultaneously with the help of these data to come up with an audience pool. So, this is your audience, these are the people you should be targeting.

6.      Information Is Power

Blockchain allows you to understand and keep track of all the products that your company sells. For example, if you are someone who sells handbags, you can dig up as much information as you need about the product to reach the correct audience. Customers may want to know whether the products are cruelty-free. If they are vegan? Where is it being manufactured? How is it shipped? You can easily attract your customers by maintaining transparency and by clearing all their doubts. Use the system to collect information and then use this data tactfully to attract customers. Blockchain companies know how beneficial the system is for marketing, and it is time you explore it for yourself.

7.       AdBlock and Ad Fraud

Ads have always repelled consumers. However, if your hands have been tied till now, it is time to break free. With blockchain development, you no longer have to entertain parties that interfere with unnecessary ads during your marketing campaigns.

You may also be able to save a lot of money with the help of this system. The technology takes care of all ad frauds and saves you from financial damage.

Conclusion

The program has the potential to shake up the whole world of marketing. If you learn the procedures, you can benefit from it.  Various advantages of technology make it a crucial tool in improving your marketing ideas and strategies. What may have seemed to be impossible earlier is now possible with these advancements in science. Multiple industries have already welcomed blockchain, now it is your turn to profit from all the exclusive features of the technology.

 

Our Author:

Thomas Glare is a writer who is interested in writing for small businesses, websites, and online publications. He has been writing on a freelance basis for many years and runs a website on blockchain news.

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