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Did FBI Hack Private Keys to Bitcoin Wallet of Colonial Pipeline Hackers?

The Federal Bureau of Investigation (FBI) on Monday claimed it has seized $2.3 million worth of Bitcoin paid by the Colonial Pipeline in a ransomware attack after obtaining a court order. The alleged funds were found on a North California server, but the federal agency refused to clarify how they managed to access the Bitcoin

The post Did FBI Hack Private Keys to Bitcoin Wallet of Colonial Pipeline Hackers? appeared first on Coingape.

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The Federal Bureau of Investigation (FBI) on Monday claimed it has seized $2.3 million worth of Bitcoin paid by the Colonial Pipeline in a ransomware attack after obtaining a court order. The alleged funds were found on a North California server, but the federal agency refused to clarify how they managed to access the Bitcoin wallet. The DOJ claimed,

Law enforcement was able to track multiple transfers of bitcoin and identify that approximately 63.7 bitcoins, representing the proceeds of the victim’s ransom payment, had been transferred to a specific address, for which the FBI has the “private key,” or the rough equivalent of a password needed to access assets accessible from the specific Bitcoin address.

The early perception was that the FBI managed to get their hands on the private key to the Bitcoin wallet, but people with the understanding of the matter questioned how a hacker group so sophisticated that managed to shut down the whole infrastructure could not keep the private keys to their Bitcoin wallet safe.

One theory suggests that the hackers had put the Bitcoin into a custodian wallet of exchange in North California for selling and the FBI managed to track the funds and seize them before it could have been liquidated. This is more believable since the agency won’t need a court order to seize Bitcoin if they had private key access.

Does FBI’s Action Raise Bitcoin Network Vulnerability Concerns?

Connecting the dots between the Federal agency’s claims and how the Bitcoin network functions, it seems there was no breach of security on the Bitcoin network. The FBI can for sure get a warrant to seize the funds from a custodial wallet, or against an exchange, which seems to be the case here.

One of the agency’s spokesperson revealed that they cannot dwell into the means that the FBI used to gain access to the ransom Bitcoin and said,

“I don’t want to give up our tradecraft in case we want to use this again for future endeavors,”

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/did-fbi-hack-private-keys-to-bitcoin-wallet-of-colonial-pipeline-hackers/

Blockchain

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness. What is Decentralized Gambling? Decentralized gambling takes control away from centralized organizations …

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Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.

What is Decentralized Gambling?

Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness. 

Insights Into the World-Changing Potential of On-Chain Gaming

All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played. 

Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.

Insights Into the World-Changing Potential of On-Chain Gaming

Why Are Traditional Online Casinos Unfair?

Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.

Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in fraud and theft, usually in the form of (unrevealed) unfair odds and rigging.

Online gambling is a $45 billion a year industry, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts. 

Untapped Market Opportunity

After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.

Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet – consequently, there are no deposit or withdrawal buttons. 

The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow. 

A recent look at the MVP of CryptoPunt has shown a beautiful user interface built for and by punters, offering a sleek, fun, and efficient experience. 

Introducing Community Tokens

To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem. 

$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap & Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M. 

They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice for the industry to not only survive but thrive.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/insights-into-the-world-changing-potential-of-on-chain-gaming/

Continue Reading

Blockchain

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness. What is Decentralized Gambling? Decentralized gambling takes control away from centralized organizations …

Published

on

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.

What is Decentralized Gambling?

Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness. 

Insights Into the World-Changing Potential of On-Chain Gaming

All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played. 

Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.

Insights Into the World-Changing Potential of On-Chain Gaming

Why Are Traditional Online Casinos Unfair?

Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.

Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in fraud and theft, usually in the form of (unrevealed) unfair odds and rigging.

Online gambling is a $45 billion a year industry, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts. 

Untapped Market Opportunity

After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.

Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet – consequently, there are no deposit or withdrawal buttons. 

The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow. 

A recent look at the MVP of CryptoPunt has shown a beautiful user interface built for and by punters, offering a sleek, fun, and efficient experience. 

Introducing Community Tokens

To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem. 

$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap & Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M. 

They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice for the industry to not only survive but thrive.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/insights-into-the-world-changing-potential-of-on-chain-gaming/

Continue Reading

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

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on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading
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