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U.S. DOJ Retrieves Over $2.1 Million in Bitcoin Paid as Ransom by Colonial Pipeline

The DoJ has been able to retrieve over $2 million in bitcoin paid as a ransom.

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The United States Department of Justice said that it recovered over $2 million worth of bitcoin, which was the majority of the ransom paid by the U.S. oil pipeline giant Colonial Pipeline to cybercriminal group DarkSide.

DoJ Recovers 63.7 BTC

The DoJ made the announcement in a press release on Monday (June 7, 2021). According to it, the department retrieved 63.7 bitcoins, worth $2.1 million, at the time. The operation was undertaken by the Ransomware and Digital Extortion Task Force, a unit created by the Justice Department in April to combat ransomware attacks.

Back in May, Colonial Pipeline suffered a ransomware attack from a criminal hacking group known as DarkSide, thereby crippling the company’s operations. Colonial Pipeline halted operations for almost a week due to the attack, causing general panic and shortages at gas stations.

The company paid a ransom of 75 bitcoins, worth $4.4 million at the time. Although Colonial Pipeline complied with the ransom demand, the company did not waste time in informing law enforcement about the attack. Meanwhile, the FBI was able to trace the transfer of about 63.7 BTC to a particular wallet address, with the law enforcement agent having the private key for the address.

In the DoJ’s announcement, Lisa Monaco, the U.S. Deputy Attorney General, said the Justice Department was committed to bringing down ransomware attack groups. According to Monaco:


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“We will continue to target the entire ransomware ecosystem to disrupt and deter these attacks. Today’s announcements also demonstrate the value of early notification to law enforcement; we thank Colonial Pipeline for quickly notifying the FBI when they learned that they were targeted by DarkSide.”

As previously reported by CryptoPotato in May, Colonial Pipeline was not DarkSide’s first victim to make ransom payments. The cybercriminal group, according to blockchain security company Elliptic, received $90 million in payments from over 40 victims.

U.S. Government Keen on Ending Ransomware Attacks

Meanwhile, there has been a growing attack on the United States.-based companies by ransomware hackers in 2021 alone. In February, the U.S. branch of the major car manufacturer, KIA Motors, was attacked, with the hackers threatening to raise their demand to 600 BTC if the company failed to pay within the specified timeframe.

The Steamship Authority of Massachusetts and JBS, the world’s largest meat processor, was also affected by ransomware attacks. The latter suspended cattle slaughter across its U.S. plants but later resumed operations.

In response to these attacks, the U.S. government is planning to track cryptocurrency transactions in a bid to prevent further ransomware attacks. Two U.S. senators also called for increased regulation and tracing of cryptocurrencies.

Indeed, cybercriminals demanding bitcoin payment as ransom fuels critics’ negative opinions about bitcoin and other crypto-assets. While there seems to be a rise in the use of crypto for ransom payment, cash still remains a top choice for hackers and other criminal acts.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/u-s-doj-retrieves-over-2-1-million-in-bitcoin-paid-as-ransom-by-colonial-pipeline/

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.

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.


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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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