Bitcoin Industry

2024-01-25 15:02:15 BlackBerry Warns Mexican Bank and Crypto Firms on Potential Security Threat

BlackBerry has flagged a potential threat to Mexican banks and cryptocurrency platforms based on hackers’ attempt to deliver a modern version of Allakore RAT.

In a Jan 24 report, BlackBerry’s Research and Intelligence Team raised concerns about a threat actor targeting financial institutions with Allakore RAT modified to allow hackers send stolen banking details and other key components to the command center for cyber theft. According to the report, the bad actors are looking for large firms with revenues above $100 million because lures flagged by the research team were sent to firms that report directly to the Mercian Social Security Institute (IMSS).

The reason for targeting large companies directly under the MSSI is first the financial incentives as these companies are worth more and secondly, the lures deployed use the IMSS links and naming schemas to make legitimate, benign documents during the process. The team also narrowed the bad actors that posed the threat of being based in Latin American countries because of the use of the Spanish language conveying instructions in the modified payload.

The large number of Mexican Starlink IPs alongside the timeframe in the process also backs up their research team’s claims of bad actors based in the Latin American region.

“This threat actor is specifically targeting Mexican entities, especially large companies with gross revenues over $100M US. All lures have utilized legitimate and benign Mexican government resources, such as the IDSE software update document “guia_de_soluciones_idse.pdf” and the IMSS payment system SIPARE,” the report reads.

Per the report, targeting is wide and not only at financial services as details were released on firms in Manufacturing, Agriculture, Capital Goods, Banking, Commercial Services, Retail, Transportation, and the Public Sector. Open / Comment

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2024-01-22 18:02:08 Crypto Firm USI Tech Founder Horst Jicha Arrested for Alleged $150 Million Fraud

Horst Jicha, the founder of crypto firm USI Tech, has been arrested and charged by U.S. authorities for his involvement in an alleged $150 million international fraud scheme.

According to a recent release published by the U.S. Depoartment of Justice (DOJ), Jicha, a 64-year-old German national, is accused of operating USI Tech as a multilevel marketing scheme that falsely promised investors high returns on cryptocurrency investments.

The charges, which include securities fraud and conspiracies to commit securities fraud, wire fraud, and money laundering, were unsealed upon Jicha’s arrest while he was attempting to vacation in Miami, Florida, on Dec. 23, 2023.

Initially, Jicha and USI Tech aggressively marketed their platform in the U.S., falsely promising high returns on investments. USI Tech was presented as an easy and accessible way for average retail investors to participate in the crypto market. These promises included unrealistic returns of up to 140%, luring investors into the scheme.

The platform operated under the guise of a legitimate crypto investment opportunity but was, in reality, a multilevel marketing (MLM) scheme. This scheme was based on the principle of investors recruiting more investors beneath them, creating a pyramid-like structure. The emphasis was on recruitment rather than genuine investment, which is a hallmark of many fraudulent MLM operations. Open / Comment

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2024-01-19 18:00:30 Crypto Exchange WOO X Raises $9 Million for Strategic Liquidity Boost

The crypto exchange Woo has secured $9 million in a recent funding round. The capital injection came from existing and prospective market makers trading platform. The capital injection aims to enhance liquidity on Woo’s exchange, the company said in a statement published on its website.

In a comment, Woo Co-founder Jack Tan expressed excitement about the extended collaboration with market makers on WOO X. He emphasized the $9 million funding as a testament to their confidence in the platform.

Tan said:

“We anticipate liquidity on WOO X to improve substantially in the next few months, starting with BTC and ETH perpetual futures markets and expanding into altcoin perpetual futures and all spot markets.”

Key participants in the funding round included prominent liquidity providers such as Wintermute and Amber. Such involvement showcases a diverse range of contributors beyond individual market makers.

WOO X transitioned from a single liquidity provider, Taiwan-based market maker Kronos Research, in the third quarter of the previous year. It said in its announcement that this has already contributed to diversifying WOO X’s liquidity source. Open / Comment

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2024-01-16 15:00:04 SEC Agrees to Postpone Terraform Labs Trial Pending Do Kwon’s Extradition

The U.S. Securities and Exchange Commission (SEC) has filed in agreement with Terraform Labs to postpone the civil trial against Do Kwon and his former company, amid ongoing extradition proceedings.

According to Reuters, in its recent court filing in Manhattan federal court, the SEC has requested a modest postponement of the originally scheduled January 29 trial involving Terraform Labs and its co-founder Do Kwon.

This request aligns with Kwon’s lawyer’s assertions that he is willing to attend the trial, has consented to extradition from Montenegro, and anticipates being in the United States by mid-March.

The proposed new trial date, suggested by the SEC, is April 15, to account for scheduling conflicts and to facilitate Kwon’s participation in the proceedings. Do Kwon has recently filed an appeal against the Montenegro High Court’s decision to uphold extradition requests from both the United States and South Korea.

Kwon’s legal team has raised concerns about potential political pressures on the court, claiming the decision violates legal provisions and the European Convention on Extradition, as well as the bilateral treaty with the U.S. regarding extradition. Open / Comment

2024-01-13 15:01:01 Telcoin Fully Restores User Balance Two Weeks After $1.2 Million Exploit

Financial app developer Telcoin has restored all user balances two weeks after an exploit led to $1.2 million worth of funds being drained from users’ accounts. In an email to CryptoNews, Telcoin noted that it had restored all user balances, fixed the vulnerability, and completed an external audit of its contracts.

In its statement, Telcoin said that it had restored user balances using funds from its own treasury, while continuing to work with law enforcement and blockchain security experts to track down and recover the stolen funds.

“Making the decision to preemptively restore affected user wallets from our company treasury was a no-brainer, and I’m proud of the team for making that happen in record time,” said Paul Neuner, founder and CEO of Telcoin.

The exploit originally occurred in late December, when a wallet implementation error on Polygon led to user balances dropping on the Telcoin mobile app. The issue arose due a faulty interaction between Telcoin’s digital wallet and a proxy contract.

The interaction led to the proxy incorrectly performing certain storage functions, which allowed the exploiter to withdraw funds from user accounts, according to Neuner. Despite the incident, Neuner asserted that using a proxy was still a “security best practice.”

“We still maintain that putting the wallet being a proxy is security best practice, and have now updated, hardened, and externally audited our restored implementation.”

Additionally, no admin keys were leaked during the exploit, with Neuner confirming that the Telcoin ecosystem was not affected by the exploit. Open / Comment

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