Connect with us

Bitcoin

Drug Dealer Loses Private Keys For $57m Worth of Bitcoin

Sying Tien

Published

on

bitcoin

An Irish drug dealer who decided to hide his fortune in Bitcoin has lost the private keys to his wallets that contained around 6,000 Bitcoin (around $57m) on them.

According to Irish Times, The drug dealer lost his keys after hiding them with his fishing rod, which has gone missing. The dealer bought most of the bitcoin in late 2011 and early 2012 using cash he made growing crops of cannabis.

In early 2017 he had around 6,000 bitcoin in one account but he feared it may be too easy for a hacker to hack it so he decided to spread his Bitcoin fortune across 12 new wallets and transferred exactly 500 bitcoin to each wallet.

He then printed out the private keys for his newly created accounts onto an A4 piece of paper and hid the paper inside the aluminum cap of his case containing his rod at his rented house.

He was arrested for growing weed at his house in 2017 and jailed for five years. The landlord decided to clean up the house and trough the dealer’s belongings away to a dump.

Garda officers said they were hopeful advances in technology would one day enable them to access the bitcoin so it could be sold.

Losing private keys to crypto wallets is a genuine problem for crypto that needs to be solved.

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at [email protected] and i will get back to you shortly.

Continue Reading
Advertisement
Comments

Bitcoin

Bitcoin Worth $1.2M Seized From Arrested Indian Hacker

M. Ali

Published

on

By

Bitcoin Worth $1.2M Seized From Arrested Indian Hacker

Indian authorities seized bitcoin worth around 90 million Indian rupees ($1.2 million) following the arrest of a 25-year-old Indian computer hacker in Bengaluru, India. Bengaluru Joint Commissioner of Police (Crime) Sandeep Patil informed media about the development on Friday.

Srikrishna alias Shreeki, the hacker, was arrested on Nov. 18 for the alleged hacking of government portals, three bitcoin exchanges and 10 poker sites, using malware in four of the attacks.

During the investigation, it was found that the Srikrishna had hacked three Bitcoin exchanges and 10 poker sites. The Bengaluru police commissioner said that Bitcoins worth Rs 9 crore have been seized in the matter.

Srikrishna confessed to hacking the e-procurement website of the Karnataka government as far back as 2019, said the report citing the ANI news agency.

Continue Reading

Bitcoin

Bitcoin User Losses $16.2 Million in BTC After Using an Old Electrum Wallet

M. Ali

Published

on

By

An anonymous Bitcoin user is claiming to have lost $16,000,000 (1400 Bitcoins) due to installing an old Electrum wallet version that is running malicious servers.

The user created an issue and explained what happened on the official Electrum’s github page.

It seems the victim was using an infected version of Electrum wallet that asked him to install some sort of malicious updates that triggered the transfer of hist entire Bitcoin balance to a scammers address.

According to bitcoin blockchain the transfer of the stolen funds happened yesterday.

Electrum is a light client, which means it must connect to the blockchain through a server, which by default is chosen from a list of public Electrum servers. Anyone can operate such a public server and some users will be randomly connected to it.

When broadcasting a transaction on Electrum, it gets sent to the Electrum Server you are connected to for propagation to the network. The server should try to add the transaction to its mempool and further propagate it to other Bitcoin nodes.

it seems the attackers have set up a public Electrum Server targeting the old wallets’ users, which was tweaked so that instead of propagating the user’s transaction as it should, it always returns a malicious error message directing the Electrum clients to a phishing website to “upgrade” their Electrum version.

The only way to keep your Bitcoin and other digital currencies safe is to either use an offline wallet or a trusted hardware wallet.

Continue Reading

Bitcoin

New Jersey Man Paid 40 BTC to Hire a Hitman

Sying Tien

Published

on

New Jersey Man Paid 40 BTC to Hire a Hitman

Federal agents arrested John Michael Musbach,31-year-old computer tech, of Haddonfield, New Jersey, and and charged with murder-for-hire for hiring a hitman to kill the child victim of his abuse, U.S. Attorney Craig Carpenito alleged in a statement.

Musbach, who pleaded guilty to endangering the welfare of a child by sexual contact in 2017, allegedly used unnamed darkweb black-market website and paid 40 Bitcoin to hire a hitman to assassinate a 14-year-old victim. Investigators did not name the website at the center of Musbach’s case. But descriptions of its sales pitch in court filings matched those associated with the now-defunct Besa Mafia site.

Musbach was arrested in March 2016 and charged with child pornography. He ultimately pleaded guilty to the endangering charge and was sentenced Feb. 9, 2018, to a two-year suspended sentence. He was also placed on parole supervision for life.

Continue Reading

Popular