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MIT Researchers Create a New Unhackable Cryptocurrency Wallet

June G. Bauer

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Researchers at the Massachusetts Institute of Technology’s Computer Science and Artificial Intelligence Laboratory (MIT CSAIL) have been working on a new secure cryptocurrency hardware wallet, dubbed Notary.

According to the recently published technical paper, the new secure hardware wallet will run as a USB stick with a small display and buttons. Notary wallet has a set of hardware fail-safes designed to mitigate successful cyber attacks. Known as “reset-based switching,” the wallet will reset the CPU, memory, and other hardware components when a user switches between one app to another.

Notary Workflow – MIT CSAIL

MIT researchers claim that Notary is way secure than any other existing commercial cryptocurrency hardware wallets as Notary eliminates entire classes of bugs that affect existing wallets and also may be able to enhance the overall security of transaction approval.

Notary follows the same approach as existing hardware wallets for handling device loss. The user backs up their master key so it can be restored to a new device. To prevent an adversary from using the lost device, Notary requires the user to enter a PIN to access any functions, with retry limits and hard reset after sufficiently many failures.

Notary Screen – MIT CSAIL

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

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The Founder of My Big Coin Gets 8 Years in Prison For Fraud

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Randall Crater, the creator of a failed cryptocurrency project was given a sentence of over 8 years in jail on for scamming investors and customers out of millions of dollars through the promotion of a virtual currency called My Big Coin using false information and misleading statements.

According to Reuters, Boston’s U.S. District Judge Denise Casper decided that the perpetrator, Crater, must serve a prison sentence exceeding 8 years for operating a cryptocurrency fraud called “My Big Coin” between 2014 and 2017.

During this time, Crater swindled $7.5 million from investors by convincing them to put money into a questionable digital asset supposedly supported by gold.

Cater falsely claimed that the “My Big Coin” project was affiliated with financial services giant Mastercard.

photo: twitter @MBCEXCHANGE

Federal prosecutors called for a 13-year sentence for Casper, in order to send a warning to other cryptocurrency fraudsters. They also disclosed that Cater used the money he took from investors to buy luxury items for himself, including vehicles, art, jewelry, and rare coins.

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N.J. Man Allegedly Paid 40 BTC to Have a 14-year-old Killed

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John Michael Musbach, a 31-year-old man from Haddonfield, NJ, has been charged with hiring a hitman to kill a 14-year-old and paying 40 Bitcoin (equivalent to $20,000 at the time) for the crime. Musbach has plead guilty to using the internet for the murder in a federal court in Camden. He faces a maximum of 10 years in prison.

Musbach exchanged explicit photos and videos with the 13-year-old victim from New York in 2015, which was discovered by the victim’s parents and reported to the police. He was later arrested in 2016 on child pornography charges and had a search warrant conducted on his residence in Galloway, NJ.

According to the department of justice, Musbach wanted the victim killed to prevent them from testifying against him in the ongoing criminal case.

The charge of use of interstate commerce facilities in the commission of murder-for-hire is punishable by a maximum potential penalty of 10 years in prison and a fine of the greater of $250,000

the release said

Between May 7-20, 2016, John Michael Musbach communicated with the administrator of a murder-for-hire website on the dark web net that claimed to offer contract killings for payment in cryptocurrency. Musbach asked if a 14-year-old was a suitable target and, after being told it was possible, paid 40 Bitcoin (equivalent to $20,000 at the time) for the hit. He repeatedly checked on the status of the hit and even asked for an additional $5,000 to secure it. When asked for more money, Musbach tried to cancel the hit and request a refund, only to find out that the website was a scam and the administrator threatened to reveal his information to law enforcement.

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Man Charged in $110 Million Cryptocurrency Scheme

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Avraham Eisenberg, 27, from Puerto is accused of committing a $110 million cryptocurrency fraud according to court documents. He allegedly manipulated prices of perpetual futures contracts on Mango Markets, which allowed him to steal cryptocurrency from the exchange and its customers. He was arrested in San Juan, Puerto Rico on December 26, 2022 and is currently in detention, per a criminal complaint.

According to court documents. He allegedly manipulated prices of perpetual futures contracts on Mango Markets, which allowed him to steal cryptocurrency from the exchange and its customers.

Exploiting decentralized finance platforms is the new frontier of old school financial crimes in which criminals abuse emerging technologies for their own personal gain. With this prosecution, the Criminal Division is sending the message that no matter the mechanism used to commit market manipulation and fraud, we will work to hold those responsible to account.

said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division

Mango Markets is a decentralized cryptocurrency exchange that offers various services to investors, including purchasing, borrowing and trading cryptocurrencies and cryptocurrency-based financial products. It is run by the Mango Decentralized Autonomous Organization (Mango DAO), which operates with its own cryptocurrency token, MNGO. Holding MNGO tokens grants investors the right to vote on modifications to the Mango Markets platform and decisions regarding the governance of the Mango DAO.

As alleged, Avraham Eisenberg manipulated the Mango Markets cryptocurrency exchange in order to obtain over $100 million in illicit profits for himself, Through his scheme, Eisenberg left others holding the bag. Market manipulation is illegal in all of its forms, and this office is committed to prosecuting such schemes wherever they occur – including the cryptocurrency markets

said U.S. Attorney Damian Williams for the Southern District of New York

The FBI is leading an investigation into the matter, with support from Homeland Security Investigations and IRS Criminal Investigation. Meanwhile, the Commodity Futures Trading Commission and Securities and Exchange Commission have launched separate civil proceedings.

The case is being prosecuted by the National Cryptocurrency Enforcement Team’s Trial Attorney Jessica Peck, along with Assistant U.S. Attorneys Thomas Burnett and Noah Solowiejczyk of the Southern District of New York.

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