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2018's worst cryptocurrency scams, cyberattacks (in pictures)

3 of 11 NEXT PREV
  • Wallet hacks, exit scams, ICO bans

    Wallet hacks, exit scams, ICO bans

    In January, attackers stole roughly $400,000 in Stellar Lumen (XLM) coins.

    In the same month, a software developer revealed the CoffeeMiner attack, a means to use public Wi-Fi networks to perform cryptojacking -- the covert mining of cryptocurrency without user consent.

    Facebook decided to ban the advertising of ICOs, cryptocurrencies, and binary options on the social network due to the prevalent risk of scams and fraudulent schemes.

    One of Japan's largest cryptocurrency exchanges, Coincheck, was hacked, while both BitConnect and Benebit pulled an exit scam.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • Nuclear power, ripe for cryptocurrency

    Nuclear power, ripe for cryptocurrency

    In February, employees at the Russian Federation Nuclear Center were arrested for using the center's supercomputing power to mine virtual coins.

    Over in the United Kingdom, US, and Australia, government and corporate websites were infected with cryptocurrency mining software via a vulnerable third-party plugin.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • Phishing

    Phishing

    In March, Google took steps to tackle the issue of fraudulent ICOs, and chose to ban ICO, wallet, and cryptocurrency consultancy services from purchasing adverts for display on the tech giant's search engine.

    Binance was forced to deal with the aftermath of a credential-stealing scheme that was used en masse to sell user funds and convert them into altcoins.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • Fraud and embezzlement

    Fraud and embezzlement

    In April, a suspected case of fraud emerged with the Chief Strategy Officer (CSO) of cryptocurrency exchange Coinsecure being blamed for the loss or embezzlement of 438 Bitcoins, worth roughly $3.3 million at the time.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • 51 percent attacks

    51 percent attacks

    In May, the Bitcoin Gold (BTG) hard fork, originating from the Bitcoin (BTC) blockchain, suffered what is known as a 51 percent attack. In total, $17.5 million was stolen.

    Taylor was entirely cleaned out of cryptocurrency and token reserves.

    A tea-based blockchain project, the Shenzhen Puyin Blockchain Group, ran a fraudulent ICO and raised approximately $48 million from investors before vanishing.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • Millions lost

    Millions lost

    In June, a research paper appeared which claimed the market for cryptocurrency-stealing malware was now worth millions of dollars, and at the same time, Coinrail was relieved of roughly 30 percent of its coin reserves.

    Only a week later, another South Korean exchange, Bithumb lost $31.5 million to hackers.

    Another ICO exit scam was also performed halfway through the year, this time by Block Broker, an organization which claimed to develop anti-fraud blockchain technologies.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • Exchanges targeted

    Exchanges targeted

    During July, blockchain startup Bancor said a company wallet was compromised. While the alleged attackers apparently attempted to steal $23.5 million, but once the wallet was identified and frozen, only $12.5 million in Ethereum (ETH), alongside $1 million in Pundi X (NPXS) and $10 million in Bancor Network Tokens (BNT) was stolen.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • A month of arrests

    A month of arrests

    BitConnect, which performed an exit scam in January, resurfaced in the news over August as the Indian head of the firm was reportedly arrested in Dubai. Two months later, former BitConnect investors banded together to launch a lawsuit accusing the company of fraud.

    In the same month, three Chinese nationals were arrested over the alleged theft of theft of $87 million in cryptocurrencies by targeting both individual and corporate wallets.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • screenshot-2018-11-25-at-10-39-52.png

    In September, cryptocurrency exchange Zaif lost $60 million following a cyberattack in which hackers siphoned away Bitcoin, Bitcoin Cash, and MonaCoin from hot wallets.

    A vulnerability was also discovered in the Monero system that could have permitted attackers to steal vast amounts of the cryptocurrency. After a theoretical question was posted online, developers realized a serious bug in the framework existed and set to patch the problem.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • ICO scams of epic proportions

    ICO scams of epic proportions

    In October, Pincoin operators ran off with $660 million in trader funds after pulling an ICO exit scam, which was unsurprising considering the 48 percent return that the organization promised investors.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

  • SIM-swaps

    SIM-swaps

    In November, a 21 year old was arrested for performing a SIM-swap attack that took a victim's entire life savings. The attack was conducted by convincing customer service reps to redirect numbers to a handset, where it can be used to recover passwords and bypass 2FA.

    A brash cryptojacking scheme was also uncovered in a Canadian university was forced to close down its network to stop the use of the institution's power for cryptocurrency mining.

    Security

    • Trump decrees American cloud providers need to maintain records on foreign clients
    • Cyber security 101: Protect your privacy from hackers, spies, and the government
    • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
    • The best VPNs for business and home use
    • The best security keys for two-factor authentication
    • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
    • How to improve the security of your public cloud (TechRepublic)
    Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

    Caption by: Charlie Osborne

3 of 11 NEXT PREV
Charlie Osborne

By Charlie Osborne | December 11, 2018 -- 12:00 GMT (04:00 PST) | Topic: Blockchain

  • Wallet hacks, exit scams, ICO bans
  • Nuclear power, ripe for cryptocurrency
  • Phishing
  • Fraud and embezzlement
  • 51 percent attacks
  • Millions lost
  • Exchanges targeted
  • A month of arrests
  • screenshot-2018-11-25-at-10-39-52.png
  • ICO scams of epic proportions
  • SIM-swaps

Everything from ICO scams to 51 percent attacks has plagued the cryptocurrency space over the course of this year.

Read More Read Less

Phishing

In March, Google took steps to tackle the issue of fraudulent ICOs, and chose to ban ICO, wallet, and cryptocurrency consultancy services from purchasing adverts for display on the tech giant's search engine.

Binance was forced to deal with the aftermath of a credential-stealing scheme that was used en masse to sell user funds and convert them into altcoins.

Security

  • Trump decrees American cloud providers need to maintain records on foreign clients
  • Cyber security 101: Protect your privacy from hackers, spies, and the government
  • Best antivirus software and apps in 2021: Keep your PC, smartphone, and tablet safe
  • The best VPNs for business and home use
  • The best security keys for two-factor authentication
  • How ransomware could get even more disruptive in 2021 (ZDNet YouTube)
  • How to improve the security of your public cloud (TechRepublic)
Published: December 11, 2018 -- 12:00 GMT (04:00 PST)

Caption by: Charlie Osborne

3 of 11 NEXT PREV

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Charlie Osborne

By Charlie Osborne | December 11, 2018 -- 12:00 GMT (04:00 PST) | Topic: Blockchain

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