The OKX DEX suffered a security breach leading to over $370k in losses for users, which the platform has promised to pay back.
Read more on: https://thecryptobasic.com/2023/12/13/okx-dex-hacked-for-370k-immediate-action-taken-to-secure-assets/
#OKX #cybercrime #cryptocurreny #CryptoisBetter #CryptoNews🔒📰🚫

It’s sickening how stories of cybercrimes and security breaches have become all too common. However, one recent case has left the crypto community and law enforcement agencies astounded. A 20-year-old Floridian, Jordan Persad, was sentenced to 30 months in jail for his role in a sophisticated $1 million cryptocurrency SIM-swap scam.The unfolding of this story, chronicled by The Register, reveals a web of intrigue that encompasses stolen crypto, unauthorized access, and a criminal group's meticulous plan to defraud innocent victims.Between March 2021 and September 2022, Persad, along with his co-conspirators, embarked on a series of SIM swap attacks, a method rarely seen in crypto-related scams. Instead of the usual sequence where the fraudsters attempt to hijack a victim's SIM card and then gain access to their online accounts, this group first purchased access logs containing the credentials of victims' email addresses.Once in possession of these credentials, the group took over the victims' cell phone numbers, subsequently gaining unauthorized access to their cryptocurrency accounts. One striking instance mentioned in Persad's plea agreement involved the theft of $28,000 worth of crypto from an Arizona resident.The stolen cryptocurrency was then divided among the co-conspirators, with Persad personally profiting an astonishing $475,000 from the scheme. In total, the gang managed to defraud victims of around $950,000. Following his guilty plea earlier this year, Persad was ordered to pay $945,833 in restitution.What makes this case particularly unique is the group's method of operation, which mirrors the tactics employed by a cybercrime collective known as Scattered Spider. Scattered Spider's journey began with SIM swapping and phishing attacks but quickly escalated to more sinister activities, including ransomware and extortion. The group is now suspected of collaborating with a ransomware-as-a-service outfit called BlackCat, and earlier this year, they claimed responsibility for attacks on major establishments like Caesars Entertainment and MGM Resorts.The unfolding of this story highlights the ever-evolving tactics of cybercriminals in the crypto space. As the value of cryptocurrencies continues to rise, so does the incentive for malicious actors to exploit vulnerabilities.It also underscores the importance of maintaining robust security measures, such as two-factor authentication and secure storage methods, to protect crypto assets.This shocking case serves as a stark reminder of the ongoing battle to secure the digital frontier. As the crypto world continues to expand, individuals and institutions must remain vigilant to protect themselves from these sophisticated and relentless threats.The Jordan Persad case is just one chapter in this ever-evolving saga of digital intrigue, where the stakes are high, and the criminals are becoming increasingly ingenious in their methods.#crypto2023 #cybercrime

The UK Metropolitan Police has achieved a significant milestone in the fight against #cybercrime by dismantling a £3.2 million #cryptoscam . This operation, described as the largest-ever fraud operation led by the force, resulted in over 100 arrests and the takedown of the iSpoof fraud website. The scammers behind the operation targeted more than 200,000 potential victims in the UK alone, posing as representatives of major banks to defraud unsuspecting individuals. The success of the operation was the result of a collaborative effort between the UK authorities, international law enforcement agencies, and partners in the US and Ukraine. The crackdown on iSpoof has prevented further offenses and sent a strong message to criminals involved in fraudulent schemes.

The iSpoof crypto scam operated by an organized crime group has left a trail of victims who have collectively lost tens of millions of pounds. The scam involved impersonating representatives from prominent banks and institutions, deceiving victims into believing they were receiving legitimate calls or messages. The scam ring utilized sophisticated techniques to disguise their phone numbers and appear as trusted sources, a practice known as "spoofing."

The UK Metropolitan Police, in collaboration with international law enforcement agencies, conducted an extensive investigation that culminated in the takedown of the iSpoof website. The operation resulted in over 100 arrests, with the majority of suspects being detained on suspicion of fraud. The police estimate that the reported losses amount to approximately £48 million, although the actual figure is believed to be significantly higher due to underreporting.

Detective Superintendent Helen Rance, leading the Met's cyber crime efforts, issued a stern warning to the criminals involved, assuring them that law enforcement agencies are actively pursuing them regardless of their location. The successful dismantling of iSpoof has not only prevented further victimization but also sent a powerful message that cyber scams will not go unpunished.

During the investigation, the UK's Metropolitan Police collaborated with international counterparts, including the National Crime Agency, Europol, Eurojust, the Dutch authorities, and the US Federal Bureau of Investigation (FBI). This joint effort demonstrates the global reach and coordinated response to combat cybercrime.

The iSpoof website, created in December 2020, attracted approximately 59,000 user accounts. The police were able to infiltrate the site, gather crucial data, and trace Bitcoin records linked to the illicit activities. The site's server contained an extensive database of 70 million rows of information, providing valuable evidence for the investigation.

Detective Superintendent Helen Rance emphasized the impact of dismantling iSpoof, as it not only prevented further offenses but also disrupted the fraudsters' ability to target future victims. The message to those involved in the scam is clear: law enforcement agencies have their details and are relentless in their pursuit, regardless of their location.

This operation serves as a significant milestone in the fight against crypto scams and sends a strong signal to cybercriminals that they will face consequences for their fraudulent activities. The collaborative efforts of law enforcement agencies worldwide demonstrate their commitment to protecting individuals from financial exploitation and ensuring the security of the digital landscape. #crypto2023 #scam

$BTC

An XRP community member has sounded an alarm against an ongoing deep fake scam featuring Ripple Labs CEO Brad Garlinghouse.
Read more on: https://thecryptobasic.com/2023/12/13/youtube-still-showing-xrp-deep-fake-scam-featuring-ripple-ceo/
#cybercrime #cryptocurreny #CryptoisBetter #CryptoProjection #CryptoNews🔒📰🚫

#Write2Earn National Crime Agency (NCA) has delivered significant blow to #cybercrime world by seizing cryptocurrency assets tied to infamous LockBit ransomware groupGlobal ransomware network Darling of cybercriminals  The National Crime Agency (NCA) has orchestrated a significant seizure of cryptocurrency assets linked to the notorious LockBit ransomware group.This operation, which is part of a broader international effort to dismantle the world's most detrimental cybercrime network, has resulted in the freezing of over 200 cryptocurrency accounts associated with LockBit. Global ransomware network LockBit's operation, thriving on the anonymity and liquidity of cryptocurrencies, shows the challenges law enforcement officers face in tackling cybercrime. The group, which is known for its widespread ransomware attacks, has inflicted billions in financial losses globally. Its ransomware-as-a-service model facilitated a global network of affiliates to launch attacks, demanding ransom in cryptocurrency. This method not only allowed for the rapid monetization of criminal activities but also posed significant hurdles for tracking and recovery efforts. The NCA's seizure of cryptocurrency assets linked to LockBit represents a critical step in disrupting the economic foundations of such cybercriminal enterprises. By targeting the financial underpinnings of LockBit's operations, the operation has not only neutralized a major threat but also set a precedent for future actions against similar groups.Darling of cybercriminals  The leading cryptocurrency has increasingly become a linchpin in the operation of ransomware attacks, offering cybercriminals the veil of anonymity they crave for extorting payments from their victims. This preference is not merely for the anonymity it offers but also for the efficiency and speed with which these illicit transactions can be executed. The decentralized nature of cryptocurrencies means that they operate outside the traditional banking systemAs reported by @WISE CRYPTO NEWS , Bitcoin has been identified by SEC Chair #GaryGensler as leading the ransomware market. #strk #TrendingTopic