Reports Cover Pipeline Ransomware, Crypto Schemes And DeFi Hacks – Technology


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Reports Cover Pipeline Ransomware, Crypto Schemes And DeFi Hacks


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After a six-day outage, Colonial Pipeline reportedly paid almost
$5 million in bitcoin to Eastern European hackers to restore
functionality to the largest pipeline in the U.S., according to
reports. Analysts have traced the bitcoin wallet used by the
hackers to one owned by the DarkSide ransomware affiliate, which
announced it would be ending operations after its servers were
seized and its cryptocurrency was drained.

Eleven individuals were arrested in Europe on May 11 for their
links to a criminal network involved in investment fraud, money
laundering and a trading scheme resulting in almost ?30 million in
losses. According to a press release, the criminal network created
different fraudulent trading platforms advertising substantial
profits from cryptocurrencies.

This week, the Office of the Comptroller of the Currency (OCC)
issued a warning concerning a fraud scheme in which consumers have
been receiving fictitious email messages, alleging to be initiated
by the OCC or senior officials of the agency, regarding funds
purportedly under the control of the OCC. The scheme reportedly
involves requests for users to provide bitcoin wallet addresses for
a purported transfer of funds.

Meanwhile, although crypto hacks and thefts are bringing smaller
amounts of money to illicit actors this year, a new report shows an
alarming trend in DeFi hacks. According to the report, while DeFi
hacks made up approximately 25 percent of total hack and theft
volume in 2020, they now make up more than 60 percent of the total
volume. The report also notes that, at $156 million, the amount
taken from DeFi-related hacks in the first five months of 2021
already surpasses the $129 million stolen in DeFi-related hacks
throughout all of 2020.

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