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A 2023 mid-year snapshot of cryptocurrency crimes found that money directed to wallets tied to known or suspected criminal activity have seen a revenue downtick in nearly every category of crime.

The insights from a Chainalysis report revealed the biggest revenue dips were tied to cryptocurrency scams, a category that includes investment scams, romance scams, pig butchering and fraudulent cryptocurrency services. Wallets associated with scammers have received about $1 billion so far this year, a $3.3 billion drop from the $4.3 billion they took in through the first six months of 2022.

Similar but lesser drops were also seen for wallets associated with hacks ($1.12 billion), cybercriminal administrators ($839 million), darknet markets ($59.8 million), fraud shops ($44.1 million) and child abuse material ($246,241).

Data from the first half of 2023 show significant drops for many types of cryptocurrency-enabled crime. (Source: Chainalysis)

Chainalysis noted that the big drop in money flowing to scammers in 2023 follows a similarly steep fall observed between the first six months of 2021 and 2022. Even more notable, the 2023 drop is happening at a time when cryptocurrency prices are rising, something that usually correlates with higher levels of scammer revenue as newer, less experienced buyers enter the market in an attempt to capitalize.

Kim Grauer, director of research for the firm, told SC Media the nearly across the board drop seen in cryptocurrency revenues to criminals is likely due to a number of factors, such as an increased focus on the sector from law enforcement and regulators, the use of more advanced technologies to identify and correlate different crimes and higher general awareness about the risks surrounding the cryptocurrency space.

That message of risk could be particularly potent in the wake of high-profile investment firms like FTX and Celsius that collapsed following widespread accusations and charges of fraud.

I think that theres a general feeling that those types of offers might in some instances be too good to be true, Grauer said.

The sudden disappearance of two major cryptocurrency investment scams - Vidilook and the Chai Tai Tianqing Pharmaceutical Financial Management that have collectively stolen hundreds of millions of dollars from victims may explain part of the revenue fall.

Still, Chainalysis said it would normally expect new scams to quickly rush to fill in the void left by Vidilook and Chai Tai. The especially sharp downturn following their exit could be a sign that consumers are becoming more wary of the cryptocurrency space overall as it has garnered an unsavory reputation over the years.

Representative Elissa Slotkin, D-Mich., who sits on the House Armed Services subcommittee on cybersecurity and sponsored legislation last year that would require members of Congress and their families to be more transparent when disclosing cryptocurrency holdings or transactions, said average everyday Americans are increasingly perceiving the cryptocurrency space in a negative light.

There are a lot of people who really associate cryptocurrency - at least in the state of Michigan - exclusively with crime and criminality and as a way to pay bad guys, Slotkin said at a ransomware conference in May. They dont understand the underlying blockchain technology that might be super interesting. Right now, they associate it with the bad stuff.

There is a fairly large caveat to Chainalysis findings. The one type of cryptocurrency-based crime that actually saw money flow increase compared to 2022 was in ransomware, perhaps the greatest scourge in cybersecurity today.

Wallets linked to ransomware operators saw nearly $450 million flow into their coffers through June, putting the criminal industry on pace for its second-largest ever annual haul behind 2021, when ransomware actors took home a combined $939 million. The data also shows increases in both very large and very small ransom payments, as well as higher payment ranges that indicate the cost ceiling of ransomware is continuing to rise.

Distribution of ransomware payments between 2020 and 2023 (Source: Chainalysis)

That represents a stark reversal from January, when the firm reported that ransomware revenue had apparently dropped precipitously, but still generally in line with what other companies with unique datasets around ransomware and cyber insurers have found, namely that activity appeared to dip noticeably in 2022 only to come roaring back starting sometime in the first quarter of 2023.

Here too, the reasons behind why are complex and not fully understood, with Chainalysis citing global law enforcement takedowns and disruptions of ransomware gang activities, a desire to lay low following high-profile attacks against Colonial Pipeline, JBS and Kaseya in 2021 and Russias invasion of Ukraine temporarily scrambling the priorities and freedom of movement of the many ransomware gangs operating within Russian borders.

Grauer also noted that its not uncommon for extortion groups like Cl0p, which just this year carried out one of the largest and most impactful supply chain hacks ever that resulted in the theft of sensitive data for hundreds of businesses, to undergo long periods of hibernation as they retool and restructure before coming eventually resurfacing with a vengeance.

I think we were all surprised to see just how much its come back. I think were going to be hitting all-time highs this year for ransomware [and] I think its one of the most important stories from this report, said Grauer.

Excerpt from:
Cryptocurrency crime is down in 2023, but ransomware is up - SC Media

Stockport, United kingdom - (NewMediaWire) - July 11, 2023 - In an era marked by the rapid rise of digital currencies, the role of cybernetics in safeguarding cryptocurrency assets and combating cybercrime activities has become increasingly crucial. As the global financial landscape embraces the transformative potential of blockchain technology, companies and individuals are turning to advanced cybernetic systems to ensure the security and integrity of their digital assets and how to get their stolen crypto back.

Cryptocurrencies have revolutionized the way we perceive and transact value. However, the decentralized nature of these digital assets has presented new challenges in terms of security and protection against cyber threats. With the proliferation of sophisticated hacking techniques and the emergence of complex financial fraud schemes, there is a growing demand for innovative solutions that leverage the power of cybernetics.

Cybernetics, an interdisciplinary field encompassing computer science, control theory, and artificial intelligence, offers a comprehensive methodology to reinforce cryptocurrency networks against malevolent attacks and enhance security mechanisms. By utilizing sophisticated algorithms, machine learning techniques, and real-time monitoring, cybernetic systems provide an unparalleled level of security and operational efficiency by helping those impacted by crypto trading platform crimes.

Prominent technology companies and cybersecurity firms are making substantial investments in research and development to unlock the potential of cybernetics for cryptocurrency recovery and security. These state-of-the-art solutions enable the detection of threats in real time, facilitate swift response mechanisms, and conduct intricate analysis of transaction patterns to identify suspicious activities within cryptocurrency networks.

Furthermore, Cybernetics plays a pivotal role in the retrieval of lost or stolen digital assets. Leveraging its advanced data analytics capabilities, Cybernetics systems can trace the movement of cryptocurrencies, identify fraudulent transactions, and contribute to the recovery process. By harnessing the power of automation and intelligent algorithms, the chances of reclaiming stolen funds are significantly augmented, providing much-needed relief to victims of cybercrime.

Story continues

The adoption of Cybernetics within the cryptocurrency industry extends beyond individual investors and businesses. Regulatory bodies and law enforcement agencies are increasingly recognizing the significance of cybernetic tools in combatting financial crimes associated with cryptocurrencies. Collaborative endeavors between the public and private sectors are being forged to develop robust frameworks that leverage cybernetic technologies to enforce regulations and safeguard the integrity of the global financial system.

As the world of cryptocurrencies continues to evolve, the role of Cybernetics in securing digital assets and preventing fraud will persist as a primary concern within the industry. By harnessing the power of advanced technology and embracing a multidisciplinary approach, stakeholders can create a safer and more resilient environment for the future of finance and can avail of their crypto recovery services to help get stolen bitcoin back.

About Cybernetics:

Cybernetics is a cutting-edge technology firm that provides a variety of services to aid cybercrime victims in reclaiming their stolen funds. The company's team of professionals has extensive expertise in identifying and recovering funds from online transactions by employing sophisticated technologies and tactics. Cybernetics is devoted to delivering a trustworthy and transparent service to its customers, and they collaborate closely with financial institutions and law enforcement agencies to ensure that those responsible are held accountable.

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Organization: Cybernetics (TM)

Contact Person: Jessica Walker

Website: https://cybernetics-services.com/

Email: admin@cybernetics-services.com

Address: Carpenter Court, 1 Maple Road, Bramhall, Stockport, Cheshire, SK7 2DH.

City: Stockport

Country: United Kingdom

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Cybernetics Takes Center Stage in Cryptocurrency Recovery and Security - Yahoo Finance

Spectrum Markets (Spectrum), the pan-European trading venue for securitised derivatives, has published its SERIX sentiment data for European retail investors for June, revealing retail investor sentiment towards cryptocurrencies Bitcoin and Ether has risen consistently since the index hit its lowest point in January 2023.

The SERIX value indicates retail investor sentiment, with a number above 100 marking bullish sentiment, and a number below 100 indicating bearish sentiment. (See below for more information on the methodology).

The SERIX sentiment index for Bitcoin hit 110 points in June, the highest level since the start of this year. This bullish sentiment from European retail investors can also be seen in improving sentiment towards Ether, which reached 113 in June.

In recent months the price for Bitcoin has risen from around 16,000 US Dollar, in January, to over 30,000 US Dollar in June, whereas Ethers price rose from roughly 1,200 US Dollar to above 1,900 US Dollar in the same period.

Using the securitised derivatives listed on Spectrum, retail investors can take long or short exposure on the two cryptocurrencies, the relevant instruments being tradable 24/5, and giving them additional tools to hedge exposure and manage risk. Trading these products on a regulated trading venue offers transparency and investor protection a.

Interest in cryptocurrencies continues to grow, though their price volatility means investors are increasingly exploring different ways of gaining differentiated exposure to the asset class, including through derivatives. Our choice to offer this within a regulated environment, being the first to do so on-venue on a 24/5 basis, has also been welcomed by European retail investors that value trading on a regulated trading venue, explains Michael Hall, Head of Distribution at Spectrum.

We expect this momentum to continue, supported by more, and more diverse, products coming onto the market. The fact that a much clearer regulatory regime for digital and crypto-assets is emerging in Europe with the European Council adopting new rules on markets in crypto-assets, in particular MiCAR, is another welcome development that will give further reassurance to investors in this asset class, Hall adds.

In June 2023, 102.5 million securitised derivatives were traded on Spectrum, with 34.1% of trades taking place outside of traditionalhours (i.e.,between 17:30 and 9:00 CET).

84.1% of the traded derivatives were on indices, 10.5% on currency pairs, 3.4% on commodities, 1.7% on equities and 0.3% on cryptocurrencies, with the top three traded underlying markets being DAX 40 (31.5%), NASDAQ 100 (19.5%), and S&P 500 (18.7%).

Looking at the SERIX data for the top three underlying markets, the DAX 40 and the NASDAQ 100 both remained bearish at 97, and the S&P 500 fell from an already bearish 98 to a low sentiment of 88.

Calculating SERIX data

The Spectrum European Retail Investor Index (SERIX), uses the exchanges pan-European trading data to shed light on investor sentiment towards current development in financial markets.

The index is calculated on a monthly basis by analysing retail investor trades placed and subtracting the proportion of bearish trades from the proportion of bullish trades, to give a single figure (rebased at 100) that indicates the strength and direction of sentiment:

SERIX = (% bullish trades - % bearish trades) + 100

Trades where long instruments are bought and trades where short instruments are sold are both considered bullish trades, while trades where long instruments are sold and trades where short instruments are bought are considered bearish trades. Trades that are matched by retail clients are disregarded. (For a detailed methodology and examples, please visit this link).

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Bitcoin And Ether: Cryptocurrency Derivative Sentiment On The Rise ... - Exchange News Direct

Jul 12, 2023The Hacker NewsCloud Security / Cryptocurrency

A new fileless attack dubbed PyLoose has been observed striking cloud workloads with the goal of delivering a cryptocurrency miner, new findings from Wiz reveal.

"The attack consists of Python code that loads an XMRig Miner directly into memory using memfd, a known Linux fileless technique," security researchers Avigayil Mechtinger, Oren Ofer, and Itamar Gilad said. "This is the first publicly documented Python-based fileless attack targeting cloud workloads in the wild."

The cloud security firm said it found nearly 200 instances where the attack method was employed for cryptocurrency mining. No other details about the threat actor are currently known other than the fact that they possess sophisticated capabilities.

In the infection chain documented by Wiz, initial access is achieved through the exploitation of a publicly accessible Jupyter Notebook service that allowed for the execution of system commands using Python modules.

PyLoose, first detected on June 22, 2023, is a Python script with just nine lines of code that embeds a compressed and encoded precompiled XMRig miner. The payload is retrieved from paste.c-net[.]org into the Python runtime's memory by means of an HTTPS GET request without having to write the file to disk.

The Python code is designed to decode and decompress the XMRig miner and then load it directly into memory via the memfd memory file descriptor, which is used to access memory-resident files.

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"The attacker went to great lengths to be untraceable by using an open data-sharing service to host the Python payload, adapting the fileless execution technique to Python, and compiling an XMRig miner to embed its config to avoid touching the disk or using a revealing command line," the researchers said.

The development comes as Sysdig detailed a new attack campaign mounted by a threat actor known as SCARLETEEL that entails the abuse of AWS infrastructure to steal proprietary data and conduct illicit crypto mining.

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Python-Based PyLoose Fileless Attack Targets Cloud Workloads for ... - The Hacker News

Cannabis businesses in the US are booming. It is projected that the US cannabis market has the potential to reach $45.8 billion by 2025.

Despite President Bidens announcement of reaccessing the classification of marijuana in 2022, not much has changed for the cannabis industry. Even today, it is classified under Schedule I of the Controlled Substances Act, the classification meant for the most dangerous substances.

If youre a cannabis business owner, the coming years are very promising and hold a lot of opportunities for expanding your empire. However, the roadblocks still remain, a major one being the current payment system for the cannabis industry.

Even today, cannabis businesses cannot accept credit card payments or use banks for their day-to-day transactions. Lets understand why.

Why are cannabis businesses left out of our existing financial system?

While most states in the US have legalized the use of marijuana for medicinal and recreational purposes, Federal law still classifies it under Schedule I. Due to this, even legal cannabis businesses cannot use banks or credit card networks for processing transactions.

Inconsistencies in the state and federal laws have kept the cannabis industry out of the traditional financial system for years. Businesses are left with no other choice but to rely on cash for their daily transactions.

Running a cash-only business is risky and imposes a lot of challenges for business owners. News stories about violent burglaries in cannabis stores are becoming an everyday thing. Businesses need an alternative to hoarding a large amount of cash. Lets look at a few challenges associated with cash payments.

Challenges with cash payments & how crypto can help

Cash payments are not ideal as they are hard to manage and not always feasible. Here are a few challenges of cash transactions and how crypto can help:

Cannabis businesses are heavily taxed. For instance, Californians are required to pay $154.40 in taxes, a 5% excise tax, and an additional 7.25% sales tax for every pound of flower they sell. When you deal in cash, bookkeeping can get extremely difficult and time-consuming.

On the contrary, with crypto transactions, calculating taxes can be easy and efficient as all the transactions will reflect in your transaction history. Moreover, you can also automate your taxes by using taxation software.

In 2022 alone, cannabis retail stores in Washington reported over 100 armed robberies the highest of the decade according to Uncle Ikes i502 robbery tracker. Hoarding a huge sum of cash in stores can put your workers at risk.

With crypto, all transactions are virtual, relatively secure, and irreversible. Furthermore, you can collect payments from anywhere in real time by sharing apayment link or QR code. Virtual payments are seamless and can minimize the risk of loss, thereby making the lives of your workers less risky.

With the COVID-19 pandemic, we already saw how cash can transmit viruses and infect millions around the world. Moreover, its almost impossible to determine which note is infected when youre dealing with a lot of cash transactions.

On the flip side, crypto transactions are virtual and thus cannot transmit any viruses whatsoever. You can enable contactless payments at your offline outlets and even collect payments virtually through payment links/QR codes.

Carrying around a lot of cash is not convenient and risky. Moreover, if you want to send the funds to another country or city, the process will be time-consuming, expensive, and inconvenient.

On the other hand, crypto can be transferred to any part of the world in minutes. Moreover, to use crypto, all you need is a smartphone and an internet connection. All you have to pay is a network fee, which is usually a small fraction of your total payment.

Final words

Crypto holds immense potential for the cannabis industry and can help business owners solve their existing challenges. Crypto transactions are not only fast and safe but also private and anonymous making them an ideal alternative to cash, banks, and credit cards.

If you are seeking to enable crypto payments across your offline outlets, sign up with acrypto payment processor today. Most decentralized crypto payment gateways offer you complete freedom to transact globally without any restrictions. Embrace cryptocurrency today and step into a decentralized world thats safer, and more transparent.

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Cryptocurrency offers the cannabis industry an alternative to banks - Finextra