Archive for July 8, 2021

Guest Post: Atlas VPN Highlights That The Top Ten Most Successful Active Blockchain Scams Have Netted $13.7 Million To Date

Posted in Commentary with tags on July 8, 2021 by itnerd

As the popularity of cryptocurrencies grows, so does the number of blockchain scams. According to the data analyzed by the Atlas VPN team, the top ten most successful currently active blockchain scams have collected $13,692,245 to date.

Fake Bitcoin tumbler, called CryptoMixer.com, is the biggest known active blockchain scam in terms of funds collected. Since December 2020, when it was first launched, it has received 167 payments totaling $2,527,229 (or $15,133 per transaction on average). The Bitcoin wallet address linked to the scam is 1CoiNMixqJdctqazGsTvDcAygqHPUvmRo8.

Next up, is the International Global Pay (internationalglobalpay.com) scam. It has earned $2,293,503 via 198 payments since November 2020 (or $11,583 per transaction on average). The Bitcoin address 19k5ey65q3g44GTG3ZaKYjPEkdSshq1vjg has been related to this scam.

The third spot in the list is occupied by malware linked to a fake wallet app. This type of scam launched in May 2021 attracted 372 payments that cost victims $1,879,764. On average, one payment was valued at around $5,053. The Bitcoin wallet address linked to this scam is bc1qrwhmhlrj63hetznl984d9zgvh5q428j28klrlt.

Other blockchain scams in the top five include ExpertDreamTrade.com ($1,353,257) and FXExchangeHub.com ($1,338,999).

Ruth Cizynski, the cybersecurity researcher and writer at Atlas VPN, shares her thoughts on the situation:

Due to their nature, blockchain projects remain profitable targets to cybercriminals. First of all, victims can be easily lured with get-rich-quick schemes promised by scammers. Secondly, fraudulent transactions cannot be easily traced or reversed as they may be in the traditional financial system.”

Fake investment scams have cost victims the most

Fraudsters use a variety of tactics to lure out money from naive victims. However, some scams are more successful than others.  

Fake investment scams have attracted the most funds out of all the active blockchain scams to date. Such schemes make up seven of the top 10 most successful currently ongoing blockchain frauds.  Fake investment scams have cost victims $8,231,598, accounting for 60% of the total amount of money lost to the top ten scams.

Malware scams were also highly profitable for fraudsters.  While only two malware scams made it to the most successful blockchain scam list, together, they have acquired $2,933,418 from their victims.

Third place goes to the aforementioned tumbler fraud, which cost victims $2,527,229 in total.

To read the full article, head over to: https://atlasvpn.com/blog/top-10-most-successful-active-blockchain-scams-have-netted-13-7-million-to-date

Ok Google, You’re Getting Sued Over Play Store Abuse

Posted in Commentary with tags , on July 8, 2021 by itnerd

The attorneys general of 36 states and Washington, D.C., sued Google “alleging that the company illegally abused its power over developers that distribute apps through the Google Play store on mobile devices,” according to Bloomberg:

State attorneys general are targeting the fees Google takes from developers for purchases and subscriptions inside apps. The complaint was filed by 36 states and the District of Columbia in San Francisco federal court Wednesday. The complaint marks a new attack by government officials in the U.S. against the search engine’s business practices. The Justice Department and a group of states filed separate complaints over Google’s search business last year, while another state coalition sued over Google’s digital advertising business. The states are taking on Google even after a federal judge in Washington last week threw out their antitrust lawsuit against Facebook. That case accused Facebook of illegally crushing competition by buying Instagram and WhatsApp because it saw them as threats to its business. The judge said the states waited too long to challenge the acquisitions.

This article didn’t have anything about the states suing Apple, who has a similar app policy as Google. Actually, Apple’s stance is worse since they prevent users from side-loading apps or using alternate app stores. So this seems like a strange lawsuit to me. And I wonder if it will actually go the distance. I guess we’ll see.

UPDATE: There’s a story that outlines the accusation that Google used anticompetitive practices in an attempt to “preemptively quash” Samsung’s Galaxy Store, and prevent it from becoming a viable competitor to its own Play Store.