A computer popup box screen warning of a system being hacked, compromised software enviroment. 3D ... [+] illustration.

The Justice Department has announced action against two hacks of virtual currency exchanges by North Korean actors.

According to court documents, the actors stole millions of dollars worth of cryptocurrency and laundered the funds through Chinese over-the-counter (OTC) cryptocurrency traders. Now, the Justice Department is seeking to recover those funds through the filing of a civil forfeiture complaint.

(You can test your knowledge of civil forfeiture here.)

The complaint follows criminal and civil actions announced earlier this year related to the theft of cryptocurrency through other exchange hacks by North Korean actors. Those thefts initially occurred in 2018; afterward, the Internal Revenue Service-Criminal Investigation (IRS-CI) Cyber Crimes Unit learned that a South Korea-based virtual currency exchange had been hacked. The North Korean cyber actors responsible for the hack stole nearly $250 million worth of virtual currencies, which eventually landed in about 146 virtual currency accounts. In March of 2020, the United States filed a forfeiture complaint against those accounts.

The theft was not particularly surprising. Last year, a panel of experts established by the United Nations Security Council to investigate compliance with sanctions against North Korea found that the North Korean government has "used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income." Why? According to the panel, these activities allow North Korea "to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector." So far, these activities have raised money for the country's weapons programs, with total proceeds to date estimated at up to $2 billion.

How does it happen? Money laundering through multiple accounts. Stolen funds can be transferred through accounts in a series of separate transactions and then routed to various countries before being converted to fiat currency. That makes it highly challenging to track the money. And if you change the kind of currency, it makes it even more difficult to trace. This practice of moving between different types of virtual currency is called "chain hopping."

The most recent complaint detailed a theft that happened on or about July 1, 2019. In that hack, thieves stole approximately 401,981,748 Proton Tokens (PTT) from a virtual currency exchange. About 280,269,180 PTT was contained before it could be liquidated, but the remaining approximately 121,712,568 PTT entered the market. Around the same time, the affected exchange reported thefts of other currencies. Those currencies were transferred to other exchanges through a complicated series of transactions summarized in court documents like this:

DOJ

According to the complaint, a few months later, in September 2019, a U.S.-based company focused on the Algorand blockchain (which administers ALGO tokens) was hacked in a related incident.The North Korea-associated hacker gained access to the company's virtual currency wallets, funds held by the company on other platforms, and funds held by its partners.In the hack, the thieves used 15 recovery seeds to recreate wallets owned by the exchange and its partners. A recovery seed - also known as a recovery phrase - is a list of upwards of 12 words that, when entered in a specific order into virtual currency wallet software, allows whoever has the words to recreate access to virtual assets within the wallet. What the hackers were able to do then is direct the transfer of funds out of the wallets into other addresses and wallets. That allowed the hackers to steal nearly $2.5 million and launder it through 106 accounts at other virtual currency exchanges.

Following the transactions allowed law enforcement to identify the property involved in the schemes. The complaint now seeks a judgment declaring that the property be forfeited to the United States government.

"As part of our commitment to safeguarding national security, this office has been at the forefront of targeting North Korea's criminal attacks on the financial system," said Acting U.S. Attorney Michael R. Sherwin of the District of Columbia."This complaint reveals the incredible skill of our Cryptocurrency Strike Force in tracing and seizing virtual currency, which criminals previously thought to be impossible."

Several different agencies were involved in the investigation, including IRS-CI's Washington, D.C. Cyber Crimes Unit, the FBI's Chicago and Atlanta Field Offices, and HSI's Colorado Springs Office with additional support from the FBI's San Francisco Field Office.

Assistant U.S. Attorneys Zia M. Faruqui, Jessi Camille Brooks, and Christopher Brown, with assistance from Supervisory Paralegal Specialist Elizabeth Swienc and Legal Assistant Jessica McCormick, Trial Attorney C. Alden Pelker of the Criminal Division's Computer Crime and Intellectual Property Section, and Trial Attorney David Recker of the National Security Division's Counterintelligence and Export Control Section are prosecuting the case.

"Despite the highly sophisticated laundering techniques used, IRS-CI's Cybercrimes Unit was able to successfully trace stolen funds directly back to North Korean actors," said Don Fort, Chief of IRS Criminal Investigation (IRS-CI). "IRS-CI will continue to collaborate with its law enforcement partners to combat foreign and domestic operations that threaten the United States financial system and national security."

The funds from these hacks, and the earlier hacks, were all allegedly laundered by the same group of Chinese OTC actors.The infrastructure and communication accounts used to further the intrusions and fund transfers were also tied to North Korea.

"At U.S. Cyber Command, we leverage a persistent engagement approach to challenge our adversaries' actions in cyberspace," said Brigadier General Joe Hartman, Commander of the Cyber National Mission Force. "This includes disrupting North Korean efforts to illicitly generate revenue. Department of Defense cyber operations do not occur in isolation. Persistent engagement includes acting through cyber-enabled operations as much as it does sharing information with our interagency partners to do the same."

"Today's complaint demonstrates that North Korean actors cannot hide their crimes within the anonymity of the internet. International cryptocurrency laundering schemes undermine the integrity of our financial systems at a global level, and we will use every tool in our arsenal to investigate and disrupt these crimes," said Special Agent in Charge Emmerson Buie Jr. of the FBI's Chicago Field Office."The FBI will continue to impose risks and consequences on criminals who seek to undermine our national security interests."

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Justice Department Seeks To Recover Hacked Cryptocurrency Funds Tied To North Korea - Forbes

Akon has released detailed plans of Akon City, his $6 billion futuristic cryptocurrency city, which he calls a real-life Wakanda, referring to the hit movie Black Panther. There will be seven major districts, and the city will be run on the akoin cryptocurrency.

Senegalese-American star and philanthropist Akon, whose full name is Aliaune Damala Badara Akon Thiam, unveiled Monday some major details of his planned Akon City. The $6 billion futuristic city in Senegal, Africa, will be run on the akoin cryptocurrency.

The city will be divided into seven major districts: the African culture village district, the offices and residential district, the entertainment district, the health and safety district, the education district, the technology district, and the Senewood district.

The African culture village district will feature a seaside resort and spa encompassing retail stores, a ballroom, a business center, a restaurant area, a night club, a fitness center, and a hotel. There will also be 20 chalets and an open market. The Associated Press reported Monday that a hotel within the city plans to feature rooms decorated for each of the 54 countries of Africa.

The residential and office district will comprise six residential buildings, two office buildings, and four parking structures. Akon Citys website explains that there will be a smart parking system, which it describes as a more efficient, safer, and energetically sustainable system that includes e-parking, automated parking system, e-transportation within the city and much more.

The entertainment district will have a casino, a stadium, a resort building with a hotel, and a sports field. There will also be a mall with a cinema, an entertainment area for kids and adults, and a fashion district. The health and safety district will consist of a general hospital, an outpatient center with a pharmaceutical retail area, laboratories, and a variety of clinics. There will also be a police station and a fire station, which include areas for training, sleeping, and fitness.

The eduction district will have three main buildings to accommodate MIT, Berkeley, Harvard, and Stanford. There will be housing for students and faculty members. The technology district will feature a tech park spanning several buildings while the Senewood district will have the Akon tower, a media tower, and four filming and recording studios that will help develop Senegals film industry.

Akon City is located in the heart of Cadastral de Mbodiene park within the beautiful landscape of water and surrounding nature, its website details, adding that the location is easily accessible to commuting as well as to the general public. The website further claims:

Akon City will set the standard for all future real estate development in Senegal as a country and region as a whole.

The project was, however, designed by a Dubai-based architect because a suitable one in Africa could not be found fast enough, the Associated Press reported, citing Akon. It is also unclear what percentage of the building materials and construction teams will be sourced locally, the publication noted.

While hopes are high in Mbodiene that the Akon City project will change lives, village chief Michel Diom was quoted as saying: We have a lot of hope. Many promised us projects, but we saw nothing. Without providing specific details, Akon also said hes considering franchising the concept to other countries on the continent, the publication conveyed.

In addition, Akon noted on Monday that the project has secured about one-third of the $6 billion needed. However, KE International, a U.S. based consulting and engineering firm that has been awarded the contract for building and executing Akon City, said in June that it had secured $4 billion from investors for the first and second phases of execution of Akon City.

According to the Associated Press, Akon traveled with government officials on Monday to the grassy fields in Mbodiene some 100 kilometers (62 miles) outside the capital where construction has yet to begin. Akon said the construction is set to begin early next year, adding that the first phase of the project alone could take more than three years. He previously said that phase one of Akon City will be completed by 2023 and the entire city, running on the akoin cryptocurrency, will be completed in 2029.

Akoin, a Stellar-based cryptocurrency, will be used in Akon City. The akoin cryptocurrency was created with the aim to be used as a common medium of transfer between Africas 54 countries Allowing African citizens and entrepreneurs to engage with the digital economy with only a mobile phone, its website describes.

The akoin cryptocurrency has its own wallet that allows users to trade amongst partnered cryptocurrencies internally through a proprietary and private atomic swap technology that makes a direct transfer with all major cryptocurrencies, our partners alt currencies possible, without having to go through a major exchange.

Akon first announced the idea of Akon City in 2018. He described it as a real-life Wakanda, comparing it to the technologically advanced fictional African city in the blockbuster movie Black Panther. Sadly, actor Chadwick Boseman, who portrayed Black Panther in Marvels popular movie series, died on Saturday.

On Monday, Akon said he hoped his Akon City project would provide much-needed jobs for people in Senegal and serve as a home back home for Black Americans and others facing racial injustices, the Associated Press also reported. The system back home treats them unfairly in so many different ways that you can never imagine. And they only go through it because they feel that there is no other way, Akon shared, elaborating:

So if youre coming from America or Europe or elsewhere in the diaspora and you feel that you want to visit Africa, we want Senegal to be your first stop.

Covid-19 has sown doubt everywhere. This means that those who had doubts about the attractiveness of Senegal, and Africa in general must convince themselves that there are men and women who believe in Africa, the two-time Grammy Award-nominated artist opined.

Born in the U.S. to Senegalese parents, Akon spent much of his childhood in the West African country. He started the Akon Lighting Africa project in 2014 with the aim to provide electricity by solar energy in Africas rural areas. Recently, he joined bitcoin entrepreneur Brock Pierces presidential campaign as Chief Strategist.

Will you visit Akon City? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Akon City, Walt Disney Co., Everett Collection

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Akon Unveils Major Details of $6 Billion Cryptocurrency City: Real-Life Wakanda - Bitcoin News

The Brexit-inspired plan, called Calexit, is being pushed by campaign group Yes California. The group recently appointed British cryptocurrency expert Alastair Caithness to oversee how crypotcurrency could be used to provide free healthcare and a form of Universal Basic Income for the citizens of an independent California.

Yes California say the government of California has agreed to hold a public petition into Calexit this year, with a possible vote taking place by 2024.

Mr Caithness said of the groups cryptocurrency plan: The policy will involve developing a blockchain-backed cryptocurrency, which democratizes ownership of the California Governments land, resources and assets through tokenization into a usable currency.

It is the intention for it to be used to finance a level of free healthcare, free education and a form of basic income for all California citizens who have struggled to achieve economic liberty under the current US Federal Government system."

In the world of cryptocurrency, tokenisation means turning a physical asset, such as land, into a digital one.

Instead of investors buying a piece of land in California directly, it could split up into hundreds or thousands of parts, and people could own or trade a coins worth of land instead.

These transactions would all be done via a bespoke cryptocurrency designed for the job.

Mr Caithness, a Scottish national now living in San Diego, claims people investing in land and property in this way could raise funds which would then be used to help implement a Universal Basic Income system for Californians.

The money could also go towards developing other community benefits such as free healthcare and free education, Yes California said.

READ: Brexit is 'best chance to end cruel export of live animals,' charity says

Yes California president Marcus Ruiz Evans claimed California is the worlds fifth largest economy and has what it takes to be its own country, and the best people to govern California are the people of California.

However, it is unclear how much support the Calexit movement has with the people of California.

A 2017 poll from the University of California found Democrats were much more likely to vote for the secession of California from the rest of the US but still less than half supported the idea.

44 percent of Democrats polled said they would vote for secession, and just 15 percent of Republicans agreed.

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Mr Evans toldExpress.co.uk: We are very interested in cryptocurrency as a form of UBI, because Alastair was right.

He saw it; people need assistance, especially right now. And the government is struggling to come up with somebody.

[Theres] more and more people talking about We need UBI, we need financial assistance! Caithness said this three months ago, and every day I see it coming up more and more.

He saw the way the world could go, and he took a stance months ago and every day hes more and more right.

I am delighted to have a leader of Alastairs ingenuity and knowledge lead our policy in cryptocurrency.

It is also good to have a Scotsman now living in California involved in our project, as the model for a Sovereign California has been developed from the Scottish Independence Referendum.

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Brexit in the US: Californian exit plan will use cryptocurrency to give everyone an income - Daily Express

Prime Minister Narendra Modi's personal website's Twitter account was hacked, and tweets posted asking for people to donate cryptocurrency. This was confirmed by Twitter, and all the tweets posted as a result of the hack have been removed. However, screenshots are now being circulated on Twitter with people even claiming that these tweets were from PM Modi's account. However, the PM's account, which has 61.8 million followers, was not affected. The tweets were posted from the Twitter account used by PM Modi's official website that has only 2.5 million followers.

The now deleted tweets, from the verified account, asked people to donate to the PM National Relief Fund for COVID 19, and included an address for people to donate bitcoin. This looks similar to a Twitter hack that took place recently, where the accounts of several global leaders were compromised to ask for Bitcoins. Twitter confirmedto Gadgets 360 that the account had been hacked, and that it has taken steps to secure the account. It also said that no other accounts seemed affected.

Some of the now deleted tweets from the account.

We're aware of this activity and have taken steps to secure the compromisedaccount. We are actively investigating the situation.At this time, we are not aware of additional accounts being impacted," a Twitter spokesperson wrote to Gadgets 360.

Gadgets 360 has also learnt from Twitter that it has found no indication or any correlation between this account compromise, and the incident that took place in July.

At that time, hackers had gotten access to the accounts of many world leaders and done something similar. The official accounts of former US President Barack Obama, Microsoft co-founder Bill Gates, Amazon CEO Jeff Bezos, Tesla CEO Elon Musk, and media tycoon Mike Bloomberg, along with brands such as Apple and Uber, were amongst the ones affected by the hack.

All these accounts sent out tweets asking people to donate money in Bitcoin. Around 130 accounts were targeted by the attackers in the incident. It was later found that a 17-year-old Florida boy masterminded the hacking of celebrity accounts on Twitter.

According to the last of the now-deleted tweets whose screenshots are still circulating, the account was hacked by a group called John Wick, which, it was alleged, had also hacked into Paytm Mall. However the tweet denied responsibility for the Paytm Mall hack.

Should the government explain why Chinese apps were banned? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

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PM Modis Websites Twitter Account Briefly Hacked to Ask for Cryptocurrency - NDTV

US Paper Currency, Stock Market and Exchange, Currency, Finance, Graph

From about 18 to about 30 in just 6 weeks time, thats not bad.

Thats in cents not dollars, though, giving the cryptocurrency that goes by the name of XRP the dramatic price action feel (somewhat) of those infamous penny stocks from Blinder Robinson that traded crazily in the 80s.

The cryptos in general have had a good summer of price action, some in dollars and some in pennies but its XRP thats of interest since my card counting friend in Las Vegas had mentioned it and I wrote about it here in XRP Is The Crypto To Watch, Says Vegas Blackjack Pro.

That posted on July 16th and it was just a few days later that the thing broke above previous resistance at 21 and took off for the much higher price level. At the time I took a bit of heat from experts on Twitter for suggesting that a pro at the 21 tables might have advice about anything crypto. Now it looks like my friend was right.

Maybe he just got lucky, who knows?

Anyway, just for the record, XRP looks like this now on the daily price chart:

XRP daily price chart, 8 23 20.

After tracking mostly sideways to slightly down in price from May to July, you can see the late July breakout. XRP had been unable to rise above the Ichimoku cloud for weeks but then got there easily on some volume. It looks like the selling that comes in at above 31 is likely to be significant enough to prevent further upside, at least for now.

The XRP weekly price chart looks like this:

XRP weekly price chart, 8 23 20.

Like the other cryptocurrencies, XRP has a long way to go to make it back up to the early 2018 highs. Clearly. Whats interesting here is the increase in buying volume that is shown for this summer. The other thing is that price may be about to break above the weekly Ichimoku cloud for the first time in a couple of years. Its almost there.

The XRP monthly price chart looks like this:

XRP monthly price chart, 8 23 20.

The dramatic drop in price is clearly evident on the monthly time frame from the January, 2018 peak until the much lower present. Take a look at the moving average convergence/divergence (MACD) indicator below the price chart: the shorter-term time line is just now crossing above the longer, a positive sign on that measure. Whether it turns out to be an actual buy signal remains to be seen.

This is just a form of price chart analysis where trend is identified and the potential support and resistance levels are suggested a serious investor or trader would want to research the fundamentals and formation of a cryptocurrency like XRP or any of the cryptos before taking any action. Past performance is no guarantee of future results.

I do not hold positions in these investments.No recommendations are made one way or the other.If you're an investor, you'd want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.

See the article here:
The Cryptocurrency XRP Is Having A Good 6 Weeks - Forbes