Ransomware Creators Having Funds Stolen; Victims Locked Out 137

Ransomware distributors and other cybercriminals expecting an easy payday are having their illicitly obtained “earnings” stolen by likeminded individuals, who are hijacking the ransom payments before they are received and redirecting them into their own cryptocurrency wallets. At first glance, this may not seem like a huge problem — attackers getting a taste of their own medicine in becoming victims of cyber-theft themselves. But these attacks are also preventing ransomware victims from unlocking their encrypted files, because, as far as those distributing the malware are concerned, they never received their ransom payment.

Ransomware is a huge problem for internet users across the globe. It’s a form of malicious software —malware — which encrypts documents on a computer or across a network. Victims can often only regain access to their encrypted files and/or networks by paying a ransom to the criminals behind the ransomware. 

Uncovered by researchers at Proofpoint, this scheme is believed to be the first of its kind. So how are these attacks actually happening? Cybercriminals are using a Tor proxy browser (Tor is a web browser designed for anonymous web surfing) to carry out middle-man attacks, stealing the cryptocurrency payments the victims of ransomware are attempting to send to their attackers.

The attacks take advantage of the way ransomware distributors have victims use Tor to buy the cryptocurrency they need to make the ransom payment. While many ransomware notes provide instructions on how to download and run the Tor browser, others provide links to a Tor proxy, regular websites that translate Tor traffic into normal web traffic (so the process of paying is as straightforward as possible for the victim).

What’s been happening is one of the Tor gateways being used is altering cryptocurrency wallet addresses in the proxy, and redirecting the payment into other accounts, rather than those of the ransomware attacker. Proofpoint researchers uncovered that the proxy can redirect payments made by victims of several forms of ransomware, including LockeR, GlobeImposter, and Sigma.

As noted above, the victims, like the state of Alabama, are the ultimate losers in this scenario. Not only are they paying thousands of dollars in ransom demands, they’re not even getting their files back. These middle-man attacks mean the ransomware distributors don’t get the funds they demand from the victims and therefore don’t help said victims unlock their encrypted files.

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Web3 Social Platform “Cardano Spot” Unveils New Features to Empower Cardano Enthusiasts 5583

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First all-in-one social media platform for everything Cardano, Cardano Spot, has unveiled a series of innovative features. The platform, founded and developed with direct input from the Cardano community, aims to address fragmentation within the Cardano ecosystem, provide a 360-view, and foster enhanced community interaction.

Desktop Project Library

Latest Enhancements for a More Robust Experience

Cardano Spot has launched its latest features to facilitate the expansion of native Cardano projects and their communities.

Open Access. In its upgraded version you can now access both News Feed and Project Library without being required to sign in.

Multilingual News Feed. Additionally, Cardano Spot provides access to a diverse multilingual News Feed, featuring content from Portuguese, Vietnamese, and Indian community members.

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Simplified Registration. The platform now also provides a number of alternative ways for registration, including Twitter, TikTok, and GitHub accounts.

Explore Page. Offers a better user experience through a simple curated view on the latest information about the Cardano ecosystem.

Refer-a-Friend. The newly launched “Refer a Friend” feature enables users to invite friends through a personalized referral link.

A peek into other features:

  • Community Hub: A customized homepage tailored to individual user interests, empowering content creation, user connections, and discovering like-minded communities.
  • News Feed: A source for the latest Cardano ecosystem news, offering educational content, articles, and videos to expand knowledge horizons.
  • Project Library: A comprehensive repository spotlighting projects built on the Cardano Blockchain, complete with explanations, whitepapers, introductory videos, and essential links for personal research.
  • Events Calendar: A consolidated calendar showcasing Cardano-related events, including webinars, discussions, product launches, and more.
  • Market Status: Real-time insights into native token prices, market trends, and tokenomics.

Desktop Events

Sebastian Zilliacus, Managing Director at EMURGO, explained, “Cardano Spot aims to provide trust, transparency, and accurate information about the Cardano ecosystem. We partner with native Cardano projects to achieve this objective.”

About Cardano Spot

Cardano Spot is the first product from EMURGO Media. This Cardano enthusiasts-focused social network serves end-to-end information for the Cardano community. It provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.

For more information, please visit: https://bit.ly/CardanoSpotWeb3Platform.

Talos Debuts Crypto Options Trading With Deribit Partnership 5783

Talos, the premier provider of institutional digital asset trading technology, announced the launch of options trading on its flagship trading platform, in partnership with crypto derivatives exchange Deribit as its first liquidity venue accessible at launch. The integration between Talos and Deribit allows institutional traders in select jurisdictions to access the exchange’s industry-leading options liquidity through a new Talos interface designed for institutional options traders.

Deribit is the world’s largest digital asset options market. It offers institutional-grade exchange infrastructure, including a high-capacity matching engine, advanced risk management, and deep liquidity. By delivering Deribit’s robust and reliable liquidity to Talos clients, the partnership will help lower the barriers to institutions looking to gain exposure to digital assets.

“At Deribit, our goal is to expand investor access to crypto options trading in a secure, accessible and intuitive manner,” said Luuk Strijers, CCO at Deribit. “Like Talos, we have earned a premier reputation among institutions for our full suite of advanced professional trading services and superior system architecture. We look forward to working together with Talos to shape institutional adoption of crypto.”

“We are thrilled to join forces with Deribit to offer high-performance crypto options trading to our diverse range of institutional clients,” said Anton Katz, CEO and Co-Founder of Talos. “Options are an important instrument for institutions to access and manage their exposure to digital assets. As the industry’s premier crypto derivatives exchange, Deribit is the perfect partner to launch options trading for our clients.”

The launch of options trading on the Talos platform expands upon existing capabilities, providing clients with a single interface to manage their entire crypto portfolio including spot, futures, perpetuals and options. The new options trading interface was designed from the ground-up in a format familiar to professional options traders. Advanced execution tools initially include limit and pegged orders as well as an Iceberg algo to help clients trade with precision and efficiency.

“With the full Deribit options chain now at their fingertips, Talos clients can unlock a myriad of strategic possibilities, allowing them to effectively manage risk, enhance portfolio diversification, and capitalize on the immense potential of crypto,” said Neelabh Dixit, Commercial Product Manager, Derivatives at Talos. “We look forward to evolving the product in partnership with our early adopter clients.”

About Talos

Talos provides an institutional-grade technology infrastructure that supports the full lifecycle of digital assets trading and procurement including liquidity sourcing, price discovery, trade execution, settlement, lending, and borrowing. Engineered by a team with unmatched experience building institutional trading systems, the Talos platform connects the diverse group of participants involved in today’s crypto-asset market structure – institutional investors, prime brokers, exchanges, OTC desks, lenders, and custodians – through a single point of entry. This streamlines the entire trading process, eliminates unnecessary intermediary risk, and provides institutions a clear path to best execution. For additional information, visit www.talos.com.

About Deribit

Deribit is a leading crypto futures and options trading platform based in Panama City, Panama. Deribit’s state of the art system architecture ensures the fastest performance in the market, making it the first choice for algorithmic and HF traders. Deribit was the first to launch European style cash-settled options on BTC and ETH, and have pioneered functionalities like multi-instrument block trade, market maker protection, and portfolio margin for crypto derivatives. Furthermore, Deribit remains the market leader in crypto options and continues to set the standard for the rest of the industry.

WOOFi Pro omnichain DEX coming to EVM mainnets featuring crypto and tradfi assets 5819

TOKEN 2049 – WOOFi, a top 15 decentralized exchange platform by 24-hour trading volume, announced a strategic transition from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks for building version 2.0 of its omnichain DEX.

In a statement, WOO Founder and CEO Jack Tan noted that the transition signals a stronger CeFi and DeFi offering from WOO, predicting that the next bull run will be a smooth flow between the two crypto exchange worlds. WOOFi aims to integrate all major chains, concentrating liquidity, and building a collaborative ecosystem. WOOFi Pro users can trade on their preferred applications and blockchain networks, promoting a diverse and user-driven ecosystem. A trader for example, on Arbitrum would be able to trade against traders on other chains like Polygon or Optimism, without leaving Arbitrum.

CEX on steroids

Leveraging engineering capabilities rooted in years of developing trading products, WOOFi Pro will offer a user-friendly mobile interface, enabling traders to execute transactions on the go. WOO X, a centralized exchange, is an established platform with $150-$500 million in daily trading volume that has pioneered a number of industry firsts including a live transparency dashboard with a mission to maintain the trust of its growing community of professional traders. WOOFi Pro will feature gasless orderbook trading, eliminating transaction fees, and making trading more accessible for users without the need for Know Your Customer (KYC) verification. Users have full control over their funds with self-custody, removing reliance on third-party custodians.

Institutional-grade, omnichain order book trading for crypto and tradfi assets

WOOFi Pro will seamlessly integrate Orderly Network’s institutional-grade order books, providing users with a robust and readily available source of liquidity. Orderly Network is a decentralized liquidity network, backed by Pantera, Dragonfly Capital, and Sequoia Capital China, that connects permissionless orderbooks with top market makers.

“The combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system. This comes as we’ve observed a growing subset of traders that demand access to both traditional investments and cryptocurrency trading, which has become especially prominent in the latest cycle, with a strong appetite for Real World Assets (RWAs),” Tan noted.

Initially launching with 10 crypto trading pairs on October mainnet debut, WOOFi Pro plans to expand its asset selection, potentially encompassing cryptocurrencies, stocks, commodities, and forex. For reference, WOOFi has already executed more than 2.9 million cross-chain swaps, and we anticipate more as WOOFi users take advantage of being able to enter the ecosystem quickly and seamlessly from a diverse range of assets in a single click.

SecuX Shield BIO Revolutionizes Crypto Security: Introducing the Ultra-Slim Biometric Cold Wallet at TOKEN 2049 5957

Renowned for its innovative streak in blockchain security since 2018, SecuX is poised to reveal its latest creation, the Shield BIO card-type hardware wallet, at TOKEN 2049 – one of the crypto industry’s marquee events scheduled for 13-14 September 2023 in Singapore. The Shield BIO is emblematic of next-gen crypto security, masterfully combining biometric fingerprint authentication with the handy format of a credit card.

At the heart of this avant-garde wallet is the military-grade Secure Element chip, synonymous with the robust security features of all SecuX hardware wallets, ensuring unparalleled protection for digital treasures. The incorporation of biometric technology enhances this security, ensuring only authenticated users can access their assets.

“Our trajectory in the industry underscores our commitment to pioneering unmatched blockchain security solutions. The Shield BIO Card Wallet is a testament to our unwavering dedication to supreme security, top-notch functionality, and sleek design,” commented Peter Chen, CEO at SecuX.

The breadth of SecuX’s commitment to blockchain security shines through its diverse product lineup. Highlights include the V20 crypto wallet, renowned for supporting a staggering 10,000+ coins and tokens, and the SecuX Nifty – an NFT-display hardware wallet that bagged the prestigious iF design award in 2023. Additionally, the company’s payment terminals are tailored for the ever-evolving crypto sphere; and the XSEED series, offering robust steel cold storage solutions, further elevates its standing in the blockchain community.

2023 has been especially noteworthy for SecuX, marked by key alliances with cybersecurity behemoth Trend Micro, birthing the co-branded W20 wallet, and a collaboration with ASUS Metaverse on the groundbreaking MnemonicX 2048 soul-bound NFT initiative.

“In an ever-evolving crypto world, the demand for robust yet user-centric security solutions grows exponentially. The Shield BIO isn’t merely a product; it’s an assurance of peace of mind,” Peter Chen emphasized.

To delve deeper into the Shield BIO Card Wallet or explore other SecuX innovations, please visit https://secuxtech.com

About SecuX

Pioneering the blockchain security realm since 2018, SecuX consistently raises the bar with its groundbreaking solutions in the cryptocurrency sector. From hardware wallets to cold storage offerings, SecuX stands tall as a paragon of security and design excellence.

Ottochain Launches Testnet Powered by Cosmos SDK and Octopus 2.0 6710

Ottochain, a revolutionary application-specific blockchain (Appchain) within the Octopus Network, is poised to reshape the landscape of Web3 and redefine how communities engage with groundbreaking technology. With its focus on interoperability, security, and community-driven governance, Ottochain empowers users, developers, investors, and communities to collaboratively build the future of Web3 together.

Introducing Ottochain

Decentralisation has been the driving force behind the blockchain revolution, empowering individuals and communities to take control of their digital assets and participate in a more inclusive financial system. As the blockchain ecosystem evolves, the need for seamless interoperability, security, and community-driven governance becomes even more critical.

Ottochain, the first consumer chain launched by Octopus Network, stands at the forefront of this evolution. Built on the Cosmos SDK framework and powered by Octopus 2.0 Interchain Security, Ottochain is set to transform the way applications are built, enhance community interactions, and provide unparalleled insights into application-specific blockchains.

Currently Ottochain Testnet is live and this is an opportunity to build and test the next generations of Appchains before full launch.

For more information about Ottochain Testnet visit: https://medium.com/@ottochainn/ottochain-testnet-daec6116e131

Key Features and Innovations

  1. Innovative Restaking Mechanism Beyond Ethereum: Ottochain’s innovative prowess lies in its pioneering use of the Restaking mechanism, going beyond the confines of traditional blockchain implementations. Inspired by the Restaking mechanism initially implemented by EigenLayer, Ottochain adopts this robust solution that has proven its strength by enabling EigenLayer to raise a staggering $50 million in Series A funding. With this mechanism, Ottochain ensures the security and integrity of chain consensus, mitigating concerns about potential attacks and initial token valuations.
  2. Octopus 2.0 Interchain Security: Ottochain adopts Octopus Network’s proprietary Interchain Security mechanism, ensuring the security and integrity of chain consensus. This innovative approach addresses concerns related to potential attacks and low token valuations, providing a robust foundation for users to transact and interact with confidence.
  3. EVM Compatibility: Ottochain’s compatibility with the Ethereum Virtual Machine (EVM) through the EVM module opens doors to developers looking to leverage existing Ethereum-based tools and applications. This compatibility empowers developers to build transformative applications while benefiting from enhanced security and scalability.
  4. Interoperability Amplified through IBC Protocol: Ottochain doesn’t stop at innovative security mechanisms; it sets new standards in interoperability. Leveraging the power of the Inter-Blockchain Communication (IBC) Protocol, designed by Cosmos, Ottochain achieves exceptional connectivity and collaboration within the blockchain ecosystem via the Adaptive IBC. Adapted to the NEAR Protocol through Octopus Network, Ottochain’s interoperability reaches unprecedented heights, enabling seamless communication and data exchange with a wider range of blockchain networks.
  5. Community-Driven Governance: At the heart of Ottochain lies a strong commitment to community engagement. Token holders and Octopus Nation members play a pivotal role in shaping the platform’s direction through voting on proposals and decisions. This inclusive governance model ensures that the platform evolves based on the collective wisdom and interests of its stakeholders.
  6. Vibrant Community Ecosystem: Supported by Octopus Nation, Ottochain’s community is a thriving hub for blockchain enthusiasts, developers, and experts. The active participation of the community fuels continuous evolution and innovation within the ecosystem, creating a dynamic and engaged network. Ottochain provides a network of programs that incentivizes users, fueling engagements through rewards. With this revolutionised model, developers, founders need to only worry about the technicalities of their project, while Ottochain handled the burden of community growth and engagement.
  7. Empowering Developers with Unmatched Incentives: Ottochain offers a robust incentive program that rewards developers for their contributions. A portion of the transaction fees generated by other users calling specific contracts is awarded to the contract owner. This incentive mechanism not only recognizes developer efforts but also ensures a thriving ecosystem of applications that cater to diverse needs.

A Gateway to Limitless Possibilities

“As the first appchain to leverage the Octopus 2.0 Restaking mechanism integrated into NEAR Protocol via Octopus Network, Ottochain opens doors to a new era of blockchain innovation,”

Our commitment to interoperability and community engagement sets us apart. Ottochain is where the power of innovation meets the inclusivity of community, a perfect blend that shapes the decentralised future. said Dr Damilola, Project Lead at Ottochain.

Unlocking Possibilities with Ottochain

Ottochain’s value propositions lie in its commitment to interoperability, security, community-driven governance, and a developer-friendly environment. By providing a secure and seamless experience for users, empowering developers to build transformative applications, and prioritising community engagement, Ottochain paves the way for a decentralised and inclusive future.

As the blockchain landscape evolves, Ottochain emerges as a pioneering force that empowers individuals and communities to collaborate, innovate, and shape the future of Web3. With its unique features and innovative approach, Ottochain offers a glimpse into a decentralised future where technology and humanity harmoniously intersect. Our aim is to provide systems where Web 3 communities can build, drive engagements and gain traction without worrying about cross-platform challenges or user adoption.

For more information about Ottochain and its revolutionary contributions to the blockchain ecosystem, please visit https://ottochain.io

What Ottochain Represents

Ottochain is a revolutionary Cosmos SDK-based appchain that introduces pioneering security mechanisms and unprecedented interoperability. Powered by Octopus Network, Ottochain’s Restaking mechanism and IBC Protocol integration redefine the way blockchain technology is perceived. It empowers developers, users, and communities to collaboratively build a decentralised future that’s truly inclusive and transformative.

Ottochain is releasing 50% of its token supply as airdrop to communities, partners, ecosystems and individuals.

In its quest to support community based initiatives, Ottochain is releasing 5% of its total supply to reward top 10 functioning DApps on both testnet and mainnet, that isn’t all, Ottochain has allocated 1% of its total supply as airdrop to all DApps that would be live on its testnet and mainnet before the official community votes.

More information about visit https://medium.com/@ottochainn/ottochain-builders-campaign-6ceaf9a10a38

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TaxBit Announces AI Enabled Rules Engine for Crypto Accounting 6787

TaxBit, the premier end-to-end modern tax and accounting solution for the digital economy, announced its AI-enabled rules engine to empower businesses dealing with cryptocurrencies to streamline their accounting processes.

As the global cryptocurrency market surpasses a market capitalization of over $1 trillion, businesses face mounting challenges in accurately managing crypto transactions. TaxBit’s innovative AI-supported solution marks a significant step forward in addressing these challenges, offering businesses an accurate and efficient way to ensure accounting compliance while optimizing their financial operations.

With the integration of AI technology, clients can create customized, logic-based rules to automate the transaction categorization process to properly account for gains, losses, and fees. Users can now create an automated data flow, so reconciled transactions appear in the correct locations in a business’s chart of accounts. Additionally, artificial intelligence prompts rule creation during bulk transaction editing to make the rule creation process as easy and efficient as possible for businesses.

“Traditional accounting methods are struggling to keep pace with the rapid complexities of cryptocurrency transactions. Our AI-enabled solution not only revolutionizes these processes through automation but also augments accuracy, mitigates the risk of errors, and empowers businesses with invaluable insights for strategic financial decision-making. By integrating cutting-edge AI technology into our accounting solution, TaxBit is not just redefining crypto accounting; we’re shaping the future of financial management..” said Aaron Jacob, TaxBit’s VP of Accounting Solutions.

TaxBit’s dedication to delivering cutting-edge technology extends beyond automation. The company recently announced Lindsey Argalas as its new CEO, charged with accelerating the accounting product roadmap to meet the escalating demand from businesses involved in cryptocurrencies, NFTs, and tokenized assets. Esteemed enterprises like Google, Ralph Lauren, Fox, NYDIG, and many more already leverage TaxBit’s solutions to streamline their crypto accounting.

With the surge in cryptocurrency adoption, businesses are increasingly driven to discover efficient ways of managing their crypto-related financial operations.TaxBit’s AI-supported rules engine effectively addresses the complexities and positions these businesses at the forefront of financial management’s technological evolution.

About TaxBit

TaxBit is the leading tax and accounting solution for the digital economy, designed by CPAs and tax attorneys. Its platform serves the top exchanges, businesses, and governments. TaxBit has secured over $235 million from leading global investors to enable widespread digital asset adoption tax and accounting compliance hurdles, paving the way for the widespread adoption of digital assets at scale. TaxBit has offices in Salt Lake City, San Francisco, Seattle, New York and Washington D.C. For more information, please visit www.taxbit.com