A Chinese software manager has been sentenced after being found guilty of stealing approximately $1 million from Huaxia Bank ATMs containing security weaknesses.The 43-year-old former manager employed in Huaxia Bank's software and technology development center spotted a "loophole" in the bank's core operating system which offered an unrecorded timeframe in which to make withdrawals, as reported by the South China Morning Post.Qin Qisheng realized that cash withdrawals made close to midnight were not recorded by the bank's systems in 2016, and in the same year, began systematically abusing the glitch.Qin wrote a number of scripts which, once implanted in the bank's software, allowed him to probe the loophole without raising suspicion.See also: ATM hacking becomes a priority in IBM cybersecurity facilities It appears these tests were successful as the software chief then made withdrawals for over a year of between $740 and $2,965, the publication says.The money had to come from … [Read more...] about Software executive exploits ATM loophole to steal $1 million
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How a whiz kid allegedly hacked into Silicon Valley execs’ phones, stole $1 million
By Michelle Robertson, SFGATE Published 10:56 am PST, Wednesday, November 21, 2018 A 21-year-old Manhattan man was arrested after allegedly hacking into Silicon Valley executives' cell phones and attempting to steal their cryptocurrency, according to multiple reports. A 21-year-old Manhattan man was arrested after allegedly hacking into Silicon Valley executives' cell phones and attempting to steal their cryptocurrency, according to multiple reports. Photo: Chris Ratcliffe, Bloomberg Photo: Chris Ratcliffe, Bloomberg Image 1 of / 27 Caption Close Image 1 of 27 A 21-year-old Manhattan man was arrested after allegedly hacking into Silicon Valley executives' cell phones and attempting to steal their cryptocurrency, according to multiple reports. A 21-year-old … [Read more...] about How a whiz kid allegedly hacked into Silicon Valley execs’ phones, stole $1 million
NYC man charged in $1 million Bay Area cryptocurrency theft
By Robert Salonga | [email protected] | Bay Area News Group November 20, 2018 at 5:20 pm A Manhattan man who once drew infamy by questionably accusing his friends of torturing him for bitcoin has been charged in Santa Clara County with using SIM swapping to steal $1 million from a San Francisco man in the latest high-profile instance of the new-age theft tactic. It was an ironic twist for Nicholas Truglia, 21, now suspected in at least 11 cases across the country where he allegedly commandeered his victims’ smartphones and then impersonated them to access their personal information, including bank access. Seven of those cases were reported in California, including a victim in Cupertino and the San Francisco man, who is the suspect’s only California victim to register a financial loss. Court filings show that Truglia has been charged in Santa Clara County with 21 felony counts related to hacking into the smartphones of at least five victims, resulting from … [Read more...] about NYC man charged in $1 million Bay Area cryptocurrency theft
N. Korean hackers have stolen cryptocurrencies worth $571 million
A north Korean hacking group called Lazarus has stolen cryptocurrencies worth $571 million. The Next Web that cited findings from the annual report of software and hardware developing company Group-IB has stated that the hacking group was behind 14 cyber-attacks on cryptocurrency exchanges since January 2017. Reports also stated the hackers targeted cryptocurrency exchanges with spear phishing, using malware and social engineering. The finding of the firm showed that "Spear phishing remains the major vector of attack on corporate networks. For instance, fraudsters deliver malware under the cover of CV spam [with an attachment] that has a malware embedded in the document." Group-IB believes that there is a possibility that the number of the targeted arracks on cryptocurrency exchanges could rise and it not just the ones from Lazarus. Almost 10 percent of the total funds accumulated by Initial Coin Offering (ICO) platforms over the past year and a half have been stolen. However, the … [Read more...] about N. Korean hackers have stolen cryptocurrencies worth $571 million
$400 Million Cryptocurrency Fund Gets Investment From Yale University
Oct 08, 7:12 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Ranjitha Shastry 10/08/18 AT 6:11 AM Yale University, the private Ivy League research university in New Haven, Connecticut, has invested in a cryptocurrency fund called Paradigm. The fund was started by Coinbase cryptocurrency exchange's co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, an ex-employee of the crypto fund Pantera Capital.The investment group that Yale is a part of has raised $400 million, Bloomberg reported Friday citing an anonymous source. Paradigm, which has Sequoia also as an investor, intends to invest in early-stage projects that are focused on new blockchains and cryptocurrency exchanges, Noyes told Bloomberg in June.The contribution by the university is considered significant because the approximately $30 billion investment fund of the university is headed by David F. Swensen — chief … [Read more...] about $400 Million Cryptocurrency Fund Gets Investment From Yale University