By Tyler S - Wallet Specialist - 30-06-2021
Hacking is an unfortunately well-known aspect within cyberspace and is often connected to the cryptocurrency trading universe. Many platforms that help users exchange crypto try to build strong security to avoid hacks. However, hackers are known for finding loopholes within systems to hack into. Even though major hacking stories are becoming less frequent within the crypto world, not all the reports are bad.
To clarify, most people are aware of the hackers that steal with malicious intent and relate this to criminal activity. However, not many people are aware of the different types of hackers at play. White hat hackers are known for finding bugs and loopholes within systems and being rewarded for improving security after finding any entrances. Grey hat hackers are known for being hobbyists; they don't have any malicious intent but will hack into systems purely because they want to. The people to watch out for are the black hat hackers.
In recent news, black hat hackers have struck the crypto scene, using a virus dubbed Crackonosh to steal a significant amount of cryptocurrency. According to reports, hackers have used the virus system to steal the crypto asset Monero (XMR). Reportedly, as of writing, the criminal stole around $2 million worth in Monero; this means that about 4% of the XMR in circulation has been claimed by illicit Monero mining malware. In total, the hackers received $57 million as a result of the virus.
The virus Crackonosh was designed to install coin miner XMRig. Within one wallet that was discovered out of the many, experts were able to pull out some statistics. According to the pool sites, there have been large crypto transactions equalling the current value of $2 million, or 9000 XMR. The incident affected well over 200,000 users around the world.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards