Cryptocurrency

Fake “One-To-One” Trezor Wallet Copies Flood the Market

On Nov. 19th, Satoshi Labs, the company behind the hardware cryptocurrency wallet Trezor, published their insight into new illegal activities involving the theft of cryptocurrencies from unsuspecting victims. According to the intel, criminals are distributing “one-to-one copy of Trezor One” and using them to steal the digital assets of those people.

The fake copies, as outlined in the article, are trying to “replicate the original to the bone.” This makes it hard to differentiate between the original and the fraudulent one. To put it simply, “It is not dissimilar to counterfeit brand clothing.”

Just as counterfeit brand clothing is distributed, so is the Trezor wallet. It might appear to be with a decent discount. This, by itself, should raise the alarm about the merchant, the product and their reliability. They also come with a fake holographic seal. If a customer gets their hands on a fake device, they should contact the support of the website to investigate the case further.

SatoshiLabs advise all interested in purchasing to head to the official Trezor website and find a convenient authorized reseller. This will ensure that you get the real product and limits the possibility of exposure to thieves.

What is the Trezor wallet?

The Trezor One and Trezor Model T are leading hardware wallets designed to ensure the safety of your digital assets, keys, and passwords. The company behind the products is run by the renowned crypto experts — Slush and Stick. It runs on a completely open-source firmware and is open for development.

The Trezor Model T was released more recently, and it features much greater functionality. Its firmware and hardware are designed with the intent of expanding its functionality over time as well as introducing support for a lot of new digital assets. On the side of the Trezor wallet, there is a Micro-SD card slot for data encryption. As of now, both hardware wallets can store over 500 different cryptocurrencies.

The device itself is slightly bigger than the Trezor One, but it is to be expected with the more powerful tech inside it. On the bottom of the device, you can find a USB-C type connector and touchscreen display on the front. With it, you can easily operate the device as compared to the previous model and its two control buttons. The best part is that before you enter your pin, the Model T won’t interact with the computer at all — no more malware or keyloggers anxiety.

The digital assets, keys, and passwords can be accessed through the Trezor Wallet and the Trezor Password Manager. The wallet will generate once a unique seed which will act as a backup if it is ever lost. Although the recovery seed matches a standard developed by SatoshiLabs, it is widely compatible with many wallets.

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Authorities Arrest 23-Year Old Woman For Stealing Cryptocurrencies

A Cybercrime squad in Riot arrested a 23-year-old woman in Sydney who is believed to have stolen cryptocurrencies worth $450,000.

The woman was arrested on Thursday morning after police raided her home in Epping. During the arrest, police seized computers, mobile phones, documents and hard drives found in her possession. Police are yet to confirm whether she acted alone on the crime. The suspect is believed to have been responsible for stealing 100,000 units of Ripple that belonged to a 56-year-old man.

According to reports, the victim reported the matter to the police earlier this year in January. In his statement, the victim claimed that someone stole his cryptocurrencies after they managed to lock him out of his trading account. The 56-year-old explained that the criminal (s) locked him out of his account which had 100,000 units of Ripple worth at the time $450,000.  After countless attempts to access his accounts, the victim finally gained access to his account and discovered that his money had been transferred to a Chinese exchange where it was converted into bitcoins. The currencies were then sent to multiple electronic wallets.

Upon investigations, police discovered that an email account belonging to the victim had been hacked last year. This provided the criminal with the victim’s account. Further investigations led authorities knocking at the woman’s door.

Police Caution Investors

Arthur Katsogiannis, the cybercrime squad commander, stated that this was the first time Australian officials were charging an individual for the technology-enabled theft of cryptocurrencies. He warned investors to trade with caution as this type of crime could become the new norm.

Katsogiannis further added that to prevent such incidents, investors will have to treat their personal information like valuable commodities. He urged investors to be extra careful with their passwords, and any other account details that might be used by criminals to steal their funds.

In conclusion, the Detective Superintendent Katsogiannis stated the government in Australia and other law enforcement agencies are working to regulate cryptocurrency exchanges in the coming days.

Increased Level of criminal activities in the crypto space

Lately, there are more and more headlines on various crypto crimes like fraud, hacking and money laundering.

Recently, a study showed that money laundering in Europe had cost authorities about $ 5 billion in revenue.

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New Github Repository Catalogs Physical Bitcoin Attacks

Cryptocurrency hacks have always been a thorn in the side of crypto enthusiasts. It seems like we can’t go a few months without a major theft taking place.  When it comes to exchanges or wallets, it’s easy to keep track of all the major hacks that take place. One way or another we’ll usually find out quickly as panic spreads through the community. Exchanges seem to be improving the safeguards in place to prevent these from happening and planning for when do happen, even going so far as to establish insurance funds that protect user balances in some instances.  That’s all well and good, but criminals have taken things the next level as they always do, physically attacking, kidnapping and threatening crypto hodlers in real life in order to steal their Bitcoin.

To keep track of these situations, Jameson Lopp, created an open source repository to catalog and list all known physical bitcoin attacks/thefts. The first instance on the list is the attempted extortion and harassment that Hal Finney suffered during the final months of his life. And these events are unfortunately becoming more and more common all over the world. The list includes many armed robberies, torture and home invasions on cryptocurrency traders.

Find the repository here

stay safe out there!

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