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Alleged Bitcoin Thief in Dark Web Phishing Scheme Arrested

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Russia Hackers Arrest

A man accused of stealing bitcoin from darknet marketplace accounts after tricking users to reveal their credentials via a phishing scheme has been arrested and sees multiple marches.

Michael Richo, a 34-year-old from Wallingford, Connecticut was arrested yesterday by the FBI following a criminal complaint against him.

The complaint alleges that Richo devised an online phishing scheme to steal bitcoins from several individuals on the dark web, according to a notice by Department of Justice (DOJ).

Richo’s phishing scheme saw at least 10,000 stolen usernames and passwords saved on his computer, the complaint alleges.

Lucrative Phishing Hole

Targeting an ecosystem that sees Bitcoin as its primary currency, Richo allegedly posted fake phishing links within online marketplaces on dark web forums. As any good phishing scheme, the links redirected unfortunate individuals to a fake URL and a legit-enough login page, where users entered their credentials. This information was then accessible by RIcho, who was able to access the victims’ marketplace accounts with their stolen credentials.

bitcoin-wallet

According to the complaint, Richo then monitored the balances of accounts he compromised, before withdrawing any bitcoins deposited by the targeted individual into the account. The stolen bitcoins were then deposited into Richo’s own bitcoin wallet.

Richo then sold the bitcoins to others for fiat U.S. dollars, which was deposited into a bank account that Richo had control over.

The complaint laid out a number of charges including access device fraud, computer fraud, wire fraud, identity theft and money laundering.

Following his arrest yesterday, Richo was released on a $100,000 bond on the same day.

If convicted across a number of charges, the maximum term of imprisonment for each charge were revealed to be 20 years for money laundering; 20 years for wire fraud, 10 years for access device fraud, five years for computer fraud and; a mandatory term of two years for aggravated identity theft.

Earlier this year, the DOJ revealed its first ever bitcoin-related case where one man was charged with operating an unlicensed money transmitting business, with two others charged with money laundering and other related infringements.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4 stars on average, based on 1 rated postsSamburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.




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  1. DougNJ

    October 6, 2016 at 6:19 pm

    “,,, has been arrested and sees multiple marches.”; Do the crime, do the Long Marches, like in N. Korea.

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Altcoins

Crypto Market Cap Falls Below $200 for the First Time Since November Amid ICO Backlash

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Cryptocurrencies extended their selloff overnight Tuesday, as the total market capitalization pierced below $200 billion for the first time since November. The decline was far-reaching and severe, with 78 of the top 80 altcoins recording double-digit percentage losses.

Crypto Market Update

Roughly $26 billion was wiped from the cryptocurrency market overnight, a sign that the bears were firmly in control and not giving up their position anytime soon. The market bottomed at $189.6 billion late Monday and has since recovered to around $193 billion. Twenty-four hours ago, coins were collectively worth more than $217 billion.

Below are two snapshots of the crypto top-50, as reported by CoinMarketCap.

Although the declines were largely concentrated in altcoins, bitcoin also experienced a tumultuous overnight session, with prices coming within $100 of a new yearly low. The bitcoin price bottomed at $5,858.60 on Bitfinex but has since recovered above $6,100.

Ethereum’s downward spiral intensified Tuesday, with prices crashing to fresh 14-month lows. At press time, ether was down 16.6% at $267. The second-largest cryptocurrency by market cap has shed more than 35% over the past seven days.

The Market’s Next Move

The rout in altcoins has left bitcoin with a 54.1% share of the total cryptocurrency market – the highest since December. Although this gives bitcoin a stronger gravitational pull on other digital assets, it’s also an indicator that investors are shifting their portfolios away from more speculative altcoins and tokens.

As Bloomberg pointed out on Monday, Ethereum’s massive decline could be a sign that ICOs are cashing out. If this is true, ether could face a deeper short-term correction as token offerings fizzle out.

Biswa Das, the head of quantitative hedge fund BloomWater Capital, said the following of ICOs:

“These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the market is so fragile that it causes a lot of pressure.”

The cryptocurrency market has lost a staggering $140 billion since June 1, and a look at bitcoin’s technical chart suggests more pain could be on the way. The bitcoin price faces a critical support test at $5,800; a break below that level could expose the digital currency, and the broader market, to new yearly lows as early as this week.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 544 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Bitcoin Price Stabilizes Above $6,000 as Altcoins Get Rearranged

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Bitcoin has emerged as the victor from the bloody chaos of the past week, but perhaps only by default. The 5% losses incurred by BTC in the past seven days would be considered a poor week at the markets in a different climate; but within the current context BTC looks positively bullish in comparison to its nearest competitors.

Bitcoin Stabilizes Above $6,000

Bitcoin’s fall over the last 24 hours didn’t come quite so fast or as hard as that of the altcoins, although it did eventually drop below $6,000 at one point during the night. At around 03:00 UTC the BTC coin price sunk to the $5,970 range, but by the time people were waking up for breakfast the $5,000’s had been rejected and BTC was back up above $6,000.

With just under 18% of BTC trades coming against USDT Tether, it seems the price dip was more a case of cautious hands taking refuge in USDT for the night while the storm cleared. After a 40% drop off in volume overnight, BTC is now starting to gear up for more, as the daily volume has grown from $4.1 billion to $5.3 billion in the last six hours.

A quick glance at the market cap beyond Bitcoin is enough to justify the most dramatic of language, and once again one of the worst periods in recent times has fallen on ‘Monday Bloody Monday’.

Altcoin Top-Ten Rearranged

Everything looks different in the top ten this morning, with several pieces of altcoin furniture having been rearranged during the night’s turmoil. All of a sudden Stellar (XLM) finds itself in 5th spot, while EOS has been kicked down to 6th spot for the first time since its ICO ramped up to completion in early 2018. EOS has incurred 17.8% losses in the last 24 hours, descending to a coin price of $4.27 at the lowest point of the night.

Further down the pack, USDT Tether has jumped into 8th spot and is battling it out with Cardano (ADA), which plunged 24% today before stabilizing at net losses of 19%. ADA coins dipped to levels not seen since early November 2017 when they reached a value of $0.086 this morning, although they’ve since rebounded to the $0.09 range at the time of writing.

Further down still and IOTA was temporarily kicked down to 12th spot, behind TRON, as it recorded 24% losses for the day alone. TRON isn’t much better off, with losses similarly approaching the 24% mark.

While Ethereum won’t be displaced any time soon, it has been shaken as bad as any coin in the top ten today, with 20% losses coming as ETH falls to a coin price not seen since September 2017 at $256.58. Despite a rebound to $264 at the time of writing, Ethereum is still down nearly 40% over the last seven days.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 37 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Analysis

Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds Up

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The cryptocurrency segment endured another ugly overnight session, with the major altcoins plunging by double digits across the board yet again. The total value of the market is now handily below the $200 billion mark after the latest selloff, and despite the deeply oversold momentum readings, there is still no sign of even a short-term bottom, and our trend model continues to flash red too.

While Liteocin and Monero provided a glimmer of hope for bulls during the initial phases of the current leg lower, the coins that are among the laggards from a long-term perspective followed the broader market below support later on. With no bullish leadership forming, the strong downtrend is still dominant and traders should still remain defensive, despite the already heavy losses in the segment.

That said, in time, a more durable bottom is likely close, thanks to the negative sentiment and the oversold environment, but percentage-wise, further steep losses could be ahead.

ETH/USD, 4-Hour Chart Analysis

Ethereum is still in the epicenter of the decline, with a more than 15% daily decline, as the coin quickly got below the $275 level just after violating the $300 support, and even touched 4250 in early trading. The second largest coin fell through key zones without even a blink, and that points to forced liquidations in the market.

The coin is still on sell signals on both time-frames and traders still shouldn’t enter new positions. Support is now found at $260 and $230, while resistance is ahead between $275 and $280, and near $300.

BTC/USD, 4-Hour Chart Analysis

While sellers have been trying to push Bitcoin below the $6000 level amid the altcoin rout, the coin always managed to bounce back so far, and it continues to hold up clearly above the structurally important $5850 level.

The coin is still in a bullish secular trend and while the long-term picture is overwhelmingly bearish in the segment, the strength of the largest coin might be the basis of a coming recovery.  That said, the short-term downtrend is clearly negative in the BTC, and traders shouldn’t enter new positions. Resistance is still ahead at $6275, $6500, $6750, and $7000, while initial support is at $6000, while further support is found between $5000 and $5100.

Relentless Selling in Altcoins

XRP/USDT, 4-Hour Chart Analysis

Ripple still resembles a falling knife, similarly to most of the majors, and the coin continues to slide lower, as last week’s break-down led to a series of support breaches. The coin is now down by 40% in a bit more than a week, and it is currently testing the strong support zone near $0.26 after spiking briefly below it overnight. Should XRP hold above the spike low, traders could be looking for signs of a bottom, but for the coin is still on a clear sell signal.

XMR/USDT, 4-Hour Chart Analysis

With the smaller coins also being hammered lower, there is no real hiding place beside BTC in the segment, and yesterday’s slightly strong coins also broke down overnight. Monero violated the key long-term support near $80, which served as a base for the late-2017 run-up, and the coin is trying to hold its ground above that after the spike lower. While the downtrend is clearly intact, and the short- and long-term sell signals are in place, a recovery above $90, could point to the exhaustion of sellers.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 317 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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