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Akropolis Proposes Unique Deal to Hacker Following Crypto Theft

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Not too long ago, Live Bitcoin News reported that Akropolis – a crypto lending service – was the victim of a crypto hack that saw more than $2 million in Dai cryptocurrency tokens stolen practically overnight.

Akropolis: If You Work With Us, We’ll Work With You

Akropolis has not gone to the police or law authorities yet to discuss the present case. Instead, it’s taking a different approach, proposing a partnership with the hacker and a small financial reward for his (or her) willingness to cooperate and work with the company.

The trading and lending platform says that it is willing to hand over $200,000 in the form of what’s knonwn as a “bug bounty” to the hacker and also says that it will leave legal authorities out of the mix granted they return the funds and work with executives to ensure the issue is fixed in a timely manner.

Bug bounties are often given to white hat figures in the hacking space. They are people who use their technical expertise for good to assist companies in pointing out specific technical glitches and issues with their sites or networks. They point the issues out, suggest ways of fixing them, and are then rewarded for their time and efforts.

Akropolis is approaching the hacker in a similar way. While money was stolen and the maneuver was allegedly done with malicious intent behind it, the cryptocurrency trading platform believes that in many ways, the hacker has helped them get better. After all, the person behind the attack did expose vulnerabilities which need to be fixed. Granted they are willing to step forward and do the right thing, they can still walk away with a substantial reward and avoid any penalties in the immediate future.

The company has issued the following statement:

We would like to propose that you return the funds of our community members within 48 hours and in return, we will offer a $200,000 bug bounty. We will take measures to protect your identity as required. If you decide not to cooperate, we will pursue criminal action and contact law enforcement… The exploitation leads to several pool tokens minted without being backed by valuable assets.

The hacker initially gained control of the lending platform through what’s known as a flash loan attack. They often occur on decentralized platforms, and given Akropolis specializes in crypto lending, which is widely thought of as a decentralized service, the company appears to be right up the hacker’s alley.

Let’s Do Things the Nice Way

The person initiating the attack often poses as a simple lending customer. They then typically exploit security issues with the company to get around set loan protocols and walk away with the money that they have borrowed, never having to pay it back.

At the time of writing, the stolen money has not been moved, and is still being held in a blacklisted wallet that the hacker controls.

Tags: , , , Source: https://www.livebitcoinnews.com/akropolis-proposes-unique-deal-to-hacker-following-crypto-theft/

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The Curious Case of a Conflicted Bitcoin Bearish Wedge

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Bitcoin is stuck below $20,000.

The flagship cryptocurrency has attempted to break above the psychological resistance level multiple times in the last two weeks. In one of the instances, it reached as far as $19,915 only to face a bearish assault at the new record high that pushed its price lower by $2,000. It is evident that traders’ profit-taking behavior goes wild when Bitcoin closes towards $20,000.

Bitcoin Wedge

But looking from a wider perspective, the entire range between $19,500 and $20,000 prompts traders to exit their bullish positions for a short-term profit. In late November, the BTC/USD exchange rate made two back-to-back attempts to break above $19,500, but it succumbed to higher selling sentiment near the level, falling to as low as $16,200 later.

A pullback ensued, and the price again faced the same bearish bias near 19,700 — a development from $19,500, nonetheless. And now, the $19,900-area is giving the same vibes, having been crashed the price to $18,109 upon its latest test.

The price behavior has left Bitcoin in a sequence of modestly increasing higher highs and lower highs. Envisioning them together makes it look like that they are forming a Rising Wedge.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Rising Wedge pattern in development. Source: BTCUSD on TradingView.com

In retrospect, traders see Rising Wedge as a bullish-to-bearish reversal pattern. So it typically happens the price ascends inside the Wedge range but breaks below its support trendline eventually. If accompanied by higher volumes, the negative breakout crashed the price by as much as the maximum distance between the Wedge’s upper and lower trendline.

Bitcoin’s current Rising Wedge pattern’s height is $3,249. Depending on where it breaks lower from, its price would likely fall by roughly $3,000. That would mean a plunge towards $17,000 — at least.

But There Is A Catch

The Wedge’s upper trendline is almost flat, with the difference between higher high levels close to $200. Some traders can also assume that it is a horizontal resistance level. If true, it would throw the entire bearish reversal theory, as discussed above, into a bin.

A horizontal line makes the entire Bitcoin structure looks like an Ascending Triangle. It is a continuation pattern wherein the asset in concern typically continues in its previous trend’s direction with a breakout above the upper trendline. An ideal bull target is as much as the height of the Triangle.

That means Bitcoin price — again — expects a move worth $3,000-3,249 but to the upside. It puts the cryptocurrency’s bull target at around $23,000.

So far, fundamentals favor Bitcoin.

The inflation narrative sticks because of the Federal Reserve’s likelihood of buying short-dated bonds and corporate debts amid a low-interest environment. On the one hand, excessive US dollar liquidity prompts investors to dump the greenback. On the other, the prospects of earning lower yields divert their attention to riskier assets like Bitcoin.

That explains why the cryptocurrency’s Rising Wedge pattern appears less threatening.

Source: https://bitcoinist.com/the-curious-case-of-a-conflicted-bitcoin-bearish-wedge/?utm_source=rss&utm_medium=rss&utm_campaign=the-curious-case-of-a-conflicted-bitcoin-bearish-wedge

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Hackers Demand 200 Bitcoin Ransomware After Compromising Leading Israeli Insurance Company’s Sensitive Data

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A notorious hackers’ group called The Black Shadow has compromised one of the largest insurance companies in Israel – Shirbit. The attackers have already released sensitive client documents and have demanded a ransom in bitcoin, which could rise to $4 million by the end of the week.

Israeli Insurance Company Hacked

According to a local media outlet, the first confirmation of the hack came on Monday evening. Representatives of The Black Shadow group posted an initial batch of compromised documents on a Telegram channel.

Shirbit had contacted the National Cyber Directorate and Capital Market Authority to open an investigation. Shortly after, the organizations confirmed the breach and indicated that the hackers have also leaked numerous insurance details, alongside the initial documents.

According to the report, Shirbit has many high-profile customers, including government employees. Company CEO Zvi Leibushor said that the safety of its clients is Shirbit’s top priority.

“Shirbit has invested millions of shekels in securing databases and protecting against cyber-attacks and meets all the stringent regulatory requirements in this area.” He added that the firm has invested “all resources and efforts needed for an effective safe and rapid solution to this cyber-attack, whose real goal is to try to harm the Israeli economy.”

Demand Requested In Bitcoin

After releasing a small part of the compromised documents, The Black Shadow reps have contacted the victims to request 50 bitcoins (about $960,000 with today’s prices).

However, in case Shirbit failed to pay the attackers within the first 24 hours, the demand would double to 100 bitcoins. The procedure will repeat and double to 200 bitcoins if another 24 hours pass without payment.

Furthermore, the hackers threatened the insurance company that if it fails to transfer the funds by the end of this week, they will sell all compromised data to other bidders.

It’s worth noting that numerous other Israeli companies and high-profile individuals have recently become victims of similar hacks and demands.

CryptoPotato recently reported that 20 Israeli crypto executives, all clients of the local telecommunications giant Partner, were hacked by stealing their SMS messages.

Another coverage informed that a new type of ransomware attacked called Pay2Key has been executed against several Israeli companies in the second part of 2020. The perpetrators had requested the demand in bitcoins, similarly to the Shirbit hack.

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Source: https://cryptopotato.com/hackers-demand-200-bitcoin-ransomware-after-compromising-leading-israeli-insurance-companys-sensitive-data/

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