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Asad Gilani

UK Law Enforcement Auctions off 240,000 USD in Crypto Theft from TalkTalk and EtherDelta

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The U.K. law enforcement recently (at the beginning of this month) auctioned $240,000 in digital assets after impounding the money from a 19-years old hacker of TalkTalk and EtherDelta.

The Eastern Region Special Operations Unit (ERSOU) collaborated with the Wilson Auctions to sell the cryptocurrencies to higher bidders on the 2nd and 3rd of October, 2019. Besides, this auction of digital assets such as Bitcoin, Ripple, and Ethereum is considered as one of its kind.

Martin Peters, the chief inspector stated,

“Recovering assets in a digital era has evolved, so it’s essential to work alongside commercial partners, we conduct a transparent process for storing and selling digital assets.”

Martin added further,

“The Police department appointed an asset realization and management service provider to scrutinize the buyers according to the statement, “to ensure that the assets are not able to make their way back into crime.”

Background on the Hack

Elliot Gunton – a 19-year-old guy, hacked into Telecom Giant TalkTalk back in 2015. Ever since the U.K. police had eyes on Elliot’s daily online activity, and last year, police seized all his accounts and funds in a bust.

Furthermore, the U.K. police came to know amidst the investigation that Elliot was advertising the private information for sale. He stole the information from EtherDelta clients, which he was selling for $3,000 paid in cryptocurrency. Elliot’s illicit net worth at that time was valued at around $333,000.

Notably, a report shows that Elliot worked with Anthony Nashatka, a U.S. nationalist under the pseudonyms Psycho and Planet, during the entire conspiracy. The perpetrators operated together to steal digital assets from hundreds of EtherDelta accounts.

As shown in the indictment, Anthony Nashatka procured private information of EtherDelta’s CEO, Zachary Coburn, in December. 13, 2017. Both defendants then redirected Zachary Coburn’s email addresses and cellphone to an account under their command.

Subsequently, Elliot and Anthony gained unauthorized access to the Cloudflare of EtherDelta account with the help of that private information. To use EtherDelta, whenever a user logged in to his account, their wallets, private keys, and account credentials were observable to the perpetrators to withdraw funds. However, the amount of crypto theft is not yet specified, but one user lost almost $800,000.

End Notes

Consequently, Anthony Nashatka is likely to face 20-years in prison sentence. Moreover, he is ordered to repay $250,000, and his last hearing is supposed to be held in San Francisco on October 10th (today).

And for Elliot Gunton, he was sentenced to 20-months in jail, and his last hearing was held at Norwich Crown Court a day after the UK establishment auctioned the digital assets. Reportedly, Elliot was pleaded guilty to several crimes, including conspiracy to pledge wire and computer fraud and severe identity theft. Besides, he was penalized with a $509,000 fine.

In fact, Elliot’s parents are scheduled to be brought to justice at Norwich Crown Court on Wednesday. They were recently pleaded guilty for transferring stolen property and attempting to transfer digital assets from an apprehended bitcoin wallet.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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What Made Estonian Crypto Exchange OMGFIN to List XRP?

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A licensed cryptocurrency exchange based in Estonia, OMGFIN recently (at the end of the last month) posted a tweet from its official account saying that it is expanding the number of supported cryptocurrencies on the platform by listing Ripple (XRP).

The decision of adding Ripple’s XRP to its supported list of digital assets will most likely turn out to be an advantageous assessment for the Ripple community as well as for the OMGFIN exchange.

Given that, the OMGFIN exchange intends to bring a community of young investors to trade digital assets and help each other to accomplish profit goals by sharing their experiences and ideas. A thing worth noting is, the exchange offers 30 percent cash back.

The more you try to understand Ripple and its token XRP, the more you get attracted to them

To begin with, XRP that’s created by Ripple (the blockchain firm was launched back in 2012), is already supported by many big exchanges. Undoubtedly, Ripple’s XRP is amongst the top traded digital assets having the market capitalization of 12 billion USD.

In fact, Ripple is a revenue-generating firm for more than 100 banks and financial institutions operating on its blockchain technology, banking giants like the Bank of America and JP Morgan operate on Ripple’s blockchain.

Besides, Ripple is an open source network which aims to sanction the banks and financial institutions using the RippleNet to cut the cost of cross-border payments globally. This open source network is described as the “Internet of Value” and functions on the XRP ledger technology, an open source network developed by the Ripple Corporation.

According to CoinMarketCap Ripple’s XRP is ranked at third position after Bitcoin and Ethereum. A couple of times in the recent past, Ripple’s digital asset triumphed over Ethereum (known as the king of altcoin) and became the second biggest digital asset after bitcoin amid a few new announcements.

Ripple’s motive is to provide a secure method to move the money around other countries speedily and cost-effectively. At the time of writing, Ripple’s XRP price stands at $0.33 after the cryptocurrency went in red today by 5.8% after a couple of good days earlier.

XRP has maintained its position at the top even in the crypto bloodbath and has been on the rise steadily. Considering all that the company behind it (Ripple) boasts and the massive strength of its community, no one should be surprised to see it getting listed by the OMGFIN exchange. Not at all. It would be safe to say that OMGFIN is going to benefit more in the long-run from the move.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.