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Bitcoin Teenage Hacker Is Ordered To Surrender $5.2 Million

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In a significant legal development, the U.S. Department of Justice is poised to recover millions in Bitcoin from a teenage hacker who absconded four years ago with crypto executives’ digital assets. The authorities are also honing in on the sports cars procured with these unlawfully acquired gains, aiming for their retrieval.

Ahmad Wagaafe Hared, the now-notorious figure behind the heist, has been ordered by a federal judge to surrender $5.2 million worth of Bitcoin that he absconded with back in 2016. This revelation was brought to light in a report from The San Francisco Standard. The stolen Bitcoin and the luxury car were part of a SIM-swapping scheme masterminded by Hared and two accomplices between 2016 and 2018.

SIM-swapping involves a hacker manipulating a cell phone carrier into surrendering control of a victim’s cell phone by impersonating the owner. Hackers employ a classic social engineering ploy to gain access to personal information for theft or bypass text-message-based second-factor authentication.

Bitcoin Heist, Harred-Ditman Scam Unveiled

Young Harred, hailing from Tucson, Arizona, allied with his partner-in-crime, Matthew Gene Ditman of Nevada, back in 2016. Their collaborative efforts involved manipulating customer support representatives at mobile service providers, enticing them to disclose crucial details regarding the SIM cards connected to cryptocurrency executives in northern California.

While the executives remain unnamed, the region is renowned for being home to Silicon Valley, housing a thriving ecosystem of cryptocurrency enterprises and startups. Coinbase, the largest exchange in the U.S., once called San Francisco its headquarters before transitioning to a fully remote operation.

Harred, operating under the alias ‘winblo’ in the darknet community, was identified by independent cybersecurity journalist Brian Krebs as an “extremely active” and “revered” participant in an online marketplace where high-value social media accounts were traded. 

Employing a fraction of the unlawfully acquired cryptocurrency, Harred procured a BMW i8, estimated at around $150,000, as disclosed by Krebs. The prosecutors’ indictment further delineated that the duo reached out to certain victims post-account takeover, aiming to exert additional pressure for extortion.

In 2019, the operation faced its final reckoning, courtesy of a thorough FBI investigation that culminated in the identification and subsequent apprehension of both Harred and Ditman, as reported. The duo finds themselves in a legal quagmire, awaiting the impending sentencing phase.

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BMW with Coinweb & BNB Chain to Bring Blockchain Technology to Thailand

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BMW, a German automaker, intends to bring blockchain technology to Thai customers and businesses. Where BNB Chain is “being chosen as the anchor chain” and will settle transactions.

As the source of its decentralized architecture, BNW has integrated Coinweb, a layer-2 cross-chain computation platform. BMW Financial Services will follow assistance from Coinweb on how to set up and deploy cross-chain smart contracts as well as its customer loyalty program.

Two phases are planned for the project’s execution. A feasibility analysis for cross-chain Smart Contracts that execute in parallel is the first step in the roll-out plan. Its goal is to eliminate time-consuming manual procedures and improve BMW’s automobile financing services workflow.

According to the report, a fully integrated Anti Money Laundering (AML) & KYC tool based on Thailand NDID may be included to lessen the difficulties in applying for vehicle financing.

In the second stage of the project, Coinweb will create a unique SaaS Web3 application for a customer loyalty program that would reward BMW Group consumers using a blockchain.

The BNB chain on Binance, which was selected as the anchor chain due to its performance suitability in terms of cost, speed, and capacity, will receive broadcasts of transactions to different blockchains.

CEO Bjorn Antonsson of BMW Leasing (Thailand) said:

For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023.

BNB Chain’s Growth In 2022

In terms of bringing the following billion users onto Web3 during the previous year, BNB Chain has made significant progress. It has more unique addresses than ETH and has surpassed 230 million, which makes it “the largest layer 1 blockchain in the world.”

The network offered a number of rapid developments that enabled quicker transactions, reduced prices, and more capacity following the 2022 tech roadmap, focused on multichain interoperability.

Furthermore, the BNB network intends to introduce the zkBNB mainnet in 2023 and to conduct developer meet-ups and hackathons for groups interested in using zkBNB. Additionally, it plans to introduce other tools to enhance user experience on its dApps.

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Tesla, BMW Jump on Board Blockchain Bandwagon as Companies Focus on Process Improvement

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The financial world, at the moment, was going through one of its worst crisis periods in history. With stocks falling to all-time lows and Bitcoin going against the ‘safe-haven’ concept, 2020 has been nothing short of dramatic.

As the world learns to cope with the coronavirus crisis at hand, some companies were venturing into uncharted territories to create a more sustainable financial ecosystem. Tesla and BMW, two of the biggest names in the automobile industry were the latest entrants to the blockchain technology. The organizations intended to use decentralized technology to improve their native processes. 

Elon Musk’s Tesla was recently involved in a blockchain pilot project that sought to improve sea waybill information. This was done so that all the participants in the program who owned large shipping companies could easily transport goods without the logistical hassle. Using blockchain technology, shipping containers filled with Tesla auto parts were able to be released faster with accelerated cargo pick-up.

According to reports, Tesla used CargoSmart which claimed to improve features such as display, appointment date fixtures, and terminal release date fixtures. With this inclusion, shippers will be able to have better visibility and track of all their cargoes. Lionel Louie, the Chief Commercial Officer of CargoSmart stated:

“The GSBN aims to accelerate digital transformation of the shipping industry. It intends to provide a platform for all shipping supply chain participants to work collaboratively to accelerate technology innovation and develop solutions through trusted and secure data exchange platforms.”

CargoSmart uses Hyperledger Fabric to cater to customer needs across the board. Hyperledger was used so that global connectivity could be achieved quickly. Aside from Tesla, BMW was the other automobile honcho wading into blockchain waters. The German carmaker revealed that they will be looking into blockchain to optimize their processes from A to Z.

Andreas Wendt, a member of the BMW AG board of management informed shareholders that their latest blockchain initiative will be called ‘PartChain’. PartChain is set to take care of the digitization aspect of BMW Group’s purchasing wing. The company envisions to create an open platform that will allow data within supply chains to be shared in total security and privacy.

Using PartChain, BMW plans to add an extra layer of secure and verifiable data. As an initial test, BMW used the technology to trace parts such as the front lights with later tests set to cover other sectors as well. BMW has partnered with 10 other companies, to begin with as the Bavarian company reiterated on its mission to change the manufacturing game.

Experts have said that blockchain technology would enable big companies to cater to a larger customer base. New technologies such as smart contracts and blockchain come with benefits such as improved cost savings and traceability. The cryptocurrency community now has to wait with bated breath to see if more companies will follow suit and adopt disruptive technologies such as blockchain.

BMW Wholeheartedly Embraces Blockchain Technology With the Launch of PartChain

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The rise of the cryptocurrency and blockchain industry has been evident in recent years. Despite being a niche technology ignored by many, blockchain has soared to twenty-twenty.

BMW, the German automotive manufacturer, became the latest company to hop on the blockchain bandwagon with the launch of its own supply chain management solution called ‘PartChain.’ The new innovation aims to use DLT to ensure transparency and traceability of components and raw materials in BMW’s car manufacturing processes.

The car-maker revealed that PartChain will be released in partnership with ten of its major suppliers. BMW believed that adopting new technologies was the way to stay ahead in the ever-evolving world. PartChain will enable tamper-proof and consistently verifiable collection and transaction of data in BMW’s supply chain.

The company’s streamlining process ethos was seen here as well after BMW’s assurance that PartChain can work more or less “at the push of a button”.   The pilot project will focus solely on part tracking of cars manufactured at BMW plants.Andreas Wendt, a member of the Board of Management of BMW AG had said:

“In 2019, we conducted a successful pilot project for purchasing front lights. This year, we want to expand the project to a large number of other suppliers. This move is designed to take the digitalization of purchasing at the BMW Group to the next level. Our vision is to create an open platform that will allow data within supply chains to be exchanged and shared safely and anonymized across the industry.”

PartChain will use cloud-based technologies such as Amazon Web Services in addition to blockchain solutions. This was done to create a robust ecosystem that can address multiple problems and come up with solutions simultaneously. BMW had launched a pilot project in 2019 which involved 31 of its native plants.

BMW reasoned that international supply chains were getting highly complex and the integration of blockchain technology was a necessary step in the right direction. At the moment, supply chain processes involved numerous players and multiple delivery stages.

Using blockchain technology, BMW will be able to carry out changes to its network without disturbing the sanctity of the entire process. Problems such as communication gaps and escalation errors can also be eradicated by PartChain’s capabilities.

PartChain is also set to take the digitization of purchasing at the BMW Group to the next level. The organization wants to create an open platform where the origin of car components can be tracked between all participating partners without the risk of manipulation. With this idea, BMW is set to bring in more members to its already burgeoning client list.