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$9 Million Dash Theft Sees Israeli National Own 1% of Entire Cryptocurrency

$9 Million Dash Theft Sees Israeli National Own 1% of Entire Cryptocurrency

$9 Million Dash Theft Sees Israeli National Own 1% of Entire CryptocurrencyAn Israeli national has been indicted for stealing 75,000 Dash, nearly 1% of the entire cryptocurrency in circulation. | Source: Shutterstock Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here. Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.According to Israeli sources, a man named Afek Zard is charged with stealing around 75,000 Dash from his friend Alexei Yaromenko after learning about cryptocurrency from Yaromenko. Reportedly, Yaromenko trusted Zard alone in his apartment in Eilat, a city at the southern edge of Israel near the Jordanian and Egyptian borders.Dash Worth $9 Million TodayAuthorities say Zard gained access to the apartment through a key that Yaromenko had given him. While they have not indicted anyone else yet, they mention the possibility that Zard had help. It’s unclear how he compromised the password to Yaromenko’s Dash wallet, but it is clear that he transferred 75,000 Dash using Dash’s anonymization features, which implicated a total of four addresses. The funds were worth a reported $6.2 million at the time. At press time, 75,000 Dash is worth over $9 million. Reportedly, they were worth $82.50 at the time of theft.75,000 Dash would put you near the top of the rich list in Dash, with almost 1% of all outstanding Dash. The richest wallet on the network possesses just over 125,000 at press time. We can’t verify what addresses were owned by Yaromenko, but we can note that there have been significant changes to the rich list since January.The alleged Dash ‘theft’ occurred in the Israeli resort town of Eilat. | Source: ShutterstockThe state mentions that Zard used coin shuffling in an attempt to obscure his theft. It’s unclear how they determined that he was the culprit, but it seems a mix of physical evidence and testimony from the victim contributed to the case against him.Veteran Trader Makes Noob MistakeReportedly, Yaromenko has been trading cryptos since 2013. It’s doubtful that he only held Dash, but it seems Dash was the cryptocurrency to which Zard gained access.The story brings to light the importance of using secure devices to store cryptocurrency. While Zard probably hatched his scheme and spent a long time planning it, a few extra security steps could have prevented the theft. Employing a hardware wallet and keeping in on his person at all times, for one, would have prevented Yaromenko’s loss.There’s no reason to believe, at present, that he will have his funds returned – certainly not in Dash, which has appreciated roughly 50% in the meantime. Hardware wallets like Ledger and Trezor add an extra step to managing cryptocurrencies, but they also make it much more difficult to steal them.Additionally, assuming Yaromenko allowed Zard access to the same computer on which he stored his crypto, he should not have used the same account for crypto as he did for everything else. There is a growing sentiment that general purpose computers are not an ideal way to deal in cryptocurrencies – they should be treated the same way that mobile devices are when it comes to storing crypto.Nevertheless, the real security risk was trusting another human being, and we can assume that Zard would have succeeded eventually, with this level of access, regardless of any measures that Yaromenko took. About The AuthorP. H. MadoreP. H. Madore has written for CCN since 2014 and is currently Head of Crypto. Please send breaking news tips or requests for investigation to [email protected] His website is http://phm.link
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Register Lecture: Hidden heroes of Alan Turing’s Enigma

Live code-breaking and beer A curse follows Enigma, the cryptography device deployed by Adolf Hitler’s military during the WWII to protect their Morse communications from the Allies. That curse? Invisibility. Alan Turing has – now – become intrinsically linked with cracking Enigma, a machine of fiendish complexity capable of 159 million, million, million (1.59×1020) settings…

Register Lecture: Hidden heroes of Alan Turing’s Enigma

Live code-breaking and beer

A curse follows Enigma, the cryptography device deployed by Adolf Hitler’s military during the WWII to protect their Morse communications from the Allies. That curse? Invisibility.

Alan Turing has – now – become intrinsically linked with cracking Enigma, a machine of fiendish complexity capable of 159 million, million, million (1.59×1020) settings that demanded the perfect marriage of mathematics and engineering to break. Turing’s work would blow open secrets that helped alter the war – for example, alerting the RAF to Luftwaffe raids during the Battle of Britain. And yet, Turing received little by way of the recognition he deserved for decades – quite the opposite, in fact.

But Turing is not the only one to have suffered Enigma’s curse of invisibility. Join The National Museum of Computing on June 26 for a special Register lecture journey back 80 years to the eve of the Second World War, to hear the stories of those behind Turing.

Hear about who provided a critical leg-up to the struggling English in cracking Enigma and who helped build the Bombe – the device to mechanise the mathematics of code breaking. Eight decades after the start of the War, TNMOC will go inside the pioneering work of the Polish General Staff Cipher Bureau in Warsaw and shine a light on the roles of Gordon Welchman and Doc Keen, the long-overlooked Bombe engineering team lead, at Bletchley. Together, they helped put code-breaking at Bletchley Park on an industrial footing.

Your guide for this crypto history trip will be Paul Kellar MBE, a leading member of the Bombe Rebuild project – based at TNMOC as a working tribute to those who contributed to breaking the Enigma.

Starring with Paul will be a working Enigma to help demonstrate “knowing your enemy” and illustrate how the Bombe could attack and break the Enigma on a daily basis. You will get the opportunity, too, to participate in a live code-cracking exercise with Checking Machine – the last stage in recovering the Key of the Day after the Bombe had found the crucial settings.

Join fellow Reg readers with the TNMOC crypto historians and their machines at the Rugby Tavern, 19 Great James St, London, WC1N 3ES. Doors open at 18:30 BST with Paul taking the mic at 19:00. An audience question-and-answer session will follow a break to re-charge mind and grey matter. Get your ticket here. ®

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Breaking Up Facebook ‘Won’t Be Enough,’ Says Morgan Stanley Boss. Here’s His Proposal.

Breaking Up Facebook ‘Won’t Be Enough,’ Says Morgan Stanley Boss. Here’s His Proposal.

New York City’s just-concluded “blockchain week” was palpably more subdued than it has been in years past. (Or maybe I was just not invited back to the parties after my 2018 travelogue.)
In any case, I took a brief break from the madness of the Fortune 500 issue close to drop by the Consensus conference, the week’s marquee event, where I moderated a security-themed panel on Monday. My panelists were Tom Glocer, the lead board director of Morgan Stanley and former chief executive of Thomson Reuters, and Nadav Zafrir, the CEO of startup foundry Team8 and former head of the Israeli Defense Forces’ Cyber Command and Unit 8200, Israel’s equivalent of the U.S.’s National Security Agency. (For a recording, see video No. 15 here.)

Below are some soundbites from our conversation. I asked Glocer about a post he had published in the fall on his excellent personal blog in which he pondered who, or what, should own people’s data. His response imagined a world in which people might own their own information and where they would, using individual digital wallets, license the rights to corporations.

Rather than the current situation where we just weren’t paying attention and Google and Facebook, etc., built up huge caches of our private information, you would have the choice to sell Google your search history in return for a micropayment. Or you would sell Apple your photos in return for a micropayment, etc. I think it’s an interesting way of turning the current model on its head. But we’re not going to get there without some very significant government intervention along the lines of the debate that’s been raging about Facebook. Tech alone won’t achieve this jiu-jitsu move.

Since he brought it up, I asked Glocer for his thoughts on breaking up Facebook.

Just breaking up Instagram, Facebook, and WhatsApp won’t be enough. Facebook has over 2.5 billion folks. If you really wanted to go after them, I think you would have to go deeper and essentially declare a date by which they’d have to erase all of the data they’ve achieved to date and start fresh with what I’d call an informed consent and maybe, yes, micropayments. There’s no intrinsic reason why it’s awful that [Facebook] owns Instagram and WhatsApp…. If Mark [Zuckerberg] came out and just declared that on June 30th of next year we’re going to wipe out our histories—here’s your chance to download your own, in case you want to keep it, and here are the new rules of the road that you get to explicitly opt into—I would leave all those companies in his world.

The audience tended to agree. When I asked them whether Facebook should get the Sherman Anti-Trust treatment, only about a third of the crowd raised their hands.

Facebook, through the malicious hijacking of its targeted marketing machinery, has greatly contributed to an erosion of faith in traditional institutions. Nadav Zafrir summed up the predicament well. When I asked him what is the most pressing, most frightening threat the world faces, he replied without hesitation.

In one word: Trust. We are now in a world where it’s very hard for us to trust the simple things that, as my generation grew up, we were accustomed to trusting—our democracies. Our voting systems…. The irony is that the blockchain has a great potential to offer that [trust], yet it has become synonymous almost with the opposite…. At the end of the day attackers are human. They’re ROI [return on investment]-driven. They’re not super-ninjas or super-humans. They have their limitations. They have their vulnerabilities…. It’s an asymmetric battle when the attackers only need to find one single point of failure in the whole system and it’s game over. Hence, if we take that single point of failure and distribute it in a way where attackers need to hack everybody simultaneously and get everybody’s consensus, we’re flipping the asymmetry and taking control of the situation.

Of course, retaking control of the situation is no simple task, even with the advent of blockchain technology. Zuckerberg is, for his part, exploring how he might reestablish the foundations of his media empire on the footing of blockchains, cryptography, and private messaging. With all the consumer backlash and heat from regulators, it will no doubt take expert jiu-jitsu to pull off.
May the groundwork commence.
A version of this article first appeared in Cyber Saturday, the weekend edition of Fortune’s tech newsletter Data Sheet. Sign up here.

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