Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

A hacker removed $50 million in Ether from the Decentralized Autonomous Organization, plunging investors into a panic, however some argue that no theft has occurred.

Ether, the digital currency that happens to be billed once the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw within the Decentralized Autonomous Organization (DAO), sending the equivalent of $50 million Ether into the ether and the cryptocurrency investment community into a panic.

If this sounds bewildering, we will make an effort to explain.

Ether is the money supported by the Ethereum blockchain, a platform designed to provide greater flexibility for decentralized peer-to-peer-traded currencies than projects developed on the top of the bitcoin protocol. Ethereum permits the creation of ‘smart agreements,’ which enables all kinds of business transactions and not just currency transfers.

The DAO is an organization that is completely leaderless on the Ethereum platform and run completely on computer code. It utilizes these smart contracts to build an investment capital fund devoted to sponsoring new cryptocurrency jobs. All DAO decisions are taken via a vote of its members who use digital tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to aid fund fledgling projects.

Remain Calm

But DAO people watched in horror, in real-time, on as a hacker exposed a software Continue reading “Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen”

Billion-Dollar Sports Betting Ring Infiltrated by United States Authorities

Billion-Dollar Sports Betting Ring Infiltrated by United States Authorities

NBA Commissioner Adam Silver is one voice that is prominent desires to end gambling prohibition on professional sports, but before the law changes prosecutors will stay going after underground sports betting rings.

Sports wagering is illegal in the United States with Nevada being the lone exclusion, but that didn’t stop four men from running a billion-dollar sports gambling procedure in Ca and brand New York.

Brooklyn District Attorney Ken Thompson announced on June 30th that four people have been charged in an indictment that is 57-count running a sports gambling ring on the net. Thompson says the group’s wire space had been based in San Jose, Costa Rica.

According to Thompson, the four men collected $927 million in illegal wagers during last year’s NFL season alone.

‘Illegal gambling is not a crime that is victimless it preys on peoples’ vulnerabilities and directly leads to money laundering, loansharking and a host of other crimes,’ Thompson said. ‘ This gambling that is huge, possibly the biggest one ever to be dismantled by a regional prosecutor’s office, allegedly moved millions of bucks across the United States plus the world.’

Operation Exposed

Prosecutors allege that the combined group operated a few password-protected sites that offered lines and wagering possibilities. Gamblers also utilized a toll-free wagering hotline.

The defendants did little to conceal what their secured websites were Continue reading “Billion-Dollar Sports Betting Ring Infiltrated by United States Authorities”