Archives for June 2015

Ransomware causing millions of Bitcoin losses

Last June 23, 2015, the Federal Bureau of Investigation released a report detailing the significant threat of ransomware to individuals and businesses in the US. Largely known to block computer systems until money is paid, ransomware has caused huge financial blows as it has stolen millions of dollars from victims. Novice computer users or those who are not technically inclined often fall prey as they easily get alarmed by the somewhat legitimate-looking page covering their computer screen. Who would ever ignore an FBI page claiming some laws have been violated, thus a computer is locked out?  Often, victims are being asked to pay an amount ranging from $200-$10,000 to regain access to their computer.

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Bitcoin’s Greek Connection

Early last week, bitcoin’s price price crossed the $250 mark after hovering at around $225 to $227 for the past couple of weeks. This is good news for the bitcoin community as we haven’t seen this trend for quite a while. Contrary to what others are saying that bitcoin is dead, there obviously is more life onto it and is in fact showing good signs of improvement. But have you ever asked yourself what could have caused this abrupt increase? We’ll round up some interesting facts that could have contributed to bitcoin’s increasing demand.

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Ross William Ulbricht’s Life Sentence: Is It Really Worth It?

As the saying by Maxwell Anderson goes, “All men have crimes, and most of them are hidden.”

Last May 29, 2015, Ross William Ulbricht made headlines as he was sentenced to life in prison without the possibility of parole for seven felony counts filed in the U.S. Federal Court of Manhattan. Additionally, US District Judge Katherine Forrest has ordered Ulbricht to pay the federal government the amount of $183,961,921 which he got from illegal operations that lasted for over two years. This all happened a few months after he was found guilty of owning and operating Silk Road, an online drug marketplace, which anonymously ran as a Tor service. Ulbricht operated under the pseudonym Dread Pirate Roberts.

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