The Southern District of New York U.S. Attorney has announced a historic $3.36B crypto seizure tied to the Silk Road dark web page. Over 50,000 bitcoins were seized during the investigation process. More: - The Southern District of New York U.S. Attorney stated that an individual named James Zhong pleaded guilty to committing wire fraud. Zhong's actions led him to acquire over 50,000 Bitcoin.
- This seizure represented the largest cryptocurrency seizure in the history of the U.S. Department of Justice at the time of the event (November 2021), and still is its second-largest financial seizure ever.
- The individual attempted to hide his actions by opening nine Silk Road accounts as a way to conceal his identity. He then launched over 140 successive transactions to trick Silk Road's withdrawal-processing system into releasing approximately 50,000 Bitcoin into those nine accounts.
- Zhong's house was also raided by police authorities, where they seized over $660,000 in cash and various precious items such as four one-ounce silver-colored bars, three one-ounce gold-colored bars, four 10-ounce silver-colored bars, and one gold-colored coin, and 25 Casascius coins (physical BTC).
- Having pleaded guilty to one charge of wire fraud, Zhong may serve 20 years in prison.
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A former Deloitte employee has been found to be the head of a criminal hacker group that targeted U.K. businesses and politicians. The group targeted Swiss President Ignazio Cassis, former chancellor Philip Hammond, Michel Platini, the former head of UEFA, BBC editor Chris Mason, etc. More: - The employee, named Aditya Jain, is believed to have worked at Deloitte India's cybersecurity unit. Jain has been fired from Deloitte following reports of this event.
- Jain was the head of a hacker group named WhiteInt. This group operated in the city of Gurugram.
- Security researchers have criticized the legal framework around cybercrime in India, stating that there are legal ambiguities that need to be addressed if the country wants to avoid similar cases in the future.
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12% of employees take Intellectual Property with them when they leave their jobs, according to a new security report. This trend could lead to severe security issues for companies at a time when cyberattacks against companies are only becoming more prevalent. More: - According to the report, important data such as customer data, employee data, health records, and sales contacts are at risk from the trend.
- To make things worse, many companies are accepting third-party apps that employees use for their personal workflow. Many of these third-party apps go through little to no verification, making them a potential security liability.
- Employees that have access to company infrastructure are increasingly using unauthorized apps, oftentimes those that are in direct competition with their current employer. This practice potentially shows that employees are using companies against each other to benefit their own financial gain.
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Israel-based Wib has raised a $16M funding round to provide better API security solutions. The company claims it is the first to offer a one-stop shop API security platform. More: - The company claims that it can help cover the security gaps that are created due to the lack of universality that APIs today have.
- To fill these gaps, Wib provides its users with a consistently updated report on what new APIs have been added to its digital infrastructure, what changes have been made to the existing APIs by the developers, extract weak encryption code, etc.
- Wib's products can be integrated with Slack, Microsoft Teams, Azure, Amazon, Kubernetes, Jira, etc.
- The company has offices in Tel Aviv, Israel, and Texas.
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Bfore.ai has raised a $3.9M Series A to offer AI-powered predictive cybersecurity software. The company aims to help prevent a portion of the $6T in damages that are caused annually due to cyberattacks. More: - Bfore offers three main software packages:
- PreCrime Network.
- PreCrime Brand, and
- Pre Empt Active Defense.
- According to the company, PreCrime Network can detect cyber threats within hours. This feat is a considerable upgrade over the industry standard because most tools currently offer threat detection within days and/or weeks.
- Threat vectors that this product can detect include:
- Ransomware
- DDoS,
- Phishing,
- Malware, etc.
- This proprietary Artificial Intelligence software was created during a 10-year research project that was funded by the French government.
- The company was founded in 2019 and is headquartered in Montpellier, France.
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- The National Guard activated cybersecurity teams in 14 states as a safety measure against possible cyberattacks that may affect the U.S. midterm elections held today.
- Microsoft has launched an emergency update for six security flaws that affect Microsoft Exchange Server users. The newly tracked flaws take the number of zero-day flaws found by the IT giant in 2022 to 46.
- Locbkit ransomware is being deployed through Amadey, a malware variant that spreads through Word files and through hiding file icons. Amadey is a RaaS that has previously been found for purchase online for $600.
- Senator Mark Warner has published a paper called Cybersecurity is Patient Safety. The paper urges stakeholders to coordinate so that healthcare institutions in the U.S. are better prepared to deal with cyberattacks that risk patient data and overall national security.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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