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Showing posts with label Stolen Funds. Show all posts
Victims
Canadian hacker Cyber Security CyberCrime reimbursement restitution Stolen Funds two-year sentence Victims

Canadian Cybercriminal Sentenced to Two Years Agrees to Return All Victims for Stolen Funds

 

A Canadian hacker hailing from Ottawa, Matthew Philbert, known for his prolific cyber exploits, particularly targeting individuals, has been sentenced to a two-year prison term.

Philbert's modus operandi involved infecting computers with malware, gaining unauthorized access to devices, and manipulating them for financial gain. His unlawful activities encompassed a variety of tactics, including siphoning funds from bank accounts and employing ransomware to extort money from victims.

Philbert's criminal endeavors, which affected over 1,000 victims, ranged from individuals to businesses, even extending to three police departments. His preferred method of attack typically involved sending deceptive emails containing malicious attachments, which, upon opening, facilitated the infiltration of the victim's device. 

Once inside, Philbert would exploit the compromised systems to conduct unauthorized transactions or deploy ransomware, effectively holding devices hostage until a ransom was paid.

In 2021, Philbert's criminal activities were brought to a halt following his arrest by the Ontario Provincial Police, leading to his subsequent imprisonment. During the investigation, authorities discovered 0.61943121 Bitcoin (BTC) in Philbert's possession, which was seized as part of the legal proceedings.

Having pleaded guilty to charges of fraud and related offenses, Philbert has committed to providing full restitution to his victims. The seized Bitcoin, amounting to approximately $49,200, will be utilized to reimburse all affected parties for their losses. This initiative ensures that victims receive compensation for the financial harm inflicted upon them by Philbert's cybercrimes.
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Stolen Funds
Blockchain Cyber Attacks Hackers Stolen Funds

Meter Claimed that a Hack on the Platform Resulted in the Theft of $4.4 Million

 

Meter, a blockchain infrastructure firm, says $4.4 million was stolen after an assault on the platform that began at 9 a.m. ET on Saturday. According to the company, it administers infrastructure that enables smart contracts to scale and transit across heterogeneous blockchain networks. The hack had an impact on both the Meter and Moonriver networks. PeckShield, a blockchain research company, verified that 1391 ETH and 2.74 BTC were stolen during the attack.

On Saturday about 2 p.m. ET, the firm announced that it had been hacked and advised users not to trade unbacked meterBNB circulating on Moonriver. "We have identified the issue: Passport has a feature to automatically wrap and unwrap gas tokens like ETH and BNB for user convenience. However, the contract did not block direct interaction of the wrapped ERC20 tokens for the native gas token and did not properly transfer and verify the correct number of WETH transferred from the callers' address. We are working on compensating funds to all affected users," the company explained.

Meter said that about 6 a.m. Pacific time, they discovered that someone had exploited a bridge vulnerability to mint a significant number of BNB and WETH tokens, depleting the bridge reserve for BNB on WETH. They promptly halted all bridge transactions and launched an investigation. Within 30 minutes, they determined that the problem was caused by a flaw in the Meter team's automatic wrap and wrap of native tokens such as BNB and ETH. 

All of the other tokens and reserves are SAFU. Meter discovered some early indications of the hacker and are cooperating with authorities. They urged the hacker to return the funds. 

"We are working on taking snapshots and designing a compensation plan to the WETH and BNB holders and LP providers. We urge all the liquidity providers that provide liquidity involving WETH and BNB to remove liquidity from the pool and wait for an additional announcement from the Meter team," they added. 

On February 2nd, $324 million was stolen via the widely used decentralised cross-chain message-passing protocol Wormhole. Researchers discovered proof of an 80,000 ETH transfer from Wormhole, as well as the hacker selling another 40,000 ETH on Solana. They have offered $10 million in restitution to the hacker and the same sum to anyone who can provide information "leading to the arrest and conviction of those responsible for the hack."
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Technology
Bitcoins Crypto heist Cryptocurrencies Poly Network Stolen Funds Technology

Hacker Behind $600 Million Crypto Heist Returned Stolen Funds

 

The hacker behind the biggest cryptocurrency heist of all time has finally handed access to the final tranche of stolen funds. 

Poly Network, a platform in the decentralized finance or "DeFi" area, was hacked last month, with the hacker or hackers acquiring almost $600 million in digital tokens. The criminal took advantage of Poly Network's software flaw to move the cash to their own accounts. 

In an unexpected twist, the Poly Network hacker did not flee with the funds. Instead, they initiated contact with the targeted organization, offering to return all funds. Last week, the hacker returned all of the funds virtually, except $33 million in tether, or USDT, a dollar-pegged bitcoin that was locked by its issuers. 

However, there was a problem, more than $200 million in assets were locked up in an account that needed both Poly Network and the hacker to enter passwords. The hacker has been refusing to provide out their password for several days, only stating that they would do it when "everyone is ready." 

Poly Network appealed to the hacker, dubbed "Mr. White Hat," to refund the money. The company guaranteed the anonymous person a $500,000 reward for assisting in identifying a security weakness in its systems, as well as a post as "chief security advisor." 

Poly Network now has access to the final batch of stolen cash. According to a blog post published Monday, hacker Mr. White Hat provided the so-called private key needed to restore control of the remaining assets. 

“At this point, all the user assets that were transferred out during the incident have been fully recovered,” Poly Network stated. 

“We are in the process of returning full asset control to users as swiftly as possible.” 

Last week, the Japanese cryptocurrency exchange Liquid announced that it had been the target of a cyberattack in which hackers obtained $97 million worth of cryptocurrencies. However, in the case of Poly Network, the hacker kept an open dialogue going with their victim, eventually reclaiming the assets they had stolen. 

Security experts believe the attacker recognized it would be impossible to launder the money and cash because all transactions are recorded on the blockchain, the public ledgers that underlie most major digital currencies. 

An unidentified individual claiming to be the hacker stated they were “(quitting) the show” in a message embedded in a digital currency transaction. 

“My actions, which may be considered weird, are my efforts to contribute to the security of the Poly project in my personal style,” the unidentified person stated. 

“The consensus was reached in a painful and obscure way, but it works. Some people even suspect that the whole story is a PR stunt.” 

Poly Network's team verified that the private key is authentic, according to the organization.

“As of now, Poly Network has regained control of the $610 million (not including the frozen $33 million USDT) in assets that were overall affected in this attack. Once again, we would like to thank Mr. White Hat for keeping his promise, as well as the community, partners, and the multiple security agencies for their assistance.”
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