09 Aug Blackmailed for Bitcoin – exchange rebuffs $3.5m ransom demand – Naked Security
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Cryptocurrencies are a big deal once again, now that Bitcoin is back over $10,000.
You might think that’s good news for cryptocurrency exchanges, which are businesses that let you trade regular money, such as Euros, Dollars and Pounds, into and out of so-called virtual currencies like Bitcoin, Monero and Dogecoin.
But it’s not all plain sailing – cryptocurrency companies are of particular interest to cybercrooks, and not only for the cryptocoins they hold.
Here’s a story of super-sized digital blackmail aimed at one of the biggest exchanges out there.
KYC
As you probably know, business are supposed to make an effort to know their customers (and their suppliers) these days, as a way of making money laundering more difficult.
And know-your-customer (KYC) rules are particularly important for banks and other businesses, including cryptocoin exchanges, that let people put in money at one end, shuffle it around a bit, or even a lot, and later extract it at the…
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