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π A Whole City RANSOMED for 65 BTC? π±
π A Whole City RANSOMED for 65 BTC? π±
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| | β οΈ City in Florida agrees to pay 65 BTC to ransomware hackers
Riviera Beach City will pay a ransom to the tune of $600,000 in bitcoin (BTC) to retrieve their data hacked by a ransomware.
On May 29, the city experienced "a data security event" when a police department employee opened an allegedly infected email attachment.
The funds will be paid through the city's insurance fund, the city have subsequently hired a new IT Director to increase their cybersucurity.
| | π° Fake accounts, abuse of users' funds, failed margin trades
New information surfaced from Ernst and Young's latest report on the now-defunct cryptoexchange QuadrigaCX.
Deceased co-founder Gerald Cotten was found siphoning "significant volumes" of user cryptocurrency to other exchanges, even engaging in margin trades using those funds.
Fake accounts within the platform were also created by Cotten abusing users fund to engage in trades.
| | π« Bitcoin Hash Rate Climbs to New Record High
Bitcoin's hash rate reached new all-time highs this week, beating its previous high in August 2018.
Bitcoin's "hash rate" measures the total processing power of the network at any one time. As more miners join the network, the hash rate increases.
Hashrate implies miner interest in the cryptocurrency, as miners are willing expend resources to engage in PoW mining in expectation of profitable return in the future.
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