Recapping the biggest news stories of the weekend. If you’ve missed the top stories of the weekend, this post offers a comprehensive look at the stories that made headlines. A lot has happened in the cryptocurrency and blockchain world, SEC has banned energy investor, Chinese police have arrested suspect of cryptocurrency theft, Facebook Contest Winners to Get iPhone X from Tron, and much more. Here’s an overview of some of weekend’s most interesting news and articles.
The Securities and Exchange Commission (SEC) has banned an energy investor over ICO fraud and imposed a penalty of $30000 against the founder of a company David T. Laurance who executed a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California. David is the president and CEO of Tomahawk Exploration LLC which is registered as an oil drilling company. In June 2017, Laurence created “Tomahawkcoins” with a goal to raise $5 million in an initial coin offering (ICO). It was publicized that this fund would be used to drill ten wells in California. Although the ICO failed to raise money, Tomahawk issued tokens through a “Bounty Program” in exchange for online promotional services. It also claimed that ‘token owners would be able to convert the Tomahawkcoins into equity and potentially profit from the anticipated oil production and secondary trading of the tokens. The SEC found that Tomahawk and Laurance violated the registration and antifraud policies and guidelines of the federal securities laws. Without admitting or denying the SEC’s findings, Tomahawk and Laurance consented to a cease and desist order and Laurance consented to an officer and director bar, penny stock bar, and a $30,000 penalty.
John McAfee, an American computer developer and founder of McAfee; a well- known software company specialized in computer security has been appointed as the new CEO of a blockchain solution and service firm Luxcore (LUX). Luxcore is a blockchain company that produces and develops enterprise-ready security and privacy solutions and products. Luxcore will expand its innovation on PHI2algorithm supported by blockchain to create and develop core products. These products include an open-source blockchain token of value, Lux Coin & the closed source products like LuxGate and Parallel Master nodes are some of these products. The primary goal of Luxcore is the effective use of blockchain.
US judge Alex G. Tse has ordered an accused hacker Martin Marsich to pay the approximate of $750,000 in cryptocurrency for bail. Martin illegally accessed the network of popular gaming company Electronic Arts (EA). He was arrested in San Francisco National Airport on Aug 8 when he was trying to board a flight to Serbia. on March 25, 2018, a gaming company Electronic Arts (EA).situated in the Bay Area found that an attacker had illegally compromised its internal computer network and gained access to parts of the company’s computers. He was later identified as Marsich who gained access to 25,000 accounts that enable clients to purchase items for use in video games. Marsich also sold the gained information and access details on the dark world websites. US Judge Corley granted him bail on the condition that he post the equivalent of $750,000 in cryptocurrency for bail.
Chinese police have arrested three hackers who purportedly stole 600 million yuan ($87 million) worth of cryptocurrencies. In this attack, hackers targeted holders of various major cryptocurrencies. These attackers were stealing money from different individuals and businesses by hacking into their computers. The local police from the Hebei, Xi’an, and Hunan provinces are still investigating the case. Police in the northern city of Xian started investigating this matter in the month of March when a victim surnamed Zhang complained that hackers had hacked his computer to steal 100 million yuan (US$15 million) worth of cryptocurrency.
Bitcoin investor and cryptocurrency entrepreneur Michael Terpin has sued telecommunications company AT&T for $224 million over theft of cryptocurrency. Michael Terpin is the founder of Transform Group and BitAngels. He has filed a lawsuit against AT&T. According to Terpin, hackers are continuously targeting cryptocurrency investors and despite knowing this AT&T failed to secure his phone number. Attackers were able to steal his phone numbers in a fraud called as SIM swapping, SIM hijacking, or “port out scam. In a lawsuit, Terpin has stated that he was victimized by not one, but two hacks within seven months.
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