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Showing posts with the label cybercrime

India disconnects 20M phone numbers in 'cyberslave' crackdown

Growing reports of Indian citizens becoming enslaved in South East Asia to commit cybercrime and cryptocurrency fraud has forced the government to tighten security checks for SIM cards and disconnect over 20 million mobile connections. More than 29,000 Indians are believed to be trapped in Thailand, Cambodia, Myanmar, and Vietnam, where they are forced to scam their fellow citizens. Lured under the guise of a well-paying job, their money and passports are confiscated on arrival. These cyberslaves are given phones that will mask their location and present as an Indian mobile number. They’re told to call Indians and lure them into cryptocurrency scams, identity theft, pig butchering scams, and more . They’re threatened and beaten if they don’t comply. The Indian Cyber Crime Coordination Centre (I4C) has reportedly received around 100,000 cybercrime complaints since January 2023. Of those cases, a whopping 45% originated in South East Asia. The Union Ministry of Tele...

Illicit cross-chain transfers expected to grow to $10B: Here's how to prevent them

Forecasts predict cryptocurrency criminals laundering more than $10 billion through cross-chain bridges by 2025, leading to calls for holistic screening solutions. Improved Blockchain analytics will become increasingly important to combat the use of cross-chain bridges for illicit means, which are estimated to surpass $10 billion in value by 2025. Blockchain analytics firm Elliptic forecasts a 60% rise in the value of illicit cryptocurrency laundered through cross-chain bridges from $4.1 billion in June 2022 to $6.5 billion next year. This figure is projected to double midway through the decade. Cross-chain crime has been a major talking point in 2022 with over $2 billion fleeced in hacks targeting cross-chain bridges. Aside from these bridges and their contracts being targeted, these bridges have also become an avenue for criminals to launder cryptocurrency. A prime example is an unknown hacker moving stolen funds from the now bankrupt FTX using cross-chain bridges. Cointelegraph un...