Although Harmony may be, in fact, a solid short-term or long term investment, many penny crypto coins are speculative digital assets that are often subject to artificial coin promotions and campaigns of hype which may lead to misinformation and misrepresentation. However, we advise cryptocurrency investors to further study Harmony technical indicators to make sure all market info is available and is reliable. The private keys, which serve as passwords to protect cryptocurrency funds in wallets, were compromised.Īccording to a Chainalysis report, $1.9 billion worth of cryptocurrency had been stolen in hacks of services through July 2022, compared with just under $1.2 billion at the same point in 2021.Harmony exhibits very low volatility with skewness of -0.47 and kurtosis of 0.68. In March 2022, a different hacker found vulnerabilities in the decentralized finance platform Ronin Network and made off with more than $600 million - the largest hack to date. As a result, the hackers withdrew the platform's native cryptocurrency, called BNB tokens. The company said a bug in a smart contract enabled hackers to exploit a cross-chain bridge, BSC Token Hub. In October 2022, Binance, the world's largest crypto exchange by trading volume, suffered a $570 million hack. Crypto platforms continue to be vulnerable to criminals. Zhong's social media profiles include pictures of him on yachts, in front of airplanes, and at high-profile football games.īut these types of hacks didn't end with the Silk Road's demise. His profile also states he was a "large early bitcoin investor with extensive knowledge of its inner workings" and that he had software development experience in computer programming languages. According to his LinkedIn profile, his work there focused on "investments and venture capital." Public records show Zhong was the president and CEO of a self-created company, JZ Capital LLC, which he registered in Georgia in 2014. They even uncovered crypto stored on a computer submerged under blankets in a popcorn tin in a bathroom closet, according to the press release. Through blockchain analysis and good old-fashioned police work, law enforcement and blockchain analytic experts was able to recover more than 50,000 bitcoin from Zhong. Zhong then transferred the bitcoin into a variety of wallet addresses all under his control. He then triggered over 140 transactions in rapid succession, which tricked the marketplace's withdrawal-processing system to release approximately 50,000 bitcoin into his accounts. According to the press release, in September 2012, Zhong created nine fraudulent accounts on Silk Road, funding each with between 200 and 2,000 bitcoin. Special Agent in Charge Tyler Hatcher, of the Internal Revenue Service – Criminal Investigation, said Zhong used a "sophisticated scheme" to steal the bitcoin from Silk Road. Attorney Damian Williams said in a press release.Īccording to the Southern District of New York, Zhong took advantage of the marketplace's vulnerabilities to execute the hack. "For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery," U.S. Its founder, Ross William Ulbricht, is now serving a life sentence in prison. Silk Road was launched in 2011, but the Federal Bureau of Investigation shut it down in 2013. It is the DOJ's second-largest financial seizure to date, following its seizure of $3.6 billion in allegedly stolen cryptocurrency linked to the 2016 hack of the crypto exchange Bitfinex, which the DOJ announced in February.Īccording to authorities, Zhong stole bitcoin from the illegal Silk Road marketplace, a dark web forum on which drugs and other illicit products were bought and sold with cryptocurrency. authorities seized about 50,676 bitcoin, then valued at over $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia, on Nov. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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