It took two brothers who went to MIT months to plan how they were going to steal, launder and hide millions of dollars in cryptocurrency -- and only 12 seconds to actually pull off the heist.
The post Brothers Indicted for Stealing $25 Million of Ethereum in 12 Seconds appeared first on Security Boulevard.
“This alleged scheme was novel and has never before been charged.”Through the Exploit, which is believed to be the very first of its kind, Peraire-Bueno brothers manipulated and tampered with the process and protocols by which transactions are validated and added to the Ethereum blockchain.
“As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets.”
Enlarge (credit: Oleksandr Shatyrov | iStock Editorial / Getty Images Plus)
Within approximately 12 seconds, two highly educated brothers allegedly stole $25 million by tampering with the ethereum blockchain in a never-before-seen cryptocurrency scheme, according to an indictment that the US Department of Justice unsealed Wednesday.
In a DOJ press release, US Attorney Damian Williams said the scheme was so sophisticated that it "calls the very integrity of the blockchain into question."
"The brothers, who studied computer science and math at one of the most prestigious universities in the world, allegedly used their specialized skills and education to tamper with and manipulate the protocols relied upon by millions of ethereum users across the globe," Williams said. "And once they put their plan into action, their heist only took 12 seconds to complete."
Molly White—of “Web3 is Going Just Great” fame—reviews Chris Dixon’s blockchain solutions book: Read Write Own:
In fact, throughout the entire book, Dixon fails to identify a single blockchain project that has successfully provided a non-speculative service at any kind of scale. The closest he ever comes is when he speaks of how “for decades, technologists have dreamed of building a grassroots internet access provider”. He describes one project that “got further than anyone else”: Helium. He’s right, as long as you ignore the fact that Helium was providing LoRaWAN, not Internet, that by the time he was writing his book Helium hotspots had long since passed the phase where they might generate even enough tokens for their operators to merely break even, and that the network was pulling in somewhere around $1,150 in usage fees a month despite the company being valued at $1.2 billion. Oh, and that the company had widely lied to the public about its supposed big-name clients, and that its executives have been accused of hoarding the project’s token to enrich themselves. But hey, a16z sunk millions into Helium (a fact Dixon never mentions), so might as well try to drum up some new interest!
When a system becomes too tightly-controlled and centralized, the people being squeezed tend to push back to reclaim their lost autonomy. The internet is no exception. While the internet began as a loose affiliation of universities and government bodies, that emergent digital commons has been increasingly privatized and consolidated into a handful of walled gardens. Their names are too often made synonymous with the internet, as they fight for the data and eyeballs of their users.
In the past few years, there's been an accelerating swing back toward decentralization. Users are fed up with the concentration of power, and the prevalence of privacy and free expression violations, and many users are fleeing to smaller, independently operated projects.
This momentum wasn’t only seen in the growth of new social media projects. Other exciting projects have emerged this year, and public policy is adapting.
After Elon Musk acquired Twitter (now X) at the end of 2022, many people moved to various corners of the “IndieWeb” at an unprecedented rate. It turns out those were just the cracks before the dam burst this year. 2023 was defined as much by the ascent of federated microblogging as it was by the descent of X as a platform. These users didn't just want a drop-in replacement for twitter, they wanted to break the major social media platform model for good by forcing hosts to compete on service and respect.
The other major development in the fediverse came from a seemingly unlikely source—Meta.
This momentum at the start of the year was principally seen in the fediverse, with Mastodon. This software project filled the microblogging niche for users leaving Twitter, while conveniently being one of the most mature projects using the ActivityPub protocol, the basic building block at the heart of interoperability in the many fediverse services.
Filling a similar niche, but built on the privately developed Authenticated Transfer (AT) Protocol, Bluesky also saw rapid growth despite remaining invite-only and not-yet being open to interoperating until next year. Projects like Bridgy Fed are already working to connect Bluesky to the broader federated ecosystem, and show some promise of a future where we don’t have to choose between using the tools and sites we prefer and connecting to friends, family, and many others.
The other major development in the fediverse came from a seemingly unlikely source—Meta. Meta owns Facebook and Instagram, which have gone to great lengths to control user data—even invoking privacy-washing claims to maintain their walled gardens. So Meta’s launch of Threads in July, a new microblogging site using the fediverse’s ActivityPub protocol, was surprising. After an initial break-out success, thanks to bringing Instagram users into the new service, Threads is already many times larger than the fediverse and Bluesky combined. While such a large site could mean federated microblogging joins federated direct messages (email) in the mainstream, Threads has not yet interoperated, and may create a rift among hosts and users wary of Meta’s poor track record in protecting user privacy and content moderation.
We also saw the federation of social news aggregation. In June, Reddit outraged its moderators and third party developers by updating its API pricing policy to become less interoperable. This outrage manifested into a major platform-wide blackout protesting the changes and the unfair treatment of the unpaid and passionate volunteers who make the site worthwhile. Again, users turned to the maturing fediverse as a decentralized refuge, specifically the more reddit-like cousins of Mastodon, Lemmy and Kbin. Reddit, echoing Twitter once again, also came under fire for briefly banning users and subreddits related to these fediverse alternatives. While the protests continued well beyond their initial scope, and continued to remain in the public eye, order was eventually restored. However, the formerly fringe alternatives in the fediverse continue to be active and improving.
Some of our friends are hard at work figuring out what comes next.
Finally, while these projects made great strides in gaining adoption and improving usability, many remain generally small and under-resourced. For the decentralized social web to succeed, it must be sustainable and maintain high standards for how users are treated and safeguarded. These indie hosts face similar liability risks and governmental threats as the billion dollar companies. In a harrowing example we saw this year, an FBI raid on a Mastodon server admin for unrelated reasons resulted in the seizure of an unencrypted server database. It’s a situation that echoes EFF’s founding case over 30 years ago, Steve Jackson Games v. Secret Service, and it underlines the need for small hosts to be prepared to guard against government overreach.
With so much momentum towards better tools and a wider adoption of better standards, we remain optimistic about the future of these federated projects.
This year has also seen continued work on components of the web that live further down the stack, in the form of protocols and libraries that most people never interact with but which enable the decentralized services that users rely on every day. The ActivityPub protocol, for example, describes how all the servers that make up the fediverse communicate with each other. ActivityPub opened up a world of federated decentralized social media—but progress isn't stopping there.
Some of our friends are hard at work figuring out what comes next. The Veilid project was officially released in August, at DEFCON, and the Spritely project has been throwing out impressive news and releases all year long. Both projects promise to revolutionize how we can exchange data directly from person to person, securely and privately, and without needing intermediaries. As we wrote, we’re looking forward to seeing where they lead us in the coming year.
The European Union’s Digital Markets Act went into effect in May of 2023, and one of its provisions requires that messaging platforms greater than a certain size must interoperate with other competitors. While each service with obligations under the DMA could offer its own bespoke API to satisfy the law’s requirements, the better result for both competition and users would be the creation of a common protocol for cross-platform messaging that is open, relatively easy to implement, and, crucially, maintains end-to-end encryption for the protection of end users. Fortunately, the More Instant Messaging Interoperability (MIMI) working group at the Internet Engineering Task Force (IETF) has taken up that exact challenge. We’ve been keeping tabs on the group and are optimistic about the possibility of open interoperability that promotes competition and decentralization while protecting privacy.
DWeb Camp 2023
The “star-studded gala” (such as it is) of the decentralized web, DWeb Camp, took place this year among the redwoods of Northern California over a weekend in late June. EFF participated in a number of panels focused on the policy implications of decentralization, how to influence policy makers, and the future direction of the decentralized web movement. The opportunity to connect with others working on both policy and engineering was invaluable, as were the contributions from those living outside the US and Europe.
Blockchain Testimony
Blockchains have been the focus of plenty of legislators and regulators in the past handful of years, but most of the focus has been on the financial uses and implications of the tool. EFF had a welcome opportunity to direct attention toward the less-often discussed other potential uses of blockchains when we were invited to testify before the United States House Energy and Commerce Committee Subcommittee on Innovation, Data, and Commerce. The hearing focused specifically on non-financial uses of blockchains, and our testimony attempted to cut through the hype to help members of Congress understand what it is and how and when it can be helpful while being clear about its potential downsides.
The overarching message of our testimony was that blockchain at the end of the day is just a tool and, just as with other tools, Congress should refrain from regulating it specifically because of what it is. The other important point we made was that the individuals that contribute open source code to blockchain projects should not, absent some other factor, be the ones held responsible for what others do with the code they write.
A decentralized system means that individuals can “shop” for the moderation style that best suits their preferences.
Moderation in Decentralized Social Media
One of the major issues brought to light by the rise of decentralized social media such as Bluesky and the fediverse this year has been the promises and complications of content moderation in a decentralized space. On centralized social media, content moderation can seem more straightforward. The moderation team has broad insight into the whole network, and, for the major platforms most people are used to, these centralized services have more resources to maintain a team of moderators. Decentralized social media has its own benefits when it comes to moderation, however. For example, a decentralized system means that individuals can “shop” for the moderation style that best suits their preferences. This community-level moderation may scale better than centralized models, as moderators have more context and personal investment in the space
But decentralized moderation is certainly not a solved problem, which is why the Atlantic Council created the Task Force for a Trustworthy Future Web. The Task Force started out by compiling a comprehensive report on the state of trust and safety work in social media and the upcoming challenges in the space. They then conducted a series of public and private consultations focused on the challenges of content moderation in these new platforms. Experts from many related fields were invited to participate, including EFF, and we were excited to offer our thoughts and to hear from the other assembled groups. The Task Force is compiling a final report that will synthesize the feedback and which should be out early next year.
The past year has been a strong one for the decentralization movement. More and more people are realizing that the large centralized services are not all there is to the internet, and exploration of alternatives is happening at a level that we haven’t seen in at least a decade. New services, protocols, and governance models are also popping up all the time. Throughout the year we have tried to guide newcomers through the differences in decentralized services, inform public policies surrounding these technologies and tools, and help envision where the movement should grow next. We’re looking forward to continuing to do so in 2024.
This blog is part of our Year in Review series. Read other articles about the fight for digital rights in 2023.
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The marketing industry is turning to artificial intelligence (AI) as a way to save time and execute smarter, more personalized campaigns. 61% of marketers say AI software is the most important aspect of their data strategy.
If you’re late to the AI party, don’t worry. It’s easier than you think to start leveraging artificial intelligence tools in your marketing strategy. Here are 11 AI marketing tools every marketer should start using today.
Personalize is an AI-powered technology that helps you identify and produce highly targeted sales and marketing campaigns by tracking the products and services your contacts are most interested in at any given time. The platform uses an algorithm to identify each contact’s top three interests, which are updated in real-time based on recent site activity.
Key Features
Seventh Sense provides behavioral analytics that helps you win attention in your customers’ overcrowded email inboxes. Choosing the best day and time to send an email is always a gamble. And while some days of the week generally get higher open rates than others, you’ll never be able to nail down a time that’s best for every customer. Seventh Sense eases your stress of having to figure out the perfect send-time and day for your email campaigns. The AI-based platform figures out the best timing and email frequency for each contact based on when they’re opening emails. The tool is primarily geared toward HubSpot and Marketo customers
Key Features
Phrasee uses artificial intelligence to help you write more effective subject lines. With its AI-based Natural Language Generation system, Phrasee uses data-driven insights to generate millions of natural-sounding copy variants that match your brand voice. The model is end-to-end, meaning when you feed the results back to Phrasee, the prediction model rebuilds so it can continuously learn from your audience.
Key Features
HubSpot Search Engine Optimization (SEO) is an integral tool for the Human Content team. It uses machine learning to determine how search engines understand and categorize your content. HubSpot SEO helps you improve your search engine rankings and outrank your competitors. Search engines reward websites that organize their content around core subjects, or topic clusters. HubSpot SEO helps you discover and rank for the topics that matter to your business and customers.
Key Features
When you’re limited to testing two variables against each other at a time, it can take months to get the results you’re looking for. Evolv AI lets you test all your ideas at once. It uses advanced algorithms to identify the top-performing concepts, combine them with each other, and repeat the process to achieve the best site experience.
Key Features
Acrolinx is a content alignment platform that helps brands scale and improves the quality of their content. It’s geared toward enterprises – its major customers include big brands like Google, Adobe, and Amazon - to help them scale their writing efforts. Instead of spending time chasing down and fixing typos in multiple places throughout an article or blog post, you can use Acrolinx to do it all right there in one place. You start by setting your preferences for style, grammar, tone of voice, and company-specific word usage. Then, Acrolinx checks and scores your existing content to find what’s working and suggest areas for improvement. The platform provides real-time guidance and suggestions to make writing better and strengthen weak pages.
Key features
MarketMuse uses an algorithm to help marketers build content strategies. The tool shows you where to target keywords to rank in specific topic categories, and recommends keywords you should go after if you want to own particular topics. It also identifies gaps and opportunities for new content and prioritizes them by their probable impact on your rankings. The algorithm compares your content with thousands of articles related to the same topic to uncover what’s missing from your site.
Key features:
Copilot is a suite of tools that help eCommerce businesses maintain real-time communication with customers around the clock at every stage of the funnel. Promote products, recover shopping carts and send updates or reminders directly through Messenger.
Key features:
Yotpo’s deep learning technology evaluates your customers’ product reviews to help you make better business decisions. It identifies key topics that customers mention related to your products—and their feelings toward them. The AI engine extracts relevant reviews from past buyers and presents them in smart displays to convert new shoppers. Yotpo also saves you time moderating reviews. The AI-powered moderation tool automatically assigns a score to each review and flags reviews with negative sentiment so you can focus on quality control instead of manually reviewing every post.
Key features:
Albert is a self-learning software that automates the creation of marketing campaigns for your brand. It analyzes vast amounts of data to run optimized campaigns autonomously, allowing you to feed in your own creative content and target markets, and then use data from its database to determine key characteristics of a serious buyer. Albert identifies potential customers that match those traits, and runs trial campaigns on a small group of customers—with results refined by Albert himself—before launching it on a larger scale.
Albert plugs into your existing marketing technology stack, so you still have access to your accounts, ads, search, social media, and more. Albert maps tracking and attribution to your source of truth so you can determine which channels are driving your business.
Key features:
There are many tools and companies out there that offer AI tools, but this is a small list of resources that we have found to be helpful. If you have any other suggestions, feel free to share them in the comments below this article. As marketing evolves at such a rapid pace, new marketing strategies will be invented that we haven't even dreamed of yet. But for now, this list should give you a good starting point on your way to implementing AI into your marketing mix.
Note: This article contains affiliate links, meaning we make a small commission if you buy any premium plan from our link.
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Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do.
It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain.
Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with.
A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin.
A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin.
Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions.
Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy.
To understand how a blockchain works, Consider these basic steps:
Let’s get to know more about the blockchain.
Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can't be changed or destroyed. That's why blockchain is also called "Distributed Ledger Technology" or DLT.
Here’s how it works:
And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever.
Even though blockchain is integral to cryptocurrency, it has other applications. For example, blockchain can be used for storing reliable data about transactions. Many people confuse blockchain with cryptocurrencies like bitcoin and ethereum.
Blockchain already being adopted by some big-name companies, such as Walmart, AIG, Siemens, Pfizer, and Unilever. For example, IBM's Food Trust uses blockchain to track food's journey before reaching its final destination.
Although some of you may consider this practice excessive, food suppliers and manufacturers adhere to the policy of tracing their products because bacteria such as E. coli and Salmonella have been found in packaged foods. In addition, there have been isolated cases where dangerous allergens such as peanuts have accidentally been introduced into certain products.
Tracing and identifying the sources of an outbreak is a challenging task that can take months or years. Thanks to the Blockchain, however, companies now know exactly where their food has been—so they can trace its location and prevent future outbreaks.
Blockchain technology allows systems to react much faster in the event of a hazard. It also has many other uses in the modern world.
Blockchain technology is safe, even if it’s public. People can access the technology using an internet connection.
Have you ever been in a situation where you had all your data stored at one place and that one secure place got compromised? Wouldn't it be great if there was a way to prevent your data from leaking out even when the security of your storage systems is compromised?
Blockchain technology provides a way of avoiding this situation by using multiple computers at different locations to store information about transactions. If one computer experiences problems with a transaction, it will not affect the other nodes.
Instead, other nodes will use the correct information to cross-reference your incorrect node. This is called “Decentralization,” meaning all the information is stored in multiple places.
Blockchain guarantees your data's authenticity—not just its accuracy, but also its irreversibility. It can also be used to store data that are difficult to register, like legal contracts, state identifications, or a company's product inventory.
Blockchain has many advantages and disadvantages.
I’ll answer the most frequently asked questions about blockchain in this section.
Blockchain is not a cryptocurrency but a technology that makes cryptocurrencies possible. It's a digital ledger that records every transaction seamlessly.
Yes, blockchain can be theoretically hacked, but it is a complicated task to be achieved. A network of users constantly reviews it, which makes hacking the blockchain difficult.
Coinbase Global is currently the biggest blockchain company in the world. The company runs a commendable infrastructure, services, and technology for the digital currency economy.
Blockchain is a decentralized technology. It’s a chain of distributed ledgers connected with nodes. Each node can be any electronic device. Thus, one owns blockhain.
Bitcoin is a cryptocurrency, which is powered by Blockchain technology while Blockchain is a distributed ledger of cryptocurrency
Generally a database is a collection of data which can be stored and organized using a database management system. The people who have access to the database can view or edit the information stored there. The client-server network architecture is used to implement databases. whereas a blockchain is a growing list of records, called blocks, stored in a distributed system. Each block contains a cryptographic hash of the previous block, timestamp and transaction information. Modification of data is not allowed due to the design of the blockchain. The technology allows decentralized control and eliminates risks of data modification by other parties.
Blockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data. Although there is some hesitation to adopt blockchain systems right now, that won't be the case in 2022-2023 (and even less so in 2026). Once people become more comfortable with the technology and understand how it can work for them, owners, CEOs and entrepreneurs alike will be quick to leverage blockchain technology for their own gain. Hope you like this article if you have any question let me know in the comments section
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