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State Rep. Mike Shaw on cryptocurrency: 'My main concern is making sure that Alabama is a blockchain-friendly state' – Yellowhammer News

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State Rep. Mike Shaw on cryptocurrency: 'My main concern is making sure that Alabama is a blockchain-friendly state' – Yellowhammer News

State Rep. Mike Shaw (R-Hoover) is hoping that cryptocurrency will have a place to thrive in the Yellowhammer State. The lawmaker put forward a bill in the last session that would prohibit the state from restricting the use or storage of digital assets, levying additional taxes on digital assets, restricting digital asset mining, or enacting zoning restrictions or noise restrictions specific to digital asset mining.

Shaw discussed his effort Tuesday on WVNN’s “The Yaffee Program.”

“We did as much work as we could before I dropped it,” Shaw explained. “And then you know how this goes, you dropped the bill and then everybody’s very interested in it. So we talked with all sorts of different interested parties and started working on a substitute amendment to the bill immediately taking a lot of that input in and just kind of heard a lot of different opinions on it and made it pretty good.”

Shaw said he said he’s hopeful for the bill’s prospects in the 2025 legislative session.

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“We made a lot of progress on it and got a hearing on it in the state government committee, so that was good,” he said. “So it moved forward, but I knew was ambitious to get it passed or even on the floor this year. But mainly just to get the framework out there to start the conversation to know what we needed to be working on for the future.”

The lawmaker said those who want to limit the use of cryptocurrencies in the country don’t really understand it.

RELATED: Alabama establishes Blockchain Study Commission

“Well, a lot of people don’t understand blockchain,” he argued. “And a lot of people don’t understand Bitcoin or Ethereum or any of these other cryptocurrencies. And when people don’t understand things, they tend to kind of look at the worst case scenario. And sure any technology can be abused, any technology can be used for nefarious purposes. But I guess what always come back to is you know, cash is used for crime and cash is used for nefarious purposes, but we figure out ways to make that work, and we figure out ways to make the best of that.”

Shaw believes this isn’t just an economic issue, but it’s also about protecting individual liberty.

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“So my main concern is making sure that Alabama is a blockchain-friendly state,” he said, “not just a Bitcoin-friendly state, because it can be used for lots of things. So I don’t know what the future is for specific currencies or if it’ll ever be used as Bitcoin will, but we want the state to be friendly to the technology. So whatever happens, we’ll be at the forefront of making that happen. It has a lot of implications for personal liberty, for financial freedom, but also has economic development implications.”

Yaffee is a contributing writer to Yellowhammer News and hosts “The Yaffee Program” weekdays 9-11 a.m. on WVNN. You can follow him on X @Yaffee

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Crypto

Lego website targeted in cryptocurrency scam hack

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Lego website targeted in cryptocurrency scam hack

Visitors to Lego’s website on the evening of October 4 were greeted by a suspicious banner showcasing golden coins adorned with the Lego logo, encouraging people to invest in a so-called “Lego coin.” This banner promised secret rewards to those who bought the coins. However, Lego had no plans to release any cryptocurrency, and it quickly became apparent that this was a fraudulent scheme. According to The Brick Fan, the banner led visitors to an external website selling “LEGO Tokens” using Ethereum, a clear sign of a cyberattack.

Lego.com hacked by crypto scammers
byu/mescad inlego

Hackers seemingly took over part of Lego’s site and used the platform to promote a cryptocurrency scam, targeting unsuspecting fans and buyers. Many users, including those on the Lego subreddit, raised concerns about the banner and links, noticing that the incident occurred during the nighttime at Lego’s headquarters in Denmark.

Lego reacts quickly to the hack

Although the breach happened overnight in Denmark, Lego quickly responded once alerted to the issue. The company swiftly removed the unauthorised banner and the fraudulent links. As of this writing, the Lego and Fortnite collaboration banner is back in place, and the “buy now” link has been restored to direct visitors to the correct collection of products.

Lego reassured its customers that no user accounts were compromised during the breach. The company explained that it had already identified the cause of the incident and is taking steps to ensure that a similar situation does not occur again. However, Lego did not share any details about what led to the hack or the specific measures it is implementing to prevent future attacks.

Official company statement

Lego issued an official statement regarding the incident:

“On October 5, 2024 (October 4 evening in the US), an unauthorised banner briefly appeared on LEGO.com. It was quickly removed, and the issue has been resolved. No user accounts have been compromised, and customers can continue shopping as usual. The cause has been identified, and we are implementing measures to prevent this from happening again.”

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Despite the company’s swift action, the incident raises questions about website security and how even well-established brands can fall victim to cyberattacks. With more businesses moving online and handling sensitive customer information, the pressure to maintain robust security measures is higher than ever. Lego has reassured its customers that their information is safe, but it is yet to be seen what changes the company will make to fortify its digital defences.

In the meantime, site visitors can shop confidently, knowing the breach has been addressed and no personal data was affected.

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Connecticut detectives recover stolen cryptocurrency, return funds to victim – Newport Dispatch

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Connecticut detectives recover stolen cryptocurrency, return funds to victim – Newport Dispatch

NORWICH — Detectives from the Connecticut State Police have successfully recovered and returned a portion of stolen cryptocurrency to a victim of theft, authorities announced Thursday.

On March 15, the Norwich Police Department contacted the State Police’s Eastern District Major Crime unit and the Bureau of Special Investigations/Statewide Organized Crime Investigative Task Force, both part of the Cryptocurrency Working Group, to report a significant cryptocurrency theft.

The victim’s cold storage wallet had been compromised, with around $159,712.26 in Bitcoin and Ethereum illegally siphoned off in an attack known as a “wallet drainer.”

Investigating detectives traced the stolen digital assets to two compliant cryptocurrency exchanges.

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They swiftly issued freeze requests and secured search warrants from the New London Superior Court for asset seizure.

After months of investigation and legal proceedings, on Oct. 1, detectives returned 0.28993293 Bitcoin (BTC) and 24,051.40 USDT, equivalent to $42,129.95 USD, to the victim.

In light of this incident, the Connecticut State Police are advising residents on how to secure their cryptocurrency:

– Enable Two-factor Authentication (2FA) wherever possible.
– Safeguard private keys for cold storage devices and do not share them.
– Use strong, unique passwords for accounts.
– Stay vigilant against Phishing or Smishing, verifying URLs and email addresses, and avoiding suspicious links or unknown attachments.
– Regularly update software.

The State Police Cryptocurrency Working Group continues its commitment to addressing the challenges posed by digital asset crimes and protecting Connecticut’s citizens in the digital economy.

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The State Police urge anyone who suspects they have fallen prey to a cryptocurrency scam to report it to local or state law enforcement, the Internet Crimes Complaint Center (IC3), and via email at [email protected].

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Prosecutors seek to seize $200,000 in crypto funds stolen from Ashtabula investor

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Prosecutors seek to seize 0,000 in crypto funds stolen from Ashtabula investor

CLEVELAND, Ohio – Federal prosecutors are seeking to claim $200,000 worth of cryptocurrency that was siphoned from an investor in Ashtabula.

Bitcoin valued at about $340,000 was fraudulently transferred from the investor’s virtual currency wallet in February, according to documents filed in U.S. District Court in Cleveland on Thursday. The victim did not seek the transaction.

Investigators analyzed a public ledger of crypto transactions to trace the funds to two accounts, the documents show. Authorities found that the bitcoin from the Ashtabula investor was converted to Tether, a cryptocurrency tied to the U.S. dollar and created by Tether Limited Inc.

In March, a month after the theft, Tether Limited Inc. froze the two accounts. Federal investigators filed a seizure warrant in July for the funds. Tether Limited later transferred $200,000 worth of cryptocurrency from the two accounts to a federal law enforcement fund.

Authorities are seeking to return the funds to the investor, though the value of the investment has dropped since the theft. Prosecutors must first go through forfeiture proceedings with the owners of the two addresses.

But the owners of the addresses are unknown, prosecutors said in the documents. A court filing indicates that the scheme originated in Nigeria.

The court filings in the case say FBI agents in Cleveland are “investigating cryptocurrency confidence fraud scams perpetrated on victims throughout the United States, including in the Northern District of Ohio.”

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