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Bitcoin Daily: Amazon Blockchain Service Expands; Cybercriminals Steal $356M In Crypto In Q1

Amazon Web Services (AWS) has launched its Amazon Managed Blockchain, a service that enables users to create and manage scalable blockchain networks. The service will allow customers to quickly setup a blockchain network spanning multiple AWS accounts via the AWS Management Console, and is able to support thousands of applications and millions of transactions using open source frameworks like Hyperledger Fabric and Ethereum.

“Customers want to use blockchain frameworks like Hyperledger Fabric and Ethereum to create blockchain networks so they can conduct business quickly, with an immutable record of transactions, but without the need for a centralized authority. However, they find these frameworks difficult to install, configure and manage,” said Rahul Pathak, general manager of Amazon Managed Blockchain at AWS, in a press release. “Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network. Customers can now get a functioning blockchain network set up quickly and easily, so they can focus on application development instead of keeping a blockchain network up and running.”

In other news, a report has revealed that cybercriminals stole more than $356 million from crypto exchanges and infrastructures during the first quarter of 2019 — and could reach more than $1.2 billion in the first quarter alone. CipherTrace reported that exit scams stole almost $195 million from crypto users.

“On top of these numbers, the New York Attorney General’s Office revealed what they allege is a fraud involving the loss of $851 million by a major cryptocurrency exchange, Bitfinex. Cybercriminals also developed ingenious new techniques to drain millions more from user accounts and wallets. These thefts only represent the losses that are visible. CipherTrace estimates the true number of crypto asset losses was much higher,” according to the company.

The U.S. Attorney’s Office for the Southern District of New York announced that it has charged two men who allegedly ran an unlicensed money transfer business used to make deposits for crypto exchanges.

“Reginald Fowler and Ravid Yosef allegedly ran a shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges. Their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes, and did so through lies and deceit. Thanks to the investigative work of the FBI and the IRS-CI, they will be prosecuted for their actions,” said U.S. Attorney Geoffrey S. Berman in a press release.

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