September 17, 2018
QUOTE OF THE DAY 
“The Efficient Markets Hypothesis fails because humans are herd animals, not independent rational actors. Thus the best investors tend to be antisocial and contrarian.”
- Naval
| COIN | PRICE | 24H |
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| BTC | $6,464.40612 | -0.56% |
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| ETH | $218.52316 | +0.15% |
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| XRP | $0.279876 | +0.19% |
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| BCH | $444.492192 | +0.97% |
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| EOS | $5.344284 | -0.21% |
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*Information as of 9:30 AM EST
MyEtherWallet Targeted by Hackers More than Fortune 500 Banks, According to Research
TARGET ON ITS BACK
- According to research from the cybersecurity firm Segasec, the popular Ethereum wallet MyEtherWallet has been the target of more attacks than any Fortune 500 bank
- Segasec, who is the publisher of this research, is the firm responsible for defending MyEtherWallet from malicious attacks
- MyEtherWallet doesn't take security lightly, if you have visited their site, you know that there are many warnings to protect users from potential attacks
ATTACKS BECOMING MORE COMMON
- Yes, the market has slumped drastically this year, but attackers are attempting to steal crypto more than ever
- Segasec reports that is takes down an average of 30-40 active attacks to MEW's platform per week and these numbers are increasing
- Before hiring Segasec, MEW founder Kosala Hemachandra and his team, protected the site themselves
- As attacks became more common, the team became overwhelmed and decided to outsource security to Segasec
Hemachandra explained the motivation to hire Segasec to secure MEW:
“We want our users to feel safe and we will do everything we can to make that happen, so partnering with Segasec is another major step towards safeguarding our users from malicious actors.”
EASIER THAN BANKS
- The reason that hackers are targeting crypto wallets more than banks is that it is more profitable
- The nature of crypto makes it easier for hackers to steal funds, all one needs is a private key and there is no central authority to protect individuals from fraud
- Lastly, hackers flock to crypto because they believe it is more likely that they will get away with stealing users' funds
Indian Government Sites are Prime for Cryptojacking Malware
PRIME TARGETS
- According to the Economic Times, official Indian government websites are the prime targets for cryptojacking malware
- Since cryptojacking malware aims to mine cryptocurrencies using an unknowing victim's processing power, high traffic websites are sought after
- For India's official government websites, they not only get high traffic but are also trusted by citizens
Indian security researcher Indrajeet Bhuyan commented on the efficiency of cryptojacking rather than a full takeover:
"Earlier, we saw a lot of government websites getting defaced (hacked). Now, injecting cryptojackers is more fashionable as the hacker can make money.”
A GROWING ISSUE
- In 2018, cryptojacking incidences have grown wildly due to scripts that can operate undetected on the surface level of a victim's computer
- According to the Economic Times, over 119 non-government Indian websites run the Coinhive script that allows hackers to mine Monero (XMR) through web browsers
- Looking forward, security analysts believe the next frontier for cryptojacking is the internet of things (IoT) devices since these devices have a high processing power
- And it seems to be already starting since this year over 13,500 home routers in India were identified to be infected with cryptojacking malware
Ethereum's Hashrate Falls 15% in Last Month
SLIDING FROM THE PEAK
- According to Etherscan, Ethereum's hashrate has now receded 15% from its peak less than 30 days ago in August
- The 15% drop has left Ethereum with a hashrate hovering around 259 TH/s, a level not seen since February
- According to Trustnodes, this is the biggest drop in Ethereum's hashrate this year and may be the biggest hashrate drop since Ethereum's inception in 2015
EXPLAINING THE FALL
- The drop in hashrate simply means less power is needed to mine Ethereum
- Some experts speculate that the 15% hashrate pullback is caused by Ethereum miners turning off their mining rigs since Ethereum mining has become unprofitable after the price drop from over $400 to a 2018 low of $170 in just two months
- If true, this would mean Ethereum's price has hit the cost of production floor like Bitcoin did in 2014-2015 when many miners filed for bankruptcy
- In addition, Trustnodes notes that the 15% hashrate fall could be that "super efficient" ASIC miners have had little to no effect on Ethereum mining compared to Bitcoin mining where the hashrate has hit all-time highs as new ASIC miners are introduced
Binance's New Singapore Fiat-Crypto Exchange Set to Launch
INTRODUCING FIAT-CRYPTO
- Tomorrow, lead crypto exchange Binance will launch its brand new Singapore fiat-crypto exchange into a closed beta testing phase
- This is a first for Chinese-founded exchange as Binance has traditionally only supported crypto-crypto trading
- Though details haven't been released yet, it is assumed that the new exchange will support the Singapore's local dollar for the main fiat onramp
CONQUERING THE GLOBE
- Since its birth a little over a year ago, Binance has had insane growth and even recorded quarter one profits that beat 148-year old Deutsche Bank's profits
- To facilitate this growth, Binance is expanding to countries who are welcoming cryptocurrencies such as Uganda, Malta, Liechtenstein, and now Singapore
- However, these moves only come after the exchange escaped strict regulatory events including China's crypto ban and Japan's shutdown threat
- Zimbabwe’s newly minted Minister of Finance says cryptocurrencies could assist the southern Africa country to solve its cash crunch.
- New patent filings show Mastercard is looking at the use of blockchain for keeping track of consumer payments.
- Popular portfolio app Blockfolio released a sneak preview of its upcoming v2.0 update.
Zilliqua (ZIL)
Zilliqa is the first high-throughput public blockchain platform that implements sharding. Sharding ensures that the transaction throughput increases as the mining network expands. The platform is tailored towards enabling secure decentralized apps, designed to meet the scaling requirements of real-world applications. Zilliqa has been under research and development for two years. It has powered several ground-breaking deployments commercially to date.
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