Thursday, December 20, 2018

Malware Mania 😈

December 20, 2018

The Crypto Malware Boom is Wreaking Havoc in 2018

Malware mania

It's an epidemic. According to McAfee's threat report - a publication that rounds up cybersecurity statistics from the year - crypto-related malware has boomed in 2018.

Specifically, malware that mines cryptocurrencies in the background of victim devices, called cryptojacking, has seen an increase of over 4,000%.

It's more than computers

In part, the coin mining malware boom is because hackers need to reach scale for substantial profits.

While 2018 brought in more than enough bad actors, it also brought education and awareness of the issue and now, new software on computers is able to track and shut down coin mining malware.

However, it's more than computers that can be affected. Now, hackers are targeting devices such as WiFi routers and IP cameras because they lack necessary security. Although these devices don't have as much power to mine crypto alone, with volume, a network of these is more than enough for hacker's pockets.

Protect yourself

The current threat of coin mining malware is clear and it is only expected to increase in 2018.

Here are the symptoms you should watch out for:

High processor usage on your device
Sluggish or unusually slow response times
Overheating of your device

If one or more of these is happening to you, it's possible you are a victim to coin mining malware and should take the necessary steps to secure your device.

EXCHANGE

Coincheck Set to Get Full Licensing from the Japanese Government

Biggest victim in crypto

In January of this year, the Japanese cryptocurrency exchange Coincheck fell victim to the biggest hacking in crypto history. The hackers stole more than $500 million in NEM, which was worth over a dollar at the time of the attack.

The infiltration of Coincheck shook the crypto space due to the sheer size of the amount of funds lost. Most distraught was the Japanese government.

In response to the attack, the Japanese Financial Services Agency (FSA) set out to regulate the industry to prevent further attacks from happening.

Recovering from the attack

Coincheck eventually refunded all users who lost NEM in the attack.

The exchange was sold and implemented operational changes at the behest of the government. One of the changes included delisting three privacy coins: Monero, Zcash, and Dash.

Coincheck started registering new users just last month but exchange volumes have been way down since the attack.

All the way back

According to Nikkei, Coincheck is set to get its license from the FSA, almost a year after the attack. Licenses are only given out to institutions that prove their compliance with the strict new FSA regulations.

The report states that there are nearly 200 companies seeking a license from the FSA, but only 50 have "concrete" plans.

REPORT

Vitalik Gifts 1,000 ETH to Three Startups

It's the giving season

In a Twitter thread where users complained about all of the current issues surrounding Ethereum, Vitalik Buterin, the co-founder of the network, popped in to hand out some gifts.

Some Twitter users complained about the scalability problem and others complained about the lack of funds to pay developers.

This is where Vitalik stepped in. In response to a tweet from a startup founder complaining that he doesn't have the funds to pay his team, Vitalik responded:

Not just one

Vitalik's donations didn't stop at 1,000 ETH. The same Twitter thread attracted other startups worrying about their funding.

Vitalik ended up sending two more 1,000 ETH donations for a total of 3,000 ETH (~$300,000) donated.

EXCHANGE

Coinbase Recently Moved $5 Billion in Crypto

Money moves only

Coinbase has started to add many new assets to its exchange platform. The new assets have forced Coinbase to rethink how it stores its customers' funds.

The firm recently upgraded its storage model and just moved $5 billion worth of cryptocurrencies to the new solution. The $5 billion included: 5% of all Bitcoin, 8% of all Ethereum, and 25% of all Litecoin in circulation.

Taking all measures

We all know just how scary it is to transfer any amount of cryptocurrency... imagine moving $5 billion.

Coinbase's head of security, Phillip Martin, reported that the migration process took four hours to plan.

Martin explained:

"Regulators and auditors were involved at every stage… One of the biggest things we were worried about is that we don't move the market with this event, which is why we went to such lengths to coordinate with regulators and manage media speculation around the movements."

BITS

But wait, there's more...

🚀 Popular crypto exchange OKEx has launched a new crypto derivative product to let users speculate on the future value of BTC/USD.
💸 Peter Thiel joins $2.1 million seed round for blockchain startup Layer1.
⛏ Over 90% of Monero's block reward has been mined.

MEME