Monday, June 27, 2022

Russia attacks Lithuania with DDoS / A Vodafone supplier's breach risked the telecom industry / Iranian steel company had to stop production after cyberattack

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June 27, 2022

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Killnet, a Russian hacker group, has claimed responsibility for a DDoS attack on Lithuania today. The group stated that it would launch more attacks until Lithuania lifted the measures it took a few days ago.

More:

Lithuania recently banned the transport of goods on its railways between Russia and Kaliningrad. The latter is a Russian region that is sandwiched between Lithuania and Poland and shares no land border with Russia. Kaliningrad is home to Russia's only ice-free port on the Baltic Sea.
The move caused an uproar among Russian officials. The Russian government stated that Lithuania would suffer heavy consequences if it did not reverse its decision, but the Baltic country has shown no signs of returning. The EU has called for a peaceful solution.
Killnet today attacked Lithuania's government website and numerous private institution websites. The group has claimed that it will continue to do so until the country changes its decision.
Lithuanian authorities believe that Killnet may target critical sectors such as energy, finance, transportation, and others. While Lithuania is in NATO, Russia holds hypersonic missile systems in Kaliningrad, making for a potentially dangerous situation.
The group is known for its DDoS attacks, especially ever since the Ukraine invasion. Killnet has attacked numerous countries, including Romania, Moldova, Italy, Czechia, etc. Killnet also reportedly tried to disrupt Eurovision 2022's live stream.

Zoom Out:

The U.S. had sent a group of experts just a few months ago to help Lithuania deal with possible Russian cyber threats.

A breach of a Vodafone supplier that occurred in 2021 could have put the entire telecom industry at risk. While Vodafone did not confirm which supplier was breached, researchers believe the breach happened to a U.S. supplier that processes billions of texts daily.

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Vodafone is a telecommunications company headquartered in the U.K. but with networks in over 22 countries. The telecom company has over 9,000 direct suppliers, spending over $24B in transactions with these suppliers.
The company reported that the breach happened in Sept. 2021. The victim of the breach was a supplier that deals with roaming charges between different networks.
Researchers believe that the supplier who has hacked may be Syniverse. The U.S.-based company reported that it had been breached in May 2021 and that the attack had gone unnoticed for years. The hack is believed to have first been executed in 2016. Syniverse operates with 300 mobile networks worldwide and processes 740 billion texts per day. The threat actor that breached the company is unknown at this point.
Syniverse stated that investigating the breach had cost it over $4.7M and that no malware had been installed during the breach. The attack also did not result in any leak of customer data.

Zoom Out:

This attack may be related to previous reports on unknown hacker groups breaching different telecom companies during the same period in which the Syniverse hack happened.
CISA, the NSA, and the FBI have previously warned telecom companies of potential hacking campaigns by China-backed threat actors.

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An Iranian-state-owned steel company had to stop production due to a cyberattack. The company, named Khuzestan Steel Company, has a monopoly in one of the world's top 10 steel exporting countries.

More:

The company's website has been down since the attack.
The Iranian government denounced the attack but has not yet blamed any particular threat actors.
While Khuzestan Steel Company had to stop production, the attack did not cause irreversible damage to the factory due in large part to a coincidental power outage.
A hacker group claimed responsibility for the attack, but the validity of that claim is still to be confirmed.
Iran's authorities are investigating the issue at the current moment, while the company is expected to resume normal production by tomorrow.

Zoom Out:

Iran's diplomatic position has made it both a target of cyber attacks and an origin-place of numerous hacker groups, some state-backed. Iran's railroad system was hacked in 2021, while another cyberattack breached gas stations in the country. The attack managed to shut down virtually all of them, causing long lines.
Iranian municipality websites had also been previously hacked, while Iran-backed threat actors attempted to breach the Boston Children's Hospital earlier this year.

A new ransomware named Black Basta is spreading in the U.S., U.K., Canada, Australia, and New Zealand. The ransomware is believed to have been created by some Conti group members.

More:

The ransomware has been active only for about two months, but it has already managed to breach almost 50 victims. The ransomware is believed to have been created specifically to breach English-speaking targets.
Black Basta uses the vulnerabilities found in VMware machines that use Linux. VMware has recently suffered from multiple breaches that have had a high chance of risk for its victims. Similarly, Black Basta's risk potential is evaluated as being very high.
The ransomware targets companies across all industries, including manufacturing, construction, transportation, telcos, pharmaceuticals, cosmetics, etc.
Black Basta steals sensitive documents and. Information, which it then uses against the victim as leverage for negotiating ransom.
Black Basta has partnered with the Qbot malware gang to attack its victims. Qbot is known for attacking banking organizations. The group has the ability to use the attack on Windows devices in addition to Linux ones but prefers Linux due to its speed.

New malware is infecting users through a phishing campaign. The threat is being tracked as Matanbuchus and is being sold on Russian-speaking internet forums.

More:

Matanbuchus is a malware-as-a-service that is being sold for $250. Being a malware loader, it utilizes Command and control(C2) infrastructure to target its victims.
The malware has managed to breach targets in the U.S. and Europe.
The malware can launch a .exe or .dll file in memory, leverage schtasks.exe to modify systems, launch custom PowerShell commands, etc.
When the malware is used through Microsoft Excel, it uses Excel cells to store the code individually in each of the cells.

Quick Hits:

Testim helps teams accelerate software testing with fast authoring of AI-powered, resilient tests. Sign up for your free account!*
CafePress has been fined $500,000 by the FTC for failing to take preventive security measures, resulting in a data leak.
The U.S. House of Representatives has passed a cybersecurity bill that aims to improve the U.S. government's ability to protect from potential cyber-attacks by threat actors such as Russia.
Microsoft has stated that it will fix a vulnerability known as RRAS during a patch update in June.
A hacker group known as Vice Society has claimed it stands behind the attack on the Medical University of Innsbruck, located in Austria.
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Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime.

Editor

Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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FTX, Morgan Creek Vie for BlockFi

June 27, 2022

The biggest crypto news and ideas of the day

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Welcome to The Node.

In today's edition: Morgan Creek counters FTX's BlockFi bailout. Goldman Sachs wants to buy Celsius' assets. And FTX token DAO raises $7 million from Sam Bankman-Fried fans.

– Daniel Kuhn

Today's must-reads

Top Shelf

BLOCKFI BACKERS: Cryptocurrency investment firm Morgan Creek Digital is attempting to raise $250 million from investors to purchase a majority stake in BlockFi, a crypto lending company that Morgan Creek has invested in. This plan was hatched in response to crypto exchange FTX's announcement that it would extend a $250 million credit line to BlockFi and possibly acquire the company

BlockFi, like many distressed crypto companies during the ongoing market rout, introduced customer deposit withdrawal changes and layoffs.
FTX's buyout offer would privilege protecting customer deposits over investors, who might only make back cents on the dollar.
Earlier this month, BlockFi was reportedly raising fresh capital at a lowered, $1 billion valuation though it's unclear if it closed this financing.

BANK YOURSELF: Goldman Sachs is looking to raise $2 billion from investors to buy distressed assets at steep discounts if the crypto lender Celsius goes bankrupt. The Wall Street giant – once called capitalism's great vampire squid – appears to be gauging interest and soliciting commitments from Web3 crypto funds and distressed asset funds.

According to people familiar with the matter, Citigroup and Akin Gump have recommended Celsius file for bankruptcy.
Celsius abruptly announced on June 12 that it would stop withdrawals from its platform, citing "extreme market conditions." The disclosure exacerbated those conditions, briefly sending bitcoin's price below $20,000.

CULT OF PERSONALITY: A community dedicated to FTT, the native token of cryptocurrency exchange FTX, has raised $7 million (250,000 FTT) to kickstart an ecosystem fund. The fund will contribute to community-led projects across DeFi and said its members are "Bankman-Fried Fans/Followers/Friends."

The FTT DAO is independent of FTX, though FTX CEO Sam Bankman-Fried said he's "aware" of it.

COINBASE CUT: Goldman Sachs cut Coinbase's rating to "sell" from "neutral" and slashed its price target to $45 from $70. The downgrade was due to the continued fall in crypto prices and the ensuing fall in industry activity levels.

The company faces a difficult choice between shareholder dilution and effective employee compensation, the report said.
Separately, Morgan Stanley said Ethereum's move to proof-of-stake (PoS) will decrease demand for GPUs but may not solve Ethereum's scaling problems.

STOLEN FUNDS? The Twitter account "@otteroooo" has claimed that crypto lender Nexo embezzled funds from a charity. Nexo says that the account user is intentionally using the name of someone unrelated to Nexo and filed a cease and desist order.

Meanwhile, XCarnival, an Ethereum-based protocol that acts as a lending aggregator for NFTs, has recovered 50% of the $3.8 million lost in an exploit. It persuaded a hacker to return $1.9 million following a smart-contract attack.

- Xinyi Luo

Strong Fundamentals, Higher Insurance

In today's market conditions, uncertainty can be overwhelming. That's why having a strong fundamental layer as a base for our business model has always been essential for Nexo. Strict over-collateralized lending, a real-time audit, prudent risk management, global licensing, and fully-automated processes, are the pillars that ensure the robustness of our products and the safety of your funds at all times.

As a security-first platform, we recently increased our total insurance on custodial assets to $775 million. These additional protections come through our years-long collaborations with BitGo, Ledger Vault, Bakkt, and other industry-renowned custodians via the most prestigious underwriters, including Lloyd's of London, and Marsh & Arch.

Nexo's fundamentals are in place to keep your funds safe and to provide you with confidence that regardless of market conditions you can rely on your assets. We urge you to read more about these features and our sustainable practices on our Security page.

CoinDesk Survey

The Future of Work?

Have a few minutes? Help CoinDesk gain insights into the working world of crypto by filling out our easy, anonymous Crypto Work Survey by June 24. The results will be reported in an upcoming CoinDesk feature.

What others are writing

Off-Chain Signals

One of the most prominent crypto hedge funds just defaulted on a $670 million loan (CNBC)
Bybit to offer futures contracts settled in the USDC stablecoin (The Block)
Australian Crypto Firm Banxa to Cut Staff by 30% Citing 'Another Crypto Winter' (Decrypt)
More Hedge Funds Are Betting Against Tether as Crypto Melts Down (Wall Street Journal)
Crypto is crashing but the tech behind it could save luxury brands billions (CNN)

Even with worsening market conditions, crypto remains a hotspot for employment. CoinDesk's "Future of Work Week" takes a look at the jobs market, offers advice on landing a role, and explores how crypto itself could change how we work, including through decentralized autonomous organizations (DAOs). Stay tuned for features, profiles and op-eds throughout the week.

The Crypto Jobs Boom

It may be a bear market, but there are still plenty of jobs to be had at crypto companies.

Chase Chapman on DAOs and Professional Polyamory

"There's a lot of value in talent that doesn't want to be held down by one organization," says a member of the core team and DAO of Orca Protocol.

Putting the news into perspective

The Takeaway

The One Word That Defines Ethereum's Goals

University College Dublin Professor Paul Dylan-Ennis writes about the world computer's politics in a guest essay.

In bear markets, blockchain cultures are starkly confronted with what they are. The recent crash revealed decentralized finance (DeFi) markets as a labyrinth of complex financial instruments with contagion properties. DeFi did not lead to an open, permissionless alternative to the inherited financial system, but instead an accelerationist mirror image of it. Casino capitalism through a MetaMask extension.

People naturally pegged the responsibility to irresponsibly overleveraged hedge funds and lending platforms. The problem is centralized finance, or CeFi, cosplaying as DeFi, they said, and there are no issues with DeFi proper. However, the idea that "this time will be different" and that financial actors would all act sensibly once DeFi "wins" is the deluded logic of the addict.

The reality is it will happen again because the political endgame in Ethereum, home of DeFi, remains ambiguous. Ethereum has a technical endgame – an open, transparent world computer – but nobody knows what Ethereum is for. The point, the rationale, why we are here. A big question mark.

Compare the situation to Bitcoin where the political endgame can be summarized in one word: hyperbitcoinization. Bitcoin's goal is to transition from a fiat monetary system to a Bitcoin standard.

What is the equivalent one-word term in Ethereum? To find it, it is important to understand the contemporary Ethereum political landscape. The spectrum contains the following:

Cypherpunk: Ethereum is rooted in an earlier tradition of privacy and tech advocacy, which thought coders should use encryption and computing to build neutral infrastructure others can imbue with meaning. Ethereum's politics is its apolitical stance, a position sometimes called algorithmic authority, and the only focus is to create open source tools that requires little human mediation. Associated with the Ethereum "core" developers.
Experimental liberalism: Ethereum's combination of experimental governance (e.g., soulbound tokens) and market-making (e.g. Quadratic Voting) can generate new liberal democratic political innovations. This position is associated with the network's founder Vitalik Buterin and Microsoft's Glen Weyl.
Solarpunk: The social coordination enabled by decentralized autonomous organizations (DAOs) can create positive externalities on wider society, with a warm ambient humanism embedded in its aesthetics. Gitcoin's Kevin Owocki and Scott Moore and DoinGud's Manu Alzuru are examples here.
Lunarpunk: The privacy enhancements afforded by zero-knowledge proof variations on Ethereum-native technologies (DAOs, DeFi, NFTs) are necessary to protect crypto culture against contemporary surveillance capitalism, typically taking an agorist, or left libertartian stance politically. This philosophical movement is associated with DarkFi's Rachel-Rose O'Leary and Amir Taaki.
Degens: Ethereum is a platform for the construction of financial instruments with highly speculative characteristics and the only goal of its users is to accumulate wealth, possibly even in amoral ways. Essentially a form of market nihilism.

Is there some common thread running through these positions that would correspond to Bitcoin's compact hyperbitcoinization?

Let's exclude the market nihilists since their view is short term and with no real interest in what Ethereum is long term.

Across the spectrum, Ethereum's goal is to transition from a deteriorating inherited financial system built on unsustainable practices. But also from the internal variations on these practices found in degen culture and their enablers, venture capital firms and hedge funds.

My contention is these diffuse points on the Ethereum political spectrum could be rolled into one overarching answer to the question, "What is Ethereum for, anyway?"

Without an answer to the question, suspicions invariably arise that the answer is: to pump ether, to generate yield, to flip NFTs, etc.

This does not mean we need to collapse the diversity of views under one, cohesive meta position, but only that it would be helpful to have an answer that we could all roughly agree on, rough consensus and running code.

Seeking consensus across the spectrum, the political endgame of Ethereum can be summarized in one word: hyper-regenization.

Regenerative economics rather than illusory limitless growth: Ethereum offers retroactive and proactive public goods funding through the Quadratic Funding (QF) mechanism. It contains the potential to expand the cypherpunk mechanism of neutral public goods beyond Ethereum and Web3, into the traditional political world, as the solarpunks suggests with their focus on positive externalities. Ethereum could then become a minarchist alternative to state provisioning built along liberal and humanist principles.
Regenerative citizenship rather than soulless individualistic speculation: Ethereum could reward good citizenship through retroactive airdrops, such as participation in Gitcoin rounds, governance voting, testnets and community channels. The activities of the citizens of experimental liberalism could be captured in soulbound tokens that grow over time, and we could ensure the privacy-oriented mindset of the lunarpunks enables citizens to "selectively reveal" themselves (or not reveal themselves at all). Secure social or community recovery methods will need to be established for this to flourish.
Regenerative decentralization rather than centralization atrophy: Ethereum is an information commons or common knowledge pool. Transparency allows us to recognize, albeit not without its challenges, when centralized clusters are emerging. Recent efforts to re-decentralize client diversity and current efforts to re-decentralize staking reveal the cultural instincts to disrupt centralization atrophy are intact. This will require a "night watchman" mentality on the part of the cypherpunk developer culture.

What is Ethereum for? To bring about ever more hyper-regenization.

– Paul Dylan-Ennis

The Chaser...

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June is the month for STAKING - find out more

The Staking Event That Will Change Everything This Summer

Stellar is exclusively launching Staking for an elite club of the first 11 500 owners to register and get approved.

The Staking Event can be accessed starting June. The rewards for participation will be two-fold: standard inflation mechanism & time-restricted staking mechanism. Both implemented and guaranteed by the Stellar Foundation.

For the purposes of the Staking Event, a total of 6.02 Billion XLM have been reallocated from the Stellar Development Foundation's inflation accounts. Due to the time-restrictive nature of the event, if the reserve is not met within 45 days, all remaining Lumens will be transferred back to the Foundation's reserve accounts. Your approximated rewards in XLM will be instantly sent to your Stellar account.

Find Out More

With this launch we're hoping to give back to our loyal community and all longterm holders specifically.

Note: We cannot guarantee availability to this offering. Registration will close after the first 11500 applicants have been approved. Act accordingly.

DISCLAIMER: The Stellar Organization does not endorse any third party organizations that are named in this and/or any other communication(s). Please conduct due diligence and interact with these organizations at your discretion.

Safety Policy: The Stellar team will NEVER ask you for your private keys. We will NEVER ask you to deposit funds to any wallet address.

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