Ransoms payments, Exchange hacks, etc
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The Rise and Fall of Cryptocurrency: Bitcoin and MoneroRise and Fall of Crypto
A (Not Really) Brief History of Bitcoin and Monero Note: this is the first installment in a 3-part post. Bitcoin turned 10 years old this year and it’s only getting more and more exposure. Having invented the revolutionary internet technology known as “Blockchain”, Bitcoin has only been gaining hype ever since the first genesis block was mined into existence. At first, it started out is just a joke of an idea and websites would give bitcoins away for free just for visiting. This was back when the currency itself was worth next to nothing. That all changed with the advent of Silk Road, an underground market on the encrypted dark web for buying and selling goods otherwise illegal or extremely difficult to purchase in most countries. The site’s buyers and sellers remained effectively anonymous to one another and were almost impossible to track. It’s usually criminals and hackers that test and prove the utility of new technologies before widespread adoption. Suddenly, people saw the real u
https://twitter.com/wormholecrypto/status/1489001949881978883This is the statement from the wormhole network that runs on Solana blockchainThe wormhole network was exploited for 120k wETH. ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly. We are working to get the network back up quickly. Thanks for your patience. Here is vitalik literally explaining how this attack might happen. This was less than a month ago. Someone has now done itSource CoinTelegraphhttps://cointelegraph.com/news/vitalik-buterin-gives-thumbs-down-to-cross-chain-applications This is lots of money lost but apparently the exchange (FTX presumably) will be cutting into their profits to refund the balance to make sure no one’s ETH are lost and are backed 1:1 The memes are fire Apparently they’re asking for a “whitehat agreement” where they let the hacker keep $10Million in and disclose the exploit. Interesting deal we’ll see if the hacker takes it This also happens
With Bitcoin reaching an all time high of $66k, this will catalyze a HUGE amount of news and social media coverage around Cryptocurrency. That “guy” on Twitter or Youtube will begin making statements like “Throw your retirement fund at X Crypto or Y Crypto - it’s going to the m00n!” Traditional financial news outlets will begin making statements that crypto is a “bubble” and is going to pop tomorrow. And then there’s you, stuck in the middle reading and listening to this frenzy unsure of what to do about this waterfall of information. Let me start by saying this: I am not a financial advisor and nothing that I say here should be taken as gospel. I just want people to be prepared to invest wisely and with some level of understanding of what they’re getting into. I have been involved in the world of Cryptocurrency for around six years and would like to share some general insights with anyone who is less familiar with this topic. Let’s go through some main points you should keep in mind i
The Rise and Fall of Cryptocurrency: MiningRise and Fall of Crypto
The Rise of Mining Attacks Note: this is the second installment in a 3-part post. Read part 1 here. Monero—a cryptocurrency like Bitcoin, but without a public ledger—is basically at the center of all of today’s cryptomining threats. In fact it’s been estimated that over 85% of all illicit mining is on the Monero blockchain. Most of these attacks utilize an open source miner called XMRig and will use exploits to gain credentials and spread laterally throughout the network. They do this using the Shadow Broker exploits you probably already heard of during the famous WannaCry ransomware outbreak in 2017. The core idea is very simple: infect a victim with a legitimate, benign miner executable. Run the miner without the victim’s knowledge for as long as possible and monitor its hash rate using a portal that legitimate miners use, because they have no idea that you’re doing this illegally. It’s pretty sneaky. This isn’t money out of thin air. Users are still on the hook for CPU usage, which
The Rise and Fall of Cryptocurrency: 2018 Bitcoin Bear MarketRise and Fall of Crypto
Note: this is the third installment in a 3-part post. If you haven’t already, read part 1 and part 2. 2018 was a brutal year for Bitcoin and subsequently all other altcoins utilizing blockchain technology. The start of 2018 had Bitcoin around $17,000; by the end of 2018 it had dropped to around $3,800. Not only was this devastating for investors, but cybercriminals also took a major financial hit (your heart weeps for them, I know.) What’s interesting is that we also saw major decline with cryptomining attacks as the price decreased, presumably because the attacks were no longer as profitable. In late February ($3700), Coinhive abruptly announced the impending end to its service. The stated reason: it was no longer economically viable to run. To be honest, I did not see this coming, but I do understand. It’s reasonable to think that Coinhive didn’t intend for their creation to be abused by criminals, but they have still kept 30% of ALL the earnings generated by their script—which was o
https://www.buzzsprout.com/762053/9534086Take a listen here! The accelerated demand for bitcoin has provided cybercriminals with a new playground. It’s untraceable, making it perfect for extortion and impersonation. In fact, reported by CBS News, Americans have lost more than $80 million in cryptocurrency investment scams since October, which represents a 1,000% increase from the fall of 2019, according to FTC data. This podcast explores this attack vector and the common methods and scams, including modern mining malware such as LemonDuck and LemonCat.
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