Are Security Breaches Contributing to the Decline in Cryptocurrency Prices?

Colleagues, any security analyst knows that cyber criminals will target the weakest point in network or system. This principle is being validated over and over again by successful cyber-attacks on the cryptocurrency ecosystem. ICOs, mining farms, wallets, exchanges and crypto ATMs each have varying levels of vulnerability. The recent crypto heist of some $31.5m according to CCN from the South Korea-based Bithumb exchange is simply the latest example. The Korea Internet & Security Agency [KISA] along with the Ministry of Science and Technology (MIC) are investigating the world’s sixth largest cryptocurrency exchange. Bottom line: The Cryptocurrency Academy believes that the ongoing number of cyber-attacks against the global cryptocurrency ecosystem are “in part” a contributing factor to the decline in asset prices. Moreover, if BTC and Altcoins are to cross the chasm from early adopters to the mass markets these security flaws need to be greatly reduced in order to boost investor confidence. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What are the most effective mitigation strategies for watering hole attacks?

Colleagues, cyber criminals believed to be of Chinese origin recently gained access to a range of government resources in Central Asia. This attack was based upon by inserting malicious scripts in the target country’s websites in order to conduct watering hole attacks. Such attacks seek security exploits in which the attacker attempts to corrupt a specific group of end users by infecting websites that a pool of users are known to visit. The goal is to infect a targeted user's computer and gain access to the network at the target's place of employment. Officials attribute the attack to LuckyMouse, a Chinese-speaking actor (aka APT27 and EmissaryPanda). Some of the more effective mitigation efforts include the use of micro visualization, whitelisting risky web content, deploying Malwarebytes, install up-to-date operating systems and loading all available patches for known vulnerabilities. Share your assessment while visiting us today! Lawrence – Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)   

Cryptocurrencies: An Ever-Increasing Target for Cyber Crime – The Monero 5% Heist is the Latest Example

Colleagues, Monero is by no means a tier 1 cryptocurrency. According to Satoshi Pulse it ranks 14^th in cryptocurrency market cap worldwide. However, the recent theft of some 5% of the currency’s value at the hands of so-called “malicious miners” once again exposes the vulnerabilities cryptocurrencies need to resolve. Key cybercrime targets in the cryptocurrency world include ICO, mining, exchanges, wallets and the underlying Blockchain. Cyber criminals undoubtedly will probe very component of the crypto ecosystem to find the weakest links. Now that we have entered the era of quantum computing-based cybercrime security is of tantamount importance to the mass adoption of cryptocurrencies.  Post a comment and visit us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Coinrail Reports a $40m Heist – So just how secure are cryptocurrency exchanges against cyber theft?

Colleagues, the recent Coinrail loss of some $40m is just the latest in a steady stream of cybercrime attacks against cryptocurrency exchanges. Coincheck lost an approximately $400m earlier this year, last November saw Tether claim it lose $31 million following an attack. Mt. Gox hacking in 2014 is the mother of all crypto attacks. In total the exchange lost around 744,408 BTC. That was worth around $350m in 2014.  While Coinrail is by no means a tier 1 exchange this cyber heist raises serious questions about the security of cryptocurrencies in general, and second the exchanges on which they are traded. There is no silver bullet mitigation strategy, however, the Cryptocurrency Academy would a couple of best practices for minimizing the risk to your crypto investments: Currencies, exchanges and wallets. First, the top-tier currencies such as BTC, Ethereum, Ripple, Litecoin, etc. generally have more security on-board. Second, the larger and more established exchanges are likely to be built on more secure platforms with cyber security professionals on staff. And third, although opinions surely vary, hardware wallet such as the industry-leading Nano Ledger S are believed to offer more security … especially when compared to cloud-based wallets. Send us a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

How to mitigate the increased threat of cryptocurrency theft?

Colleagues, currency theft is nothing new. However, with the meteoric rise in cryptocurrency trading in the past 2-3 years the opportunity for cyber thieves and risk to investor has never been greater. Cloud security firm Carbon Black has issued a new threat report entitled “Cryptocurrency Gold Rush on the Dark Web“ in which it claims some $1.1b USD in cryptocurrencies have been illicitly stolen so far this calendar year. Moreover, Japanese cryptocurrency exchange Coincheck had $600m in XEM stolen by hackers in January 2018. A number which is likely to grow dramatically over time. The malware needed to commit cryptocurrency theft can be obtained for a mere $224. Two key questions emerge: First, which components of the cryptocurrency ecosystem are vulnerable to attack – mining, wallets, exchanges, etc? And second, which mitigation strategies can the ecosystem in general and investors in particular, take to reduce risk? For the moment, concrete answers to these question appear illusive. Nonetheless, the Cryptocurrency Academy will pursue these issues and keep you informed. Please share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)