Colleagues, we have extensively
reported on the dramatic rise in crypto
mining cyber-attacks in 2018 that have plagued the
crypto ecosystem. Enter Fbot. Security researchers are unclear if Fbot is a friend or foe
with regard to crypto mining. However, they have confirmed that Fbot is designed to propagate, scan and install
itself over “com.ufo.miner“ malware which targets vulnerable browser
software. According to NetLab 360, com.ufo.miner has its origins in monero ADB Miner Android-based
software. At first glance, it would appear that Fbot might be a tool of unknown
origin, which can reduce browser vulnerability to cyber-attacks. The key
question is whether Fbot has an ulterior motive – that is to destroy
com.ufo.miner and clear the path for another form of crypto mining malware to
be installed in its place. Share a comment while visiting us today! Lawrence –
Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, we
all know that the cryptocurrency ecosystem is a high-value target for cyber
criminals worldwide. Nowhere is this more evident than the recent seizure of
some $8.8m USD in cryptocurrencies along with another $14m of tangible assets
from deceased cyber criminals Alexandre Cazes. Operating from Thailand Cazes amassed over 1,600 Bitcoins and another 8,300 Ethereum tokens from his illicit AlphaBay
empire. A US Magistrate ordered this seizure with the aid of Thai officials. AlphaBay is
believed to have its origins in the defunct dark web Silk Road platform. Bottom line: Crypto investors small and large are
reminded that their assets are at from cybercrime and need to maintain the
highest level of security. We recommend once again that investors and traders
alike only engage with established and proven crypto exchanges, wallets,
infrastructure providers and custodian service providers. Cyber criminals are
relentless and crypto investors must be as well. Share your assessment while visiting us today! Lawrence
– Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, a Mt Gox wallet worth some $720 is the prime suspect in the movement of
up to $720 Bitcoin since the Japanese exchange went out of business in 2014. To
date some $100m has been transferred from this anonymous wallet to the Binance and Bitfinex exchanges. While some experts believe
this infamous wallet is linked to the Dark Web’s Silk Road
portal, most evidence points to the defunct Mt Gox exchange. Two fundamental
questions arise. First, who (or whom) controls this wallet? Second, what is
their motive? Numerous theories are floating across the global cryptosphere.
Nonetheless, given the fact that Mt Gox was founded in 2010 – the very early
days of cryptocurrencies – there is a high likelihood that the funds contained
on this wallet were (and perhaps still are) being used for drug trafficking,
payment for contraband and/or to evade trans-border trade sanctions. Our goal
is to present facts not idle speculation; however, we are confident that the
movement of these funds is due to some form of cybercrime. As such, we will add this topic to our crypto-cyber “watch list”. Share your assessment while visiting us today! Lawrence
– Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, with the goal of
reducing shipping costs by 20% while increasing the security of imports and
exports, South Korea’s Samsung
Electronics is building a building a distributed
ledger system (DLS) to track international trade. Samsung is partnering
with the Samsung is partnering with Ktnet,
the Ministry of Oceans and Fisheries , the Korea Customs Service, Ministry of
Oceans and Fisheries, IBM Korea and Hyundai Merchant Marine. South Korea is
surely an early adopter of cryptocurrency
tokens, exchanges and mining. This initiative represents a major test as the
country seeks to extend Blockchain technology to international trade via a
private-public sector consortium. Simultaneously the Korea Internet and Security Agency
(KISA) intends to increase the number of Blockchain pilot projects in 2018 from
six to twelve. While the financial services sector is the target of most high
profile cybercrime,
international trade and shipping is a “high value” target for opportunistic
cyber criminals. We will report in late 2018 on the implementation of this
project.
Colleagues, crypto mining has
been overwhelmed with illicit cybercrime from within and without. The
sentencing of GAW CEO Josh
Garza is simply the latest assault on the dubious mining sector. The crypto
mining sector consists of three components – ASIC vendors such as AMD and NVidia,
legitimate mining firms like Bitmain and the rather amorphous niche of mining
services resellers. GAW falls into the mining services niche. In fairness to
all, there are legitimate mining services firms such as Genesis, Hashflare, Eobot
to name a few (visit Tech
Radar for a more comprehensive list). GAW’s downfall was due to greed –
pure and simple. Reseller more services than it actually had under contract was
a classic Ponzi scheme. We have extensively reported on the onslaught of cybercrime targeting
the vulnerable mining sector …, which was pervasive in 2017 and has reached
epic proportions in 2018. Bottom line: Buyers beware. If you want to
participate in the attractive crypto mining space a double [portion of due
diligence in a necessity. Verify the firm’s background, Board of Directors,
investors, check for any complaints filed with the US FTC or US SEC, have a legal expert
review their terms and conditions, and speak directly with current customers
large and small regarding the firm’s stability. Share your assessment while visiting us today! Lawrence – Cyber
Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, co-founders of the Gemini crypto exchange Tyler and Cameron Winklevoss have been granted a patent for “Systems and methods for storing digital math-based
assets using a secure portal”. Digital asset ledgers will be used to protect users from “double-spend” cyber-attacks. Unlike traditional paper currencies,
cryptocurrencies have the
potential to be copied and rebroadcasted. This leads to the opportunity for
nefarious cyber criminals to spend the same cryptocurrency twice. Multiply this
type of transaction known as “double-spend” by 100s of thousands of transactions
and the value of crypto jacking easily runs into the millions of USD. Bottom
line: How effective will the new crypto key storage system be in preventing
illicit “double-spend”? Our readers along with the global crypto ecosystem will not know the answer until this system is
designed, developed and battle tested in the real world. Yes, we will be
tracking this matter closely. Send us your assessment while visiting us today! Lawrence – Cyber
Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, China has become one
of the first countries to recognize Blockchain-based
smart contracts as legally binding evidence. Moreover,
the PRC has opened two courts dedicated to processing Internet and cybercrime.
These moves would appear to strengthen crypto cyber security in both domestic
and cross-border transactions. The UK Law
Commission reported in July 2018 that it
has launched a research project to assess the legitimacy of smart contracts as
well. Meanwhile, the American
Bar Association (ABA) views recognizes
Blockchain-based smart contracts as a “disruptive
advancement” which have the potential of transforming the legal system. Surely,
there is a vocal minority in the global crypto ecosystem who view such measures
as a hindrance to cryptocurrency adoption. By contract, we believe that
collectively these initiatives will have two positive outcomes. First, enhanced
security in cryptocurrencies and the Blockchains that enable them. Second,
improvement in consumer and institutional confidence in cryptocurrencies. Send us your assessment while visiting us today! Lawrence – Cyber
Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, two of the greatest
value propositions Blockchain offers the established financial and banking
system is faster transaction speed accompanied by lower OPEX. This is
especially appealing for trans-border payments. IBM’s
World Wire joins the ranks of RippleNet, Ant
Financial and GMO in this enticing market niche. The key players will likely tout
their systems at the up-coming Sibos fintech conference in Australia this October. These systems are
based upon on model integrated into a bank’s existing systems, fiat currency is
exchanged into a digital asset at bank A which in turn is transferred to
bank B where it is converted back into a second fiat currency. Sounds
attractive, indeed. Bottom line: There are three critical success factors
needed for this process to be commercially viable. They have speed and can
reduce OPEX, but with what level of security … which is the Achilles heel of
all Blockchains in the banking sector and beyond. We will closely monitor the
aforementioned vendor’s system and report this fall. Send us your assessment while visiting us today! Lawrence – Cyber
Security Defender (https://cybersecuritydefender.blogspot.com/)
Colleagues, crypto jacking has become a
monumental cyber challenge for cryptocurrency mass adoption. Most crypto
jacking attacks target Chrome, Firefox, IE and Safari browsers by adding
nefarious scripts, which perform illicit mining unbeknownst to end-users. The Google Play Store and Apple App Store have
implemented policies to remove suspicious apps from their online stores. However,
this is just one small step. Google, Apple, Microsoft and the Mozilla Foundation all need to
proactively integrate tools, which will prevent scripts and related adware. Moreover,
a more user-friendly method for automatically pushing security patches to mobile
devices and laptop-desktop computers alike. Bottom line: The security and
browser software firms have some of the best minds on the planet within the
ranks of their employer. We need something comparable to a moonshot commitment
to innovate security protection rather than constantly play catch-up to cyber
criminals if the cryptocurrency ecosystem is to achieve
the credibility needed by investors small and large. Send us your assessment while visiting us today! Lawrence
– Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)
