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As the value and visibility of cryptocurrencies continue to rise, the industry is gradually being exposed to increasingly sophisticated security issues. While institutional players typically have the resources and expertise to fortify their assets under multiple layers of defense, retail investors must take it upon themselves to learn about different types of attacks and determine how to mitigate these risks. To that end, we’ve compiled some of the most common yet devastating security risks below:
Even if a digital platform is generally well-constructed, the way it is tethered to the internet can still be exploited. Web hosts which expose network services to the Internet are relentlessly attacked, and multiple studies indicate that a publicly exposed host is typically discovered and attacked within minutes of being placed on the network. From there, malicious actors would be able to directly attack the exposed host and re-appropriate it for their ends.
Front-running within the cryptocurrency space is particularly egregious, as there have been multiple cases where attackers use their funds to open a low position for a particular cryptocurrency while using funds stolen from a large exchange account to artificially inflate the currency price, pulling the compromised user up to the high position. As a result, the attacker’s positions are sold first, and the stolen user’s funds are then transferred to out of their account through the secondary market for a quick profit. These attacks were commonplace during the ICO craze due to the overwhelming public interest in the potential windfall ICOs insinuated, with little attention paid to the dangers imposed by such attacks. Furthermore, few cryptocurrency exchanges are willing to proactively announce these attacks due to the reputational damage it could incur.
In these cases, anonymous groups were able to identify key individuals with access credentials to multiple databases or servers, then implement a coordinated, high-precision phishing attack to acquire those credentials. As a result, the damage resulting from phishing attacks oftentimes extends beyond the initial victim, reverberating negatively throughout an entire system.
Even without a full user password, more tech-savvy attackers are also able to exploit hash function collisions to bypass protocols such as MD5 and SHA-1, which are widely used to build authentication and integrity mechanisms in cryptographic protocols.
To date, network hijacking malware has been found in everything from government servers in North America to an operational technology network controlling water utilities across Europe. While within the context of crypto, these attacks have only involved relatively benign crypto-mining malware, coupled with more disruptive cyberterrorism tactics which are capable of shutting down large-scale national targets. The effects of a temporary network hijacking could severely compromise the entire internet architecture upon which the bourgeoning crypto ecosystem relies on.
As crypto assets take up an increasingly large portion of many investors’ portfolio, there is also an increasing need to understand the underlying principles of the blockchain and appreciate the importance of private keys. Every crypto investor needs to take digital asset protection very seriously, and at Cobo, our central motivation is to support secure and streamlined blockchain development and make it easier to own and utilize the crypto tokens of your choice. To this end, Cobo Wallet’s Hardware Security Module technology ensures that the vast majority of our user assets are stored in a fully offline, globally distributed system, and are further protected by multiple software layer protocols and a multi-signature mechanism which prevents funds from getting lost due to a single point of failure.
Cybercrime will continue to evolve in tandem with the cryptocurrency sector and industry digitization, and many online exchanges and even hardware custodial solutions are not equipped to repel the full spectrum of approaches and tools malicious actors can implement. As you take steps to safeguard your digital assets, it is imperative that you thoroughly research your crypto custodianship options, avoid making purchases from third-party distributors, and ensure that your wallet’s security mechanisms are pressure-tested against the worst possible scenarios.
Binance, Coinbase, And Other Cryptocurrency Exchanges Reportedly Targeted By A New Trojan Virus According to their report , Cereberus is capable of stealing two-factor authentication codes generated by the Google Authenticator app, which are used to secure online banking and email accounts, as well as cryptocurrency accounts on certain exchanges. Home » Mining » Sicherheitsfirma warnt vor Risiko durch Mining Trojaner Sicherheitsfirma warnt vor Risiko durch Mining Trojaner Im Hause Check Point Software Technologies befasst man sich derzeit mit den Gefahren im Zusammenhang mit Malware für Mining. 2019 könnte ein dramatisches Jahr werden. Binance users can now buy Bitcoin with practically all of the fiat currencies in existence; Binance, which is one of the leading cryptocurrency exchanges in the world, has partnered with the peer-to-peer crypto exchange Paxful. Via this partnership, Binance users can now use 167 different fiat currencies to buy Bitcoin. Krypto-Mining, also das Schürfen nach Bitcoin & Co. mittels aufwendiger Kalkulationen, erfordert eine hohe Computer-Performance und erzeugt dadurch einen enormen Stromverbrauch. The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space and is a by-product of the dreaded Cerberus Trojan. According to ThreatFabric, which discovered the malware, this specific strain had caused a lot of trouble in Google play ... What is a Binance Mining Account and how do I create one? How do I make a Watcher Link? Mining Tutorial . About Binance Pool Binance Pool FAQ Enter an external address Introduction for Binance Smart Pool Binance Pool Bill For Main Account Function FAQ View more. Binance Card. Order and Activation Top up / Recharge Card Wallet Checking card details Fees and Limits Google Pay & Samsung Pay View ... When we publish a mining guide we tend to explain the coin’s aspect and the benefits of mining it. Going from explaining the features of the coin to setting up the wallet to configuring the miner program and then getting started with the mining. In most of these miner guides we have people stating that my miner program is blocked by Anti-Virus. I downloaded this miner and I can’t find it ... Bitcoin-Maske Is Ethereum A Trojan Horse ? Some believe that Ethereum is being controlled by large banks , I share the following article that I find interesting to keep in mind : Die Ransomware-Welle von 2017 ist abgeebbt, 2018 kommen die Mining-Trojaner. Doch das sind nicht die einzigen Angriffe, von denen neue Gefahren ausgehen. Millions of people worldwide have received sextortion scam emails in 2020 asking for bitcoin. These bitcoin sextortion schemes sometimes include recipients' passwords to make the threat more real.
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