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Showing posts with label Crypto-wallet. Show all posts

New Wave of Cryptocurrency Misappropriation, Hacking, Theft and Fraud Targeting Users Massively in 2020


Crypto criminals have ramped up cryptocurrency theft, hacking, and fraud by a significant margin in the year 2020. They have amassed a sum of $1.36 billion in ill-gotten crypto from January 2020 to May 2020, according to the blockchain analytics firm. The year 2020 is recorded being on the track to become the second-costliest year of all in the history of crypto; only behind 2019’s record of $4.5 billion. The largest contribution in the year’s ongoing standings came from Chinese scam ‘WOTOKEN’ that allegedly scammed more than 700,000 users and stole over $1 billion worth of cryptocurrencies – 46,000 bitcoin, 2.04 million ethereum, 56,000 bitcoin cash, 292,000 litecoin, and 684,000 EOS.

Cryptocurrency is a virtual or digital currency that uses cryptographical functions to make financial transactions. In order to gain transparency and immutability, it makes use of blockchain technology. It is decentralized in nature as there is no central authority controlling or interfering in the processes that include making cryptocurrency exchanges directly between two parties using private and public keys. Equating to money in the real-world it attracts a large possibility of cyber fraud.

On June 2, 2020, CipherTrace released its Cryptocurrency Crime and Anti-Money Laundering Report covering the global trends and latest developments to fight money laundering, terrorism financing, and sanctions evasion. It highlighted the need for regulation and compliance while reporting that 74% of bitcoin in exchange-to-exchange transactions was the cross border and 88% of funds sent to exchanges in 2019 by US Bitcoin ATMs were offshore. Researchers also noted that phishing sites are the most popular COVID-19 related products marketed on the dark web.

“While only 9.8% of the dark market’s one-hop (direct) interactions went directly to exchanges, 30.7% of its two-hop (once removed) interactions went to exchanges—more than tripling the risk exposure to exchanges,” the report read.

In addition, cryptocriminals are also employing several new malware to target cryptocurrencies, an undocumented Trojan called ‘KryptoCibule’ has been found targeting various cryptocurrencies by replacing wallet addresses and stealing cryptocurrency-related files. Previously reported P2P botnet, FritzFrog attempted to brute-force SSH servers of government, education and medical institutions, and telecom players, with an objective of mining cryptocurrency via XMRig miner. Over two weeks ago, a new botnet, dubbed as TeamTNT was observed stealing AWS credentials from affected servers.

With the old techniques being upgraded and the new ones being continually introduced to mine illicit financial gains, cryptocurrencies have become one of the most increasingly targeted areas at present. Users are advised to stay perceptive to indicatives of criminal behavior.

Attention! Fake Extensions on the Chrome Web Store Again!


Reportedly, Google was in the news about having removed 49 Chrome extensions from its browser’s store for robbing crypto-wallet credentials. What’s more, after that, there surfaced an additional set of password-swiping “extensions” aka “add-ons”, which are up for download even now.

Per sources, the allegedly corrupt add-ons exist on the browser store disguised as authentic crypto-wallet extensions. These absolutely uncertified add-ons invite people to fill in their credentials so as to make siphoning off them easy and the digital money accessible.

Reports mention that the security researchers have affirmative information as to 8 of the 11 fake add-ons impersonating legitimate crypto-wallet software being removed including "Jaxx Ledger, KeyKeep, and MetaMask." A list of “extension identifiers” which was reported to Google was also provided.

Per researchers, there was a lack of vigilance by the Google Web Store because it apparently sanctions phisher-made extensions without giving the issue the attention it demands. Another thing that is disturbing for the researchers is that these extensions had premium ad space and are the first thing a user sees while searching.

According to sources, much like the Google Play Store with malicious apps, the Google Web Store had been facing difficulty in guarding itself against mal-actors. There also hadn’t been much of a response from their team about the issue.

One solution that was most talked about was that Google should at the least put into effect mechanisms in the Chrome Web Store that automatically impose trademark restrictions for the store and the ad platforms in it.

Per sources, Google’s Chrome Web Store “developer agreement” bars developers from violating intellectual property rights and also clearly mentions “Google is not obligated to monitor the products or their content”. Reports mention that as per the ad policy of Google, it could review trademarks complaints from trademarks holders only when it has received a complaint.

Google heeding all the hue and cry about the extensions did herald more restrictions with the motive of wiping away traces of any fake extensions and spammers creating bad quality extensions that were causing people trouble.

The alterations in the policy will block the spammers and developers from swarming the store with similar extensions and elements with questionable behavior. Word has it that because of hateful comments the Chrome Web Store was “locked down” in January.

But, as promising as it may be, allegedly Google has been making such promises about the Chrome Web Store security strengthening for more than half a decade. So no one can blame researchers for their skepticism.