Hot Topics

Advertisement

Advertisement

Hundreds Of Blockchain Platforms At Risk Of Being Hacked

Hundreds Of Blockchain Platforms At Risk Of Being Hacked

Online platforms for cryptocurrency exchange are not as well prepared against threats in the ever-evolving cyberspace as they believe themselves. Since 2017, 14 blockchain platforms have been the victim of hacking attacks, leading to a total loss of over 800 million dollars. A new long-term attack was recently discovered and avoided by TAD GROUP, preventing the stealing of over half million dollars in cryptocurrency from a large cryptocurrency exchange platform. During P0 scheduled penetration test against one of the largest exchange platforms, a long-term ongoing attack came to light. This sophisticated attack had secretly been going on for almost two years. According to the experts from TAD GROUP, this attack could have led to the downfall of many of today’s blockchain platforms. Hundreds of cryptocurrency exchange platforms are still at risk of being hacked. Blockchain platforms have been the targets of hackers worldwide since the beginning of cryptocurrency. The anonymity of transactions on the exchange platforms allows cybercriminals to steal funds without compromising. Hacks that lead to relatively small amounts of cryptocurrencies being stolen therefore happen quite often, but every once in a while a big cryptocurrency hack happens. The biggest Bitcoin hack till now was in 2011, when platform Mt. Gox, the biggest Bitcoin exchange platform at the time, was hacked for the second time. The hackers stole more than 750.000 bitcoins, with a value of over $350 million, bankrupting Mt. Gox in the go. Unfortunately, other exchange platforms did not learn from this and big heists happened again in 2012, 2014, 2015 and 2016. Many of these exchanges went bankrupt due to the hack and users lost their money. In 2017, the number of breaches and hacks peaked. Over 10% of all ICO funds have been stolen. Since 2018, hackers have also been attacking private ICO’s. The TON project of Telegraph creator Paul Durov was hacked for example in this year. The cybercriminals managed to steal $35.000 of cryptocurrencies. TAD GROUP cannot reveal the identity of the platform this most recent attempted attack was directed towards, due to client confidentiality. However, their CISO, Joshua Alexander, was able to tell us that many other platforms might still be at risk. Alexander, who was recently assigned to the European office in Chertsey, UK, states: "As scary as it may seem, our research has shown that this, unfortunately, is a vulnerability that is present in a huge amount of ICO’s, which do not even suspect this to be out there.” The cybersecurity company did not release any further information about the precise vulnerability of these platforms, as this is information that they do not want to fall into the wrong hands before ICO’s are even aware of it. Alexander: “We are still in the process of conducting a research in collaboration with other cybersecurity companies in order to identify any large-scale breaches.” TAD GROUP experts did bring forwards that the impact of the vulnerability might be critical, allowing even parties with limited technical knowledge to potentially take over an undefined number of accounts and by doing so, accessing end-user wallets. A similar thing happened in 2016 when BITFINEX was hacked due to a vulnerability in its multi-sig wallet architecture. This was the second largest Bitcoin hack ever made after Mt.Gox. The breach claimed 120,000 BTCs with a value worth of $72 million. However, with the technique that was used in this recent attack, the vulnerability is not specific to any software and does not purely rely on technical causes. This makes it more dangerous and widespread. Moreover, the researchers found that this was not an isolated case. Cyber intelligence in the field has shown that vulnerabilities of such nature are a lot more common than previously thought. For now, the experts from TAD GROUP were able to prevent the breach, which would have led to the stealing of at least $500.000 in Bitcoin. Since the new GDPR Privacy Policy took effect on 25 May 2018 a new fraud affected blockchain company owners. Cybercriminals threaten to harm companies by disclosing stolen user data on the internet, violating the new GDPR rules. Hackers demand a ransom to avoid private information disclosing. According to the GDPR, this means the regulatory authority would penalize companies. As TAD GROUP specialists state, companies that have already been a victim of the new "ransomhack" scheme have developed a security policy. But omitting appropriate checks lead to fatal consequences. Cybercriminals expect to get a ransom of between $1,000 and $20,000 US dollars, while fines for violating the GDPR are about 4% of the annual turnover for the previous year. The total amount of losses may come to 20 million euros. The number of cyber attacks will most likely increase in the next years. Cybersecurity and computer security are therefore becoming more and more important. When cybersecurity companies work together to identify the vulnerabilities of the platforms and ICO’s, we will keep one step ahead of cyber criminality. Tools like penetrations tests from cybersecurity companies will help with this. TAD GROUP offers cybersecurity solutions, performs penetration tests to check the cybersecurity of a platform or wallet.

 

You can share this post!

Advertisement

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

You can share this post!

As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!