Security News
Researchers have blown the lid off a sophisticated malicious scheme primarily targeting Chinese users via copycat apps on Android and iOS that mimic legitimate digital wallet services to siphon cryptocurrency funds. The wallet services are said to have been distributed through a network of over 40 counterfeit wallet websites that are promoted with the help of misleading articles posted on legitimate Chinese websites, as well as by means of recruiting intermediaries through Telegram and Facebook groups, in an attempt to trick unsuspecting visitors into downloading the malicious apps.
Biden's executive order is the first step in a government-wide addressing of cryptocurrency risk, and the starting block from which cryptocurrency could become safer, more accessible, and more accepted. While there may be a few cryptocurrency purists who will shun this and any subsequent regulation for cryptocurrency in protection of its original, libertarian roots, most of the cryptocurrency community will no doubt be pleased to see it being legitimized and deemed worthy of regulatory scrutiny.
The U.S. Department of Justice earlier this week appointed Eun Young Choi to serve as the first Director of the National Cryptocurrency Enforcement Team it established last year. "The NCET will serve as the focal point for the department's efforts to tackle the growth of crime involving technologies," said Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department's Criminal Division.
A new Golang-based botnet under active development has been ensnaring hundreds of Windows devices each time its operators deploy a new command and control server. First spotted in October 2021 by ZeroFox researchers who dubbed it Kraken, this previously unknown botnet uses the SmokeLoader backdoor and malware downloader to spread to new Windows systems.
The U.S. Justice Department on Tuesday announced the arrest of a married couple in connection with conspiring to launder cryptocurrency worth $4.5 billion that was siphoned during the hack of the virtual currency exchange Bitfinex in 2016. Ilya Lichtenstein, 34, and his wife, Heather Morgan, 31, both of New York, are alleged to have "Stolen funds through a labyrinth of cryptocurrency transactions," with the law enforcement getting hold of over $3.6 billion in cryptocurrency by following the money trails, resulting in the "Largest financial seizure ever."
Hackers have exploited a vulnerability in the Wormhole cross-chain crypto platform to steal $326 million in cryptocurrency. Wormhole is a platform that allows users to transfer cryptocurrency across different blockchains.
Experian released its annual forecast, which reveals five fraud threats for the new year. With consumers continuing to take a digital-first approach to everything from shopping, dating and investing, fraudsters are finding new and innovative ways to commit fraud.
A new evasive crypto wallet stealer named BHUNT has been spotted in the wild with the goal of financial gain, adding to a list of digital currency stealing malware such as CryptBot, Redline Stealer, and WeSteal. "BHUNT is a modular stealer written in.NET, capable of exfiltrating wallet contents, passwords stored in the browser, and passphrases captured from the clipboard," Bitdefender researcher said in a technical report on Wednesday.
Russia has floated the prospect of Putin a ban on cryptocurrencies. The Bank of Russia, the nation's central bank, yesterday published a Consultation Paper [PDF] titled "Cryptocurrencies: Trends, Risks, and Regulation" that ponders the impact of unbacked cryptocurrencies and stablecoins on Russia's economy.
The global cryptocurrency market is expected to grow from $1.44 billion in 2020 to $1.63 billion in 2021 at a compound annual growth rate of 12.9%. The market is expected to reach $2.73 billion in 2025 at a CAGR of 13.8%, according to ResearchAndMarkets. The cryptocurrency market consists of sales of digital or virtual currencies by entities that operate independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments.