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Backdoor coin-mining hacks are spreading as prices rise

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Backdoor coin-mining hacks are spreading as prices rise

Please be very diligent if you decide to invest in Crypto currency, this is the biggest boom in exponential growth we have seen in recent years, only use verified sites like Coinbase and Crypto pay. DO NOT rush in to things, be tech savvy and stay aware of exactly what and who you are dealing with. If you would like to look at a very secure site when they have real projections on investments then read this post on USI Tech

The cryptocurrency boom has given rise to a new kind of malware attack, with attacks growing ever more frequent as coin prices rise. A report today from Symantec details a surge in coin-mining scripts, which are often planted by hackers in the background of public websites. Once running, the script uses the visitor’s CPU to mine cryptocurrency, a power-intensive process that can be far more lucrative than traditional malware.


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Anti-virus tools like Symantec’s typically identify and block such programs, giving the firm a clear view into how widespread the miners are on the open web. Miner programs seem to track tightly with the price of Monero itself, which means they’ve seen a surge of activity in recent weeks using the Backdoor coin-mining hacks.

Symantec’s data shows daily detections clearing three million for the first time at the end of November, just as prices were beginning to rise above $200. Notably, Monero’s price has risen considerably since that data, clearing $350 per coin on December 16.

Backdoor coin-mining hacks are spreading as prices rise

Malicious mining programs typically mine the Monero currency rather than Bitcoin or Ethereum, drawn largely by Monero’s CPU-friendly hashing algorithm. Cryptocurrency prices tend to be tightly correlated, so Monero’s price has largely risen in sync with Bitcoin itself. So as you can see that Backdoor coin-mining hacks are spreading as prices rise

The most popular background miner is Coinhive, which surfaced in September and was quickly blocked by a number of security firms. Coinhive’s official site has since disappeared in favor of an opt-in variant, but Symantec’s research shows the original plugin is alive and well.

The plugins are most profitable when they can run in the background for significant periods of time, due to the nature of cryptocurrency mining. That’s made mining plugins particularly attractive for streaming sites, although they’re usually installed by third-party hackers without the permission of the site owners themselves. In September, Coinhive was discovered in the background of two Showtime websites. The application also been discovered in Chrome extensions and briefly installed by Pirate Bay as a purposeful revenue measure.

Symantec also discovered miners in a number Android apps. The resulting work would have been far less effective on an underpowered mobile CPUs, but it hasn’t slowed the growth of the tactic. Symantec listed 35 separate Android apps with mining functions in 2017 so far, a 34 percent increase from last year.

Stay safe Backdoor coin-mining hacks exist and they are on the rise.

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BCH Miners Discuss Funding Development With a Fraction of Block Rewards

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On May 19 a group of Bitcoin Cash (BCH) miners met after the Coingeek Conference in Hong Kong to discuss a new proposal which would fund BCH development and professional programmers who work on the protocol. The funding would stem from a portion of the miners block reward, and attendees discussed donating between 1-5 percent of rewards to fund developers.

Also read: Bitcoin in Brief Saturday: Warren Warned by Billboards, Coinbase Tempted by Banking

A Positive Meeting Takes Place in Hong Kong Between BCH Industry Executives, Mining Pools, and Developers

After an innovative event at Calvin Ayre’s Coingeek Conference in Hong Kong members of the Bitcoin Cash industry including high profile executives, and lead developers met to discuss a new proposal. Attendees of the meeting included executives from the pool BTC.top, Coingeek, Viabtc, Jihan Wu and Jiazhi Jiang from Bitmain’s Antpool, Roger Ver and other representatives from the Bitcoin.com pool, Amaury Séchet of Bitcoin ABC, Electron Cash founder Jonald Fyookball, and Jerry Chan from SBI Bits.

The meeting discussed how attendees envisioned where BCH development would go and how to continue funding the project in the future. Moreover, other blockchain projects that fund development through mining rewards were also discussed between the meeting participants. Alongside this, the attendees talked about how the funds would be distributed and how miners could use their signatures to vote on certain development projects. Members deliberated different concepts like an OP_Code ‘Timelock’ method — a smart contract technique that restricts the spending of coins until a certain block height or time.

BCH Miners Discuss Funding Development With a Fraction of Block Rewards

Bitcoin Cash Miners Discuss Voting on Proposals

“Virtually all of the mining pool representatives agreed to support a proposal that would allow miners to vote to fund community proposed initiatives, voting on them in the same way that vote signaling works now,” a representative from Bitcoin.com who attended the meeting explained to our newsdesk.

If a proposal crossed a 75% threshold, it would pass — And would be funded with some predetermined amount from every block found.

As mentioned above, a percentage of 1-5 percent of the block reward was considered, but for now, there have been no agreed terms set at the meeting. An example of how much funding a small percentage of the block rewards would be, shows that roughly 1 percent of a month’s work of block rewards is about $650,000 USD if BCH prices are above $1,200 per coin.

What do you think about miners donating block rewards to help fund BCH development? Let us know your thought on this subject in the comments below.


Images via Shutterstock, Bitcoin.com, and Pixabay. 

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Twitter briefly shut down @Bitcoin, sparking wild conspiracy theories

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Twitter suspended the @Bitcoin Twitter account, which is run by an anonymous user, over the weekend. The account was briefly taken over by a user who claimed to be Turkish, then a user who claimed to be Russian, before apparently being restored to its previous owner Monday afternoon.

“We do not comment on individual accounts so nothing to share,” a Twitter spokesperson said when asked about the suspension. “That’s some bullshit if you ask me,” the user behind @Bitcoin tweeted. “I’d like to know why my account was given to someone else, and then when it’s reinstated I’m missing 750,000 of my followers.”

The @Bitcoin account had more than 821,000 followers when it was suspended. Those followers disappeared, but it appears that Twitter is slowly restoring them.

The mysterious suspension naturally stoked conspiracy theories in the bitcoin community. The @Bitcoin account is supportive of Bitcoin Cash, also known as Bcash. Bitcoin Cash was founded by a group of developers, miners, and other members of the community who split off in August 2017, duplicating the bitcoin blockchain and establishing a new cryptocurrency, after a dispute over how to address the growing network’s scaling issues.

The relationship between Bitcoin Cash and Bitcoin, or Bitcoin Core, is acrimonious. Some Bitcoin Cash supporters suspected that their enemies on the Bitcoin Core side caused @Bitcoin’s suspension by falsely reporting it to Twitter for spam or harassment.

Some said they believed the account had been previously been hijacked by Bitcoin Cash supporter Roger Ver. The account, which was registered in August 2011 according to its Twitter bio, only began tweeting about Bitcoin Cash in January. At the time, @Bitcoin tweeted, “The ownership of this account has not changed hands. I became busy with other things, much has changed since then and I’ve decided to take a more active role in the community once again.” Ver claims he has no connection to the account, and that it “is owned by someone involved in Bitcoin since 2009.”

“I’d love to hear a public explanation from @twittersupport about why #bitcoin competitor #LightningNetwork investor @jack disabled this account, gave it to someone else, only to return it in the face of public backlash with 750,000 fewer followers,” the @Bitcoin account tweeted after being restored.

Some felt that the @Bitcoin account shouldn’t be used by anyone. “Twitter is a platform for people to promote their own agenda,” tweeted Nick Tomaino, a cryptocurrency venture capital investor. “Only right that @bitcoin stays inactive/suspended.”

Twitter started blocking cryptocurrency-related ads at the end of March, but confirmed it does not have content rules specific to cryptocurrencies.

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