Almost $16,000 stolen at Ethereum wallet attack

Myetherwallet.com attacked by hackers sending phishing emails, but criminals quickly unveiled by ethical hacking expert 
26 October 2017   1503

The phishing campaign was uncovered by Wesley Neelen, a Dutch IT infrastructures security researcher, who has worked as an ethical hacker in several organizations for 6 years. He received an email from the criminals to his unique email address, known only by a limited mailing list, and decided to investigate this further. The malicious link in the email led to a fake version of the Myetherwallet.com website. Little did cybercriminals know that they targeted a hacking expert.

Those who clicked the link were given the information about the upcoming Ethereum hard fork and asked to enter their private keys to unlock their accounts. The private keys and passwords were later used by hackers to steal all the coins from victims’ wallets.

Wesley Neelen stated that although the fake website was designed to look exactly like the original site, he noticed that the address of a fake website contained a small comma beneath the “t”, and the cybercriminals used a Unicode trick to register such domains.

Neelen found out that a certain people have already fallen victim to the scam as he found a file that contained a list of all the wallets stolen by the hackers.

The total amount stolen was determined by security experts as $15,875.65 in Ethereum which hackers were able to withdraw from the accounts in only two hours.

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   75

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.