Giant Fraudulent Botnet to be Found on Twitter

The team of researchers found a three-tiered network of more than 15,000 bots used to promote the fraudlent 'scheme'
08 August 2018   764

Researchers have discovered a huge botnet that mimics under real Twitter accounts. Its accounts are used to promote fraudulent schemes using cryptocurrency.

As ITPro reports, the botnet was discovered during the research of the Duo Security team, which checked 88 million Twitter. To identify bots, malicious accounts, etc. researchers used machine learning.

The team of researchers found a three-tiered network of more than 15,000 bots used to promote the 'scheme', in which people are offered to transfer a small amount in the cryptocurrency, and then get a big profit. Over time, this network evolved for masking purposes.

Researchers said that attackers, as a rule, first create a fake account that mimics under a real account that is related to crypto-currencies, copying its name and image in the profile.

For promotion purposes, bots comment on tweets and leave a link leading to the fraudulent portal.

It turned out that the subscribers of many imitative accounts are the so-called "hub-accounts", created, in the opinion of researchers, "to give them legitimacy."

In the botnet army, there are also "bot-amplifiers" - fake accounts that put the likes of fraudulent tweets to "artificially inflate the popularity of the tweet and give legitimacy to this cryptocurrency fraud."

Malicious bot detection and prevention is a cat-and-mouse game. We anticipate that enlisting the help of the research community will enable discovery of new and improving techniques for tracking bots. However, this is a more complex problem than many realize, and as our paper shows, there is still work to be done.
 

Jordan Wright 

Principal R&D engineer, Duo

Although Twitter has recently taken a number of measures to combat such cryptocurrency fraud schemes, Duo researchers concluded that these botnets are still active. "We do not believe that the problem is solved," the publication reads.

They plan to make public the techniques described in the article, in the hope of developing new methods that will identify malicious bots and help "Twitter and other social networks remain a place for healthy online discussion and building communities."

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   156

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.