Hackers were using Amazon Cloud to mine Bitcoin

According to the RedLock report, hackers were able to breach into the Amazon Cloud services of two companies for Bitcoin mining
09 October 2017   3578

Hackers were able to hack into the AWS cloud services’ infrastructure of two companies in order to mine Bitcoin. According to the security firm RedLock, the two affected companies were Aviva and Gemalto. Hackers didn’t target any sensitive data of either company. The hackers were only interested to access the Amazon Cloud servers in order to mine cryptocurrencies by executing a bitcoin mining command.

According to the publication, the hackers got the opportunitty to mine due to the fact that the administrative consoles of Kubernetes were not protected by a password. It is also noted that hackers did not take advantage of access to confidential information of companies, but only used Amazon Cloud capacities for crypto currency mining.

Upon deeper analysis, the team discovered that hackers were executing a bitcoin mining command from one of the Kubernetes containers. The instance had effectively been turned into a parasitic bot that was performing nefarious activity over the internet.
 

RedLock report

The document also says that many companies pay insufficient attention to the potential vulnerabilities of their security systems in cloud services. According to RedLock, 81% of the companies surveyed are taking inadequate security measures, opening up opportunities for hacking cloud services. 

BTC Futures Didn't Collapse Market in 2017, - CME

According to the managing director of CME Group, they "didn’t have that wherewithal, that ability to drive that impact"
14 November 2019   177

Tim McCourt, managing director of CME Group, has denied the widespread theory that the alleged launch of regulated bitcoin futures caused a market crash after the 2017 rally.

A lot of times, people ask us, ‘Did futures cause the price to decline from $20,000 to $3,000?’ And the answer is ‘no,’.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Group

He recalled that at first the turnover of bitcoin futures on CME was 1,100 contracts, which is equivalent to 5300-5500 BTC or about $ 100 million at prices at the end of 2017.

There is no way over that period of time, given the size of the Bitcoin market, in terms of spot trading or the ability to mine Bitcoin, that futures could cause that impact. These things are governed by the law of supply and demand. We just didn’t have that wherewithal, that ability to drive that impact.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Group

Chicago Mercantile Exchange (CME) Bitcoin Futures was launched on December 18, 2017. A day earlier, the price of bitcoin reached a historic high in the region of $ 20,000, but soon plummeted.

Despite the sharp change of mood and the bear market, the volume of bitcoin futures trading on CME grew - by May of this year, the average daily turnover reached 13,600 contracts, corresponding to 68,000 BTC or $ 515 million at the exchange rate at that time.

We certainly play a role in the price discovery because people can freely express their demand to buy and sell at CME and transact with one another, but I wouldn’t necessarily say we are impacting price.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Group

Among other things, a CME representative said that he is an ardent supporter of Bitcoin ETF and hopes to see such products on the market soon.

ETF providers and asset managers are our customers at CME. They use our futures products to create other ETFs, to hedge structure projects, and we’re certainly trying to enable them to do the same type of strategy on Bitcoin. We want to make sure they have the risk-management tools they need to be successful in managing their risk. We’re working with them to make sure they have what they need for trying to introduce products such as an ETF.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Grou

Recently, Christopher Giancarlo, the former head of the Commodity Exchange Commodity Trading Commission (CFTC), said recently that the launch of the CME Bitcoin Futures was a targeted action by the Donald Trump administration to eliminate the bubble in the cryptocurrency market.