Mining Malware to Become More Popular Than Ransomware

Mining Malware to Become More Popular Than Ransomware
19 July 2018   1194

Information security company Skybox Security released a report according to which the share of hidden mining malware exceeded the share of previously popular ransomware.

It is reported that at the moment 32% of all cyber attacks are made by hidden miners, while ransomware occupy only 8% of the "computer attacks" market.

Researchers also pay attention to the extent to which the trends in the criminal cyber community have changed: in the second half of 2017 the ransomware made up a third of all attacks, and viruses-miners - only 7%.

Ransomware received a lot of attention in years past, especially thanks to the likes of WannaCry, NotPetya and BadRabbit. To some extent, organizations took note and put effective precautions in place, ensuring they had reliable back-ups and even thwarting attackers with decryption programs. So cybercriminals found — in cryptomining— a path of lesser resistance. The recent uptick in value of cryptocurrencies also made this an incredibly profitable attack option.
 

Marina Kidron

Director of Threat Intelligence, Skybox

Experts of Skybox Security note another reason for the decline in the popularity of ransomware. In their opinion, this is due to the fact that even after paying the requested amount to the ransomware, the data was often still encrypted. Also antivirus programs also help to fight against ransomware.

Bitmain's Q3 Losses to Reach $500M

Bitmain still hopes to conduct an IPO at Hong Kong Stock Exchange
19 February 2019   99

The Chinese mining company Bitmain lost $ 500 million in the third quarter of 2018 amid a decline in the cryptocurrency market, CoinDesk reports, citing updated financial reporting provided by the Hong Kong Stock Exchange (HKEX) for its initial public offering (IPO) on its site.

In the first nine months of last year, Bitmain earned about $ 500 million, with a total amount of revenues of $ 3 billion, a source familiar with the situation said. Earlier, Bitmain stated that its profit for the first half of 2018 was $ 1 billion. As reported, subtracting that from a $500 million profit for the first nine months leaves it with a net loss of roughly $500 million for the third quarter.

In the past, Bitmain also reported that its income for the first half of the year was $ 2.8 billion. Thus, taking into account the total amount of revenues for nine months, only about $ 200 million remains for the third quarter.

The updated statements also contain information about Bitmain's cryptocurrency possessions - they depreciated from more than $ 800 million on June 30 to less than $ 700 million at the end of the third quarter. The fall of more than $ 100 million coincided with a general decline in the cryptocurrency market.

The application for IPO, issued by Bitmain at the end of September, contained information that the company held mainly Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. The ratio of assets in its portfolio is unknown. According to CoinMarketCap, the rates for these cryptocurrencies fell by more than 50%, and Bitcoin Cash lost over 70% of the cost.

The documents will be presented to the general public only if the Bitmain application is approved to the meeting regarding the listing of the company's shares, which may not take place, given HKEX’s doubts about the viability of mining companies.