Symantec`s Report: Crypto`s raised Use in Cyber Crime

Internet security company Symantec has posted their 23rd report about the internet safety
27 March 2018   602

The document illustrates the growth in the incidents of cyber crime that however involve cryptocurrency. The most often cases to meet are ransomware attacks and cryptojacking.

Cryptojacking is the exploring of the data system without the owner of the machine knowing. Therefore this kind of crime became extremely profitable. According to the message, cyber criminals started making money using coinminers because there was a large growth in the value of cryptocurrencies in the last quarter of 2017. Symantec pointed out there had been an 8,500% increase in the number of examples detected on computers.

Coinminers are being used by cyber criminals in order to steal victims`computer processing power and cloud CPU usage to mine cryptocurrencies. Victims may not even understand that a coinminer is slurping their computer’s power as the only impact could be a slowdown of their device that they could easily attribute to something else. It frequently requires no more than a few lines of code running on a device. Coinmiming on a device causes batteries to overheat and the appliance finally becomes unusable.

Ransomware got in the top in 2017 thanks to to the WannaCry ransomware (Ransom.WannaCry) and Petya/NotPetya (Ransom.Petya). Such type of threats imply hackers encrypting the contents of the computer system. The attacks appear to have been the work of targeted attack groups rather than common cyber criminals. Ransomware`s benefit in 2016 became a reason of overpricing of ransom demands, crowded market, but only one year later the criminals found the weak spot the victims are willing to pay.

The Internet Security Threat Report also emphasized it should come as no surprise that the criminals today are choosing cryptocurrency for their attacks because digital money is a new and evolving internet sphere. In 2018 there have already been some occasions of ransomware attacks against the governmental departments in Atlanta. Nowadays there are no guarantees that the number of such attacks will decrease during 2018.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.