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CYBER ATTACK

Not so “encrypted” cryptocurrency

Cryptocurrency such as Bitcoin, Etherum, Ripple have all suddenly became the darlings of financial investors. With its popularity and profitability, the cryptocurrency market also attracted unwanted attentions as well.

Cryptocurrency has been the buzzword recently, but exactly how safe it is ?

Cryptocurrency has been the buzzword recently, with Bitcoin, Etherum, Ripple have all suddenly became the darlings of financial investors.

The buzz surrounding the cryptocurrency pointed to the meteoric rise of Bitcoin from valuation of around USD950 in January 2017, to jump nearly 20 times to USD19,200 in December 2017.

With huge amount of profits made at such a short period of time, the cryptocurrency has also attracted unwanted attentions as well.

 

South Korea’s cryptocurrency exchange hacked

Bithumb, South Korea’s largest cryptocurrency exchange was hacked and personal information of around 30,000 of its customers were believed to be stolen. The culprit was fingered as North Korean hacking sources, according to South Korea’s National Intelligence Service (NIS) or simply the country’s spy agency.

Apparently, the attack dated back to February by targeting one of Bithumb employee’s home PC. Subsequently, the employee only found out in June, that its home PC has become a victim of hackers. Since then, the hackers have demanded a payment of USD 5.5 million from Bithumb in exchange for the deleting of traders’ personal information.

In addition, it was estimated that around USD 7 million of digital money was stolen by the hackers as well which may surge in valuation to USD 82.7 million by now.

According to NIS, Bithumb was not the only exchange targeted by hackers, another exchange, Coinis was on the hackers’ crosshair as well and had its system breached in September 2017.

Then, the South Korea’s spy agency had also identified second “trademark” North Korea’s hacking attack on Coinis in October 2017. However, the second attack was reportedly thwarted based on the local media reports.

 

One third of trading platforms hacked: U.S. Homeland Security

South Korea is not alone in these cryptocurrency exchanges breaches. As a study funded by the U.S. Department of Homeland Security indicated that nearly one third of the bitcoin trading platforms had been hacked since the creation of bitcoin from 2009 to 2015 period. Following the hack, almost half of the bitcoin trading platforms were forced to close within the first six years.

Moreover, one of the biggest heist occurred at Tokyo’s MtGox exchange in early 2014, where around USD350 million values in bitcoins were pickpocketed by the hackers. It was heard that two years after the attack, many investors had yet to recover their deposits lost to the hacking.

 

Verdict

As the saying goes, “no risks, no gains”, cryptocurrency market being a new market does come with its own set of risks, and offers high return as well. The anonymity nature of the cryptocurrency has also made its perfect target for hackers, especially among the big exchanges where huge amount of cryptocurrency were stored.

Regulating and policing of this industry are still in its infancy and may need more time for the various authorities to plan and implement them to mitigate the cryptocurrency risk effectively.

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BREAKING NEWS

Ransom attacks on high profile Instagram accounts

Ransom attacks on high profile Instagram accounts

Ransom attacks on high profile Instagram accounts. There has been wave of attacks in which hackers demand bitcoin in order for the Instagram user to get their account back, they threaten to delete the account if the ransom isn’t paid.

 

There have been several victims of this attack, and they all claim to have received the same message from an attacker named “Pumpam”. The message lets the victim know that the hackers have possession of the account, and to email a particular address in order to start the recovery. It also mentions that the account will be deleted within 3 hours if there is no response.

 

Victims of the attack found that they could not recover the account through Instagram, as the account’s email address had been changed. This frustration and desperation to get possession of their accounts lead some users to pay the ransom. However, this wasn’t always successful, with some victims claiming that their account was still deleted.

 

Many of the victims feel let down by Instagram after they didn’t play an active role in helping them gain control of their accounts. Victims felt frustrated dealing with Instagram’s customer support when they only received generic responses to the issue, however this changed when vice’s tech arm Motherboard contacted Instagram about the issue and helped the users get possession back.

 

At present few details are known about the hacking campaign, including the hacker’s identities and where they are from. We urge Instagram users to be vigilant about their account security, make sure you have a secure password, that you back up your content in the event it is deleted, and don’t click on any nefarious looking links.

Photo by Katka Pavlickova on Unsplash

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BREAKING NEWS

50 Million accounts exposed after Facebook security breach

50 Million accounts exposed after Facebook security breach
50 Million accounts exposed after Facebook security breach. Facebook has revealed that almost 50 million of its users accounts were left exposed due to a security flaw. Facebook has more than two billion active monthly users, making security a high priority concern. The security breach has caused Facebook’s shares to drop by 3% on Friday, 28 September.

 

The breach was discovered this week, and is the latest controversy surrounding Facebook after British company Cambridge Analytica gained access to information of 87 million users, and the controversy surrounding disinformation in elections. However, this breach has been the largest in the company’s 14-year history.

 

Facebook has said the attackers exploited two bugs in the site’s “View as” feature. The feature, which was designed to give users a clearer view of their presence and more control over their privacy, allows users to check what information other people can see about them. The flaw allowed users to gain “access tokens” which allow access to accounts, through Facebook’s video-uploading program for birthday celebrations. Although it’s not yet known when the attack happened, it seems to occurred after the video-uploading program was introduced. Attacked attempted to harvest user’s personal identifiable information (PII). After the attack was discovered, Facebook forced 90 million users to log out. Facebook has not announced where in the world the 50 million users are.

 

There have been some major changes in Facebook’s security teams after its Chief Security Officer, Alex Stamos left in August this year for a teaching position at Stanford University. Facebook decided to split the team members so that security employees work within different teams across the company, in order to make security an innate part of Facebook.

 

Facebook’s data breach was a trending topic on Friday with users posting the breaking story as news outlets released it. User’s found that some of their posts were removed because Facebook’s algorithm saw them as suspicious activity or spam.

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BREAKING NEWS

US Online Retail Company suffered a data breach affecting 6.5 million customers

US Online Retail Company suffered a data breach affecting 6.5 million customers. SHEIN debuted in 2008, and steadily grew to become one of the most acclaimed online women’s fashion stores. Their aim is to provide cutting edge fashion with an affordable price tag. The website primarily caters to women age 16-35, and is US based but ships to over 80 countries.

They recently discovered that their servers had been compromised by hackers in an attack that spanned from June 2018 until 22 August 2018 when the threat was recognised. Once SHEIN were away of the threat, they acted immediately, scanning the servers for weaknesses that were exploited and removed all possible back door entry points to the servers.

SHEIN have been selective with what information they have shared with the public; however we do know that email addresses and encrypted password information was obtained from the attack. We recommend that if you have an account with SHEIN, that you change your password as soon as possible, it is also good practise to use different passwords as often as you can, and make them complex, a password manager can help you keep track of your passwords.

The only promising news about this incident is that SHEIN don’t believe any payment card details were obtained by the hackers. However, SHEIN have enlisted an international forensic cyber security team to conduct a thorough investigation into the breach, and as a result will update users on their data if new information comes to light over the coming months.

If you do believe your payment card information has been compromised, the best thing to do is to contact your bank immediately, they will be able to issue a new card and enact any necessary security measures.

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