There was a real pandemonium unleashed on the Middle Eastern internet users when it was discovered that an Egyptian telecom service provider, which is also one of the biggest telecom companies in Egypt, was taking advantage of their users by forcing them into unknowingly joining a coin hub where their computer power was being used for mining Monero without their knowledge or approval. This case is everything but ethical, and Monero is surely nor enjoying being linked to a malware mining, especially now when it is only one day far from getting a hard fork.
Monero: What exactly happened?
The malware mining case was discovered by the Citizen Lab from the University of Toronto, and they have stated that the Egyptian government is directly involved in this horribly unethical scenario.
More than 5000 users were taken advantage of in order to provide a power source for the Egyptian government that was working with one of Egypt’s largest telecom service providers. The users have been taken advantage of for mining Monero without even knowing, and as you know you get profit for getting involved in mining, so the Egyptian government was apparently trying to get rich by tricking internet users who weren’t suspecting anything.
Apparently, the telecom giant that was involved in this scam has been using a malware called AdHose. AdHose works by redirecting the internet users who gave their trust to this Egyptian telecom service provider to a virtual hub called Coinhive. Through the Coinhive, the users’ computer power and CPU were being used without them knowing for mining Monero, or alternatively for displaying adds. That way the service provider and the Egyptian government could have managed to collect a pretty flattering profit until they were discovered and traced by the Citizen Lab of Toronto.
The malware called AdHose apparently as discovered has two working modes. One of the modes is called “spray mode” and in this mode, if a user affected by this malware tries to reach any website, his or her attempt would result in having the user redirected either to a mining network called Coinhive or alternatively to an ad network.
It was discovered that back in January 2018, as discovered by a scan, that over 90% of users, which resulted in number 5700, was affected by this malware.
The second mode known to AdHose is “trickle mode”. In this mode, certain web addresses would lead affected users to two different websites as set up by the telecom service provider. One of the sites is copticpope.org, which was previously a website belonging to the pope of Coptic Orthodox Church seated in Alexandria. The other site the affected users were being directed to is Babylon-x.com, which was previously a porn site.
This malware is also said to be used for surveillance that Syria and Turkey governments performed over their citizens, that way prohibiting access to media such as Al-Jazeera, also prohibiting access to non-government organizations.
This was all made possible “thanks” to the device provided and manufactured by the company called Sandvine PocketLogic.
Sandvine, however, denies that they have the technology that would enable such operations, as well as that the report provided by Citizen Lab of Toronto, are not to be trusted as a reliable source.
Sandvine further claims that their technology has never been in contact with malware operations as well as that their product doesn’t allow the implementation of suspicious malware that would allow the Egyptian telecom service to redirect their users to the Coinhive. Although they claim that their devices do have the options of HTTP redirection, moreover they added that this feature is enabled and present in many different similar products.
Regardless of Sandvine’s claim, this technology was used for implementing spyware as indicated by Syrian and Turkey government, while it was also used from the side of the Egyptian government for unauthorized use of computer power for mining Monero.
How is Monero Doing at the Current Moment?
As Monero was expecting the launching of its hard fork that should occur tomorrow on March 14th, XMR had a pretty turbulent couple of weeks.
While Monero is said to be switched with MoneroV, where all Monero tokens would be switched with 10 MoneroV tokens, this currency had some amazing rises in its price, going over to trading around 350$ per one unit at the end of February and the beginning of March.
Things changed more than a bit, so Monero seems to be suffering from severe drops. The latest changed in price was marked by a drop of -11.06% against the dollar, which was a pretty defeating outcome for this currency.
Monero can now be bought at 251.43$ per one unit and is trading in the red. This doesn’t need to be a bad thing as this price enables investors to get their XRM at lower prices.
The things should hopefully get going upwards for Monero after the hard fork, as it usually the case that currencies get more on its monetary value after a change has been made like it is the case with hard forking.
We will be updating our subscribers as soon as we know more. For the latest on XMR, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Dennis Jarvis via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
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