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Monero (XRM) Becomes a Victim of Malware Mining

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Monero Mining Malware
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Monero unwillingly became a part of another fiasco, after a short crisis of having the majority of currencies trading in the red for a couple of days as a part of the latest market trend.

Even though we can see a great portion of currencies going up while acquiring minor rises after approximately four days of trading in the red with the plummeting market, Monero can’t seem to take a breath as it is trading in the red.

Although there are a couple of top coins that are also going down in the market as well as Monero in the current moment, XRM might have a solid good reason for having its value going down while trading in the red – the most recent case of malware mining that was discovered to the public a couple of days ago.

Monero Gets Victimized by a Mining Malware

A security researcher, named Troy Mursch, has recently announced that there was a mining malware program known as Coinhive, ravaging the mining pool of Monero. Apparently, the researcher has discovered suspicious activity related to Monero’s mining pool, which made Mursch believe that there was something wrong. Unfortunately, he was right about the existing issue.

The malware known under the non-suspicious name of Coinhive has been noted while creeping around over 400 websites that the malware used for illegal activities related to mining XRM.

The mining malware was actively hunting for victims across the list of websites that would be naturally considered to be safe for visitors and users, so the affected websites were web spots like San Diego Zoo and Lenovo. However, the list of affected sites goes even further.

For full transparency of this case and to notify all potential victims, Mursch has also released the list of affected websites where the activity of the initial mining malware was noted during the research.

What might be a terrifying case about having this mining malware actively disrupting Monero’s mining system is the fact that the majority of the affected websites were related to government and education, which made all the affected parties deeply unsuspecting considering that these websites have high authority on Google, presumably having a good solid security as well.

Another interesting thing regarding this case of crypto jacking is the fact that the most of the affected websites were all hosted by Amazon web hosting services, so Munsch could presume that the mining malware could find its way around security due to the outdated Drupal, which is an open-source CMS platform.

Munsch further added that he was able to trace the malware called Coinhive as it could be found in the JavaScript library. He further discovered that the malware was implemented into the system if the infected sites in the same manner, so it is presumed that the fault lies in the outdated Drupal.

Although the spotted malware isn’t malicious for the affected user in the form of disrupting the computer system of the victim, it is forcing the victim into using its CPU for mining Monero without the victim being aware of the fact.

Now that the malware has been spotted, the mentioned websites are working on preventing this problem in the future, while the price of XRM is dropping, partially due to this most recently discovered case of malware mining Monero.

How is Monero doing at the Current Moment?

After having the majority of the circulating currencies going up against the dollar after dropping for around four days in a row, the market seems to be collectively plummeting once again.

In addition to having the majority of currencies dropping once again with rarely having any of the top coins going up against the dollar, Monero is following up with the trend, which means that XRM is going down in its price as well.

After the latest change in the market, XRM has gone down for -13.9% (in last 24 hours) against the dollar while trading in the red at the time of this writing on May 10th.

Following the latest change in the market, Monero can be currently purchased at the price of 200.088$ per one unit. Monero set its all-time high back at the beginning of January when this currency could be traded at the price of around 494$, trying to break the value of 500$ in which it failed once the market dip took place a couple of weeks later.

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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 Christoph Scholz via Flickr

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How is the Crypto Market Changing?

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crypto market
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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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