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Rogue Developer Uses Popular Open Source Project to Steal Bitcoins

By Ryan Whitwam on November 27, 2018 at 3:02 pm This site may earn affiliate commissions from the links on this page. Terms of use. Living the cryptocurrency life might give you more control over your money, but it also comes with much more risk than old-fashioned fiat money. Some Bitcoin users are learning this…

Rogue Developer Uses Popular Open Source Project to Steal Bitcoins

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Living the cryptocurrency life might give you more control over your money, but it also comes with much more risk than old-fashioned fiat money. Some Bitcoin users are learning this lesson the hard way after developers discovered malicious code in a widely used open source code library. The goal, it seems, was to siphon off funds from users of the Copay crypto wallet. The scale of the breach is still under investigation, but things aren’t looking good.

The attack focuses on the event-stream JavaScript library, which many companies and other open source projects use to handle Node.js streaming data. You don’t need to know the specifics of how that all works — all you need to know is this library was extremely popular with almost 2 million weekly downloads. This library has existed for years with no issue, but that changed several months ago.

According to a GitHub thread, the original developer, Dominic Tarr grew tired of maintaining a library he no longer used. Someone emerged from the shadows with an offer to take over the project, and Tarr provided access. It probably would have been smart for Tarr to vet the new developer, but hindsight is 20/20.

The new dev, known only as “right9ctrl,” got right to work adding a new module called flatmap-steam in October. That update didn’t actually contain anything malicious — the new directory was empty. Other projects unknowingly integrated the updated code into their software, giving right9ctrl the opening they needed to attack. Earlier this month, the flatmap-steam module was updated with malicious code that attempted to steal Bitcoin and Bitcoin Cash wallets. If it was successful, the module transferred the coins to a server in Malaysia.

This attack specifically targeted the Copay wallet app, which uses the event-stream library. When deployed in that app, the code activated to compromise the private keys. BitPay, which makes the Copay wallet app, says that versions 5.0.2 through 5.1.0. A new v5.2 build is rolling out to remove the malicious code. The company recommends that everyone using an old app upgrade as soon as possible. Since the keys for the old wallet are most likely at risk, BitPay suggests transferring all funds to a new wallet in v5.2.

Anyone who lost cryptocurrency in this attack is probably out of luck. There’s no way to track the perpetrator unless they were especially sloppy, and cryptocurrency isn’t protected by deposit insurance like traditional money in banks. If it gets stolen, it’s gone.

Now read: Great, Now Games Are Hijacking Systems With Cryptocurrency Miners, Nvidia Says GPU Sales for Crypto Mining Have Dried Up, and Mining Cryptocurrency Uses More Energy Than Actual Mining


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Mining News

Eidoo BrandVoice: Goldenugget: A New Stablecoin Pegged To Real Gold

At a time when stablecoins are becoming increasingly popular in the crypto market, the Goldenugget project, which has been active in the gold mining business since 2011, has decided to launch its own ERC20 token, GN Token.The overall objective is to raise about 20 million euros for fixed assets, such as the purchase of machinery,…

Eidoo BrandVoice: Goldenugget: A New Stablecoin Pegged To Real Gold
The overall objective is to raise about 20 million euros for fixed assets.

The overall objective is to raise about 20 million euros for fixed assets, such as the purchase of machinery, concessions, authorisations, etc., and to finance working capital, so that mining can begin.

Getty

The issuing company, the Swiss Pieffe Consulting SA, will finance an environmentally friendly gold mining activity in Ghana, thanks to the issuance of its own Token on the Ethereum Blockchain.

The proposal is to offer a return to all investors who, after acquiring the utility token, can exchange it with other investors, or use it immediately to buy gold mined in West Africa. Those who buy the token now will benefit from a percentage surcharge, making the purchase more convenient.

By doing so, Goldenugget will then issue a new security token that can be purchased with the utility token. The token, in fact, will have as its underlying the raw material and it will be possible to trade it for gold and/or produce interest.

The overall objective is to raise about 20 million euros for fixed assets, such as the purchase of machinery, concessions, authorisations, etc., and to finance working capital, so that mining can begin.

The benefits of a stablecoin

The volatility of cryptocurrencies is not a novelty and stablecoins are increasingly establishing themselves as a means to facilitate the entry of people into this sector.

With the value of cryptocurrencies fluctuating daily, stablecoins can solve not only the problem of volatility but also be a way to break down territorial barriers and thus solve problems related to currency exchange. In addition, stablecoins can help traders to avoid having to convert their crypto into fiat currency, resulting in funds having to be transferred to their bank account, risking the closure of their account. It would not be the first time that banks decided to close an account because it was linked to an exchange.

An IEO (Initial Exchange Offering)

The token will be backed by gold and the token sale will not be carried out through a traditional ICO, but through an IEO (Initial Exchange Offering), as the sale will occur directly on the Eidoo exchange.

The token issuance will be carried out by a Swiss company based in Canton Ticino, the Pieffe Consulting SA, which will deal with the marketing of gold.

The founders of the company are Ettore Massimiliano Nassetti and Roberto Piras Arrobbio and have known each other since their college days in Switzerland. They have decided to combine their senior experiences and friendship for this revolutionary blockchain project.

Mr. Nassetti, Founder and President of Goldenugget comes from a family of Entrepreneurs in various industries such as motorcycles, hospital equipment and ceramic machines, dating back to the 1920’s. He spent the last 30 years living and working in various countries in Asia developing the family businesses. He has spent the last 6 years in Ghana (West Africa) managing the gold related family business.

Mr. Piras Arrobbio, Co-Founder, comes from a family of diplomats and has been active in the trading of ferrous and non-ferrous metals since the early 1990’s. In his life he has travelled and lived in countries all over the world, acquiring experience in the mining and metals industry.

It is estimated that, once fully implemented, the total turnover of the mining activity could reach approximately EUR 20 million for the first year and then increase exponentially as a result of new investments.

The token is classified as a utility token because its purpose is to allow access to the blockchain-based platform for the purchase of gold. The specific function of the token is to allow users of the platform to buy physical gold from Pieffe Consulting SA, extracted by AfroCo, at a fixed price.

This means that the value of the token should remain relatively stable (hence the concept of stablecoin) since it can only be used to buy gold on the already created and existing blockchain platform.

Goldenugget Auctions

In addition, Pieffe Consulting SA periodically intends to promote auctions on the platform, the participation of which will be reserved for token holders. The auctions will be dedicated to the blockchain-based financial instruments of the platform with gold as the underlying.

These auctions will be held in the form of a Dutch auction, in which gold is offered at a price gradually decreasing until a minimum is reached that still guarantees a margin of profit for the company compared to production costs

At a later stage, the platform plans to also offer for sale other precious metals and/or commodities, in addition to gold, essentially replicating the same business model.

“>

At a time when stablecoins are becoming increasingly popular in the crypto market, the Goldenugget project, which has been active in the gold mining business since 2011, has decided to launch its own ERC20 token, GN Token.

The overall objective is to raise about 20 million euros for fixed assets.

The overall objective is to raise about 20 million euros for fixed assets, such as the purchase of machinery, concessions, authorisations, etc., and to finance working capital, so that mining can begin.

Getty

The issuing company, the Swiss Pieffe Consulting SA, will finance an environmentally friendly gold mining activity in Ghana, thanks to the issuance of its own Token on the Ethereum Blockchain.

The proposal is to offer a return to all investors who, after acquiring the utility token, can exchange it with other investors, or use it immediately to buy gold mined in West Africa. Those who buy the token now will benefit from a percentage surcharge, making the purchase more convenient.

By doing so, Goldenugget will then issue a new security token that can be purchased with the utility token. The token, in fact, will have as its underlying the raw material and it will be possible to trade it for gold and/or produce interest.

The overall objective is to raise about 20 million euros for fixed assets, such as the purchase of machinery, concessions, authorisations, etc., and to finance working capital, so that mining can begin.

The benefits of a stablecoin

The volatility of cryptocurrencies is not a novelty and stablecoins are increasingly establishing themselves as a means to facilitate the entry of people into this sector.

With the value of cryptocurrencies fluctuating daily, stablecoins can solve not only the problem of volatility but also be a way to break down territorial barriers and thus solve problems related to currency exchange. In addition, stablecoins can help traders to avoid having to convert their crypto into fiat currency, resulting in funds having to be transferred to their bank account, risking the closure of their account. It would not be the first time that banks decided to close an account because it was linked to an exchange.

An IEO (Initial Exchange Offering)

The token will be backed by gold and the token sale will not be carried out through a traditional ICO, but through an IEO (Initial Exchange Offering), as the sale will occur directly on the Eidoo exchange.

The token issuance will be carried out by a Swiss company based in Canton Ticino, the Pieffe Consulting SA, which will deal with the marketing of gold.

The founders of the company are Ettore Massimiliano Nassetti and Roberto Piras Arrobbio and have known each other since their college days in Switzerland. They have decided to combine their senior experiences and friendship for this revolutionary blockchain project.

Mr. Nassetti, Founder and President of Goldenugget comes from a family of Entrepreneurs in various industries such as motorcycles, hospital equipment and ceramic machines, dating back to the 1920’s. He spent the last 30 years living and working in various countries in Asia developing the family businesses. He has spent the last 6 years in Ghana (West Africa) managing the gold related family business.

Mr. Piras Arrobbio, Co-Founder, comes from a family of diplomats and has been active in the trading of ferrous and non-ferrous metals since the early 1990’s. In his life he has travelled and lived in countries all over the world, acquiring experience in the mining and metals industry.

It is estimated that, once fully implemented, the total turnover of the mining activity could reach approximately EUR 20 million for the first year and then increase exponentially as a result of new investments.

The token is classified as a utility token because its purpose is to allow access to the blockchain-based platform for the purchase of gold. The specific function of the token is to allow users of the platform to buy physical gold from Pieffe Consulting SA, extracted by AfroCo, at a fixed price.

This means that the value of the token should remain relatively stable (hence the concept of stablecoin) since it can only be used to buy gold on the already created and existing blockchain platform.

Goldenugget Auctions

In addition, Pieffe Consulting SA periodically intends to promote auctions on the platform, the participation of which will be reserved for token holders. The auctions will be dedicated to the blockchain-based financial instruments of the platform with gold as the underlying.

These auctions will be held in the form of a Dutch auction, in which gold is offered at a price gradually decreasing until a minimum is reached that still guarantees a margin of profit for the company compared to production costs

At a later stage, the platform plans to also offer for sale other precious metals and/or commodities, in addition to gold, essentially replicating the same business model.

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Mining News

Range Bound Markets With No Fresh Direction

Yesterday began with some small losses across the aboard although still well within Monday’s ranges. Bitcoin (BTC)  was at $5,180 and Ethereum (ETH) at $176.40. LTC sits at $86.50. As the day progressed it had a similar feeling to Monday – range bound but directionless. BTC strayed only $20 either side of $5,200 and ETH played a similar game…

Range Bound Markets With No Fresh Direction

Getty

Yesterday began with some small losses across the aboard although still well within Monday’s ranges. Bitcoin (BTC)  was at $5,180 and Ethereum (ETH) at $176.40. LTC sits at $86.50. As the day progressed it had a similar feeling to Monday – range bound but directionless.

BTC strayed only $20 either side of $5,200 and ETH played a similar game at $176. And LTC ended right where it started. There is nothing wrong with a period of consolidation after such aggressive moves.

However, the next leg from here is far from clear and there may be plenty of room for corrections and still technically be in the uptrend. The only news of note was a Reuters headline that China is potentially banning crypto mining. This should not come as a surprise and seems to have garnered both positive and negative reactions. For now, the market impact has been negligible.

Technical Analysis

It is always a challenge to show something interesting on a day of unclear direction. Time to look at  XRP again and compare it to BTC since the end of 2018. As you can see from the hourly chart below XRP (green and red) actually finished last year outperforming BTC (orange).

Then a period of highly correlated movement before BTC began to dominate in early March and then completely outperform in April. 

It’s hard to pinpoint why XRP is lagging although the resistance around $0.3800 seems a step too far for now. If it can break above there, maybe it will play some catch-up. 

But for now, the momentum to do so appears lacking.    

10 April 2019, David Hannigan. trade.io

10 April 2019, David Hannigan. trade.io

Tuesday’s biggest winner and loser

Tuesday’s biggest winner and loser

With additional commentary & technical analysis by David Hannigan, Chief Dealer, trade.io.

Disclaimer: All opinions expressed by Jim Preissler are solely his opinions and do not reflect the opinions of Forbes, Forbes CryptoMarkets, their parent company or affiliates.

“>

Yesterday began with some small losses across the aboard although still well within Monday’s ranges. Bitcoin (BTC)  was at $5,180 and Ethereum (ETH) at $176.40. LTC sits at $86.50. As the day progressed it had a similar feeling to Monday – range bound but directionless.

BTC strayed only $20 either side of $5,200 and ETH played a similar game at $176. And LTC ended right where it started. There is nothing wrong with a period of consolidation after such aggressive moves.

However, the next leg from here is far from clear and there may be plenty of room for corrections and still technically be in the uptrend. The only news of note was a Reuters headline that China is potentially banning crypto mining. This should not come as a surprise and seems to have garnered both positive and negative reactions. For now, the market impact has been negligible.

Technical Analysis

It is always a challenge to show something interesting on a day of unclear direction. Time to look at  XRP again and compare it to BTC since the end of 2018. As you can see from the hourly chart below XRP (green and red) actually finished last year outperforming BTC (orange).

Then a period of highly correlated movement before BTC began to dominate in early March and then completely outperform in April. 

It’s hard to pinpoint why XRP is lagging although the resistance around $0.3800 seems a step too far for now. If it can break above there, maybe it will play some catch-up. 

But for now, the momentum to do so appears lacking.    

10 April 2019, David Hannigan. trade.io

10 April 2019, David Hannigan. trade.io

Tuesday’s biggest winner and loser

Tuesday’s biggest winner and loser

With additional commentary & technical analysis by David Hannigan, Chief Dealer, trade.io.

Disclaimer: All opinions expressed by Jim Preissler are solely his opinions and do not reflect the opinions of Forbes, Forbes CryptoMarkets, their parent company or affiliates.

Source

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