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Encryption Software Market is poised to grow at a CAGR of +16% by … – Digital Journal

PRESS RELEASE

Published April 3, 2023

New Jersey, N.J. A2Z Market Research announces the release of Encryption Software Market research report. The market is predicted to grow at a healthy pace in the coming years. Encryption Software Market 2022 research report presents an analysis of market size, share, and growth, trends, cost structure, and statistical and comprehensive data of the global market.

Encryption software is an application used by organizations to protect their data while sharing it from one remote location to another. The key objective of the encryption software is to improve data security from unauthorized users. In addition, increase in number of organizations across the globe use encryption to address their growing concerns of data safety and data privacy compliance regulations.

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Note - In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

Top Key Players Profiled in this report are:

IBM (US), Microsoft (US), Broadcom (US), Sophos (UK),Thales (France), McAfee (US), Trend Micro (Japan), Dell (US), Check Point (Israel), Micro Focus (UK), PKWare (US), ESET (Slovakia), Boxcryptor (Germany), WinMagic (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), Cisco (US), HPE (US), Bitglass (US), Baffle (US), Fortanix (US), Enveil (US), Nord Security (Panama), PreVeil (US).,

The key questions answered in this report:

Various factors are responsible for the market's growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Encryption Software market. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market. The influence of the latest government guidelines is also analyzed in detail in the report. It studies the Encryption Software market's trajectory between forecast periods.

Global Encryption Software Market Segmentation:

Market Segmentation: By Type

Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption,

Market Segmentation: By Application

Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption,

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Regions Covered in the Global Encryption Software Market Report 2023:? The Middle East and Africa (GCC Countries and Egypt)? North America (the United States, Mexico, and Canada)? South America (Brazil etc.)? Europe (Turkey, Germany, Russia UK, Italy, France, etc.)? Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

The cost analysis of the Global Encryption Software Market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend. Other factors such as Supply chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market. Buyers of the report will also be exposed to a study on market positioning with factors such as target client, brand strategy, and price strategy taken into consideration.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Encryption Software market.

Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.

Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Encryption Software market.

Table of Contents

Global Encryption Software Market Research Report 2023 - 2029

Chapter 1 Encryption Software Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Encryption Software Market Forecast

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The A2Z Market Research library provides syndication reports from market researchers around the world. Ready-to-buy syndication Market research studies will help you find the most relevant business intelligence.

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The company helps clients build business policies and grow in that market area. A2Z Market Research is not only interested in industry reports dealing with telecommunications, healthcare, pharmaceuticals, financial services, energy, technology, real estate, logistics, F & B, media, etc. but also your company data, country profiles, trends, information and analysis on the sector of your interest.

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Rorschach A New Sophisticated and Fast Ransomware – Check Point Research

Research by:Jiri Vinopal, Dennis Yarizadeh and Gil Gekker

Key Findings

While responding to a ransomware case against a US-based company, the CPIRT recently came across a unique ransomware strain deployed using a signed component of a commercial security product. Unlike other ransomware cases, the threat actor did not hide behind any alias and appears to have no affiliation to any of the known ransomware groups. Those two facts, rarities in the ransomware ecosystem, piqued CPR interest and prompted us to thoroughly analyze the newly discovered malware.

Throughout its analysis, the new ransomware exhibited unique features. A behavioral analysis of the new ransomware suggests it is partly autonomous, spreading itself automatically when executed on a Domain Controller (DC), while it clears the event logs of the affected machines. In addition, its extremely flexible, operating not only based on a built-in configuration but also on numerous optional arguments which allow it to change its behavior according to the operators needs. While it seems to have taken inspiration from some of the most infamous ransomware families, it also contains unique functionalities, rarely seen among ransomware, such as the use of direct syscalls.

The ransomware note sent out to the victim was formatted similarly to Yanluowang ransomware notes, although other variants dropped a note that more closely resembled DarkSide ransomware notes (causing some to mistakenly refer to it as DarkSide). Each person who examined the ransomware saw something a little bit different, prompting us to name it after the famous psychological test Rorschach Ransomware.

Execution Flow

As observed in the wild, Rorschach execution uses these three files:

Upon execution of cy.exe, due to DLL side-loading, the loader/injector winutils.dll is loaded into memory and runs in the context of cy.exe. The main Rorschach payload config.ini is subsequently loaded into memory as well, decrypted and injected into notepad.exe, where the ransomware logic begins.

Figure 1 Rorschachs High Level Execution Flow on both endpoints and on Domain Controllers.

Rorschach spawns processes in an uncommon way, running them in SUSPEND mode and giving out falsified arguments to harden analysis and remediation efforts. The falsified argument, which consists of a repeating string of the digit 1 based on the length of the real argument, rewritten in memory and replaced with the real argument, resulting in a unique execution:

Figure 2 Rorschachs process tree spawns processes with falsified arguments.

The ransomware uses this technique to run the following operations:

When executed on a Windows Domain Controller (DC), the ransomware automatically creates a Group Policy, spreading itself to other machines within the domain. Similar functionality was linked in the past to LockBit 2.0, although the Rorschach Ransomware GPO deployment is carried out differently, as described below:

Our colleagues in AhnLab published a more thorough behavioral analysis of another Rorschach variant which provides further details into the operations.

In addition to the ransomwares uncommon behavior described above, the Rorschach binary itself contains additional interesting features, differentiating it further from other ransomware.

The actual sample is protected carefully, and requires quite a lot of work to access. First, the initial loader/injector winutils.dll is protected with UPX-style packing. However, this is changed in such a way that it isnt readily unpacked using standard solutions and requires manual unpacking. After unpacking, the sample loads and decrypts config.ini, which contains the ransomware logic.

After Rorschach is injected into notepad.exe, its still protected by VMProtect. This results in a crucial portion of the code being virtualized in addition to lacking an IAT table. Only after defeating both of these safeguards is it possible to properly analyze the ransomware logic.

Although Rorschach is used solely for encrypting an environment, it incorporates an unusual technique to evade defense mechanisms. It makes direct system calls using the syscall instruction. While previously observed in other strains of malware, its quite startling to see this in ransomware.

The procedure involves utilizing the instruction itself, and it goes as follows:

In other words, the malware first creates a syscall table for NT APIs used for file encryption:

Figure 3 Creation of syscall table for certain NT APIs.

The end of the table is a section with the relevant syscall numbers:

Figure 4 Section containing the syscall table.

The example below shows how the syscall numbers are used:

Figure 5 Example use of direct syscall.

This obfuscated process is not required for the ransomware encryption logic, which suggests it was developed to bypass security solutions monitoring direct API calls.

In addition to the hardcoded configuration, the ransomware comes with multiple built-in options, probably for the operators comfort. All of them are hidden, obfuscated, and not accessible without reverse-engineering the ransomware. This table contains some of the arguments that we discovered:

This is only a partial list, with additional arguments suggesting networking capabilities, such as listen, srv and hostfile.

Example of how some of these arguments are used:

Before encrypting the target system, the sample runs two system checks that can halt its execution:

The Rorschach ransomware employs a highly effective and fast hybrid-cryptography scheme, which blends the curve25519 and eSTREAM cipher hc-128 algorithms for encryption purposes. This process only encrypts a specific portion of the original file content instead of the entire file. The WinAPI CryptGenRandom is utilized to generate cryptographically random bytes used as a per-victim private key. The shared secret is calculated through curve25519, using both the generated private key and a hardcoded public key. Finally, the computed SHA512 hash of the shared secret is used to construct the KEY and IV for the eSTREAM cipher hc-128.

Figure 6 The Rorschach hybrid-cryptography scheme.

Analysis of Rorschachs encryption routine suggests not only the fast encryption scheme mentioned previously but also a highly effective implementation of thread scheduling via I/O completion ports. In addition, it appears that compiler optimization is prioritized for speed, with much of the code being inlined. All of these factors make us believe that we may be dealing with one of the fastest ransomware out there.

To verify our hypothesis, we conducted five separate encryption speed tests in a controlled environment (with 6 CPUs, 8192MB RAM, SSD, and 220000 files to be encrypted), limited to local drive encryption only. To provide a meaningful comparison with other known fast ransomware, we compared Rorschach with the notorious LockBit v.3.

The result of the speed tests:

It turned out that we have a new speed demon in town. Whats even more noteworthy is that the Rorschach ransomware is highly customizable. By adjusting the number of encryption threads via the command line argument -thread, it can achieve even faster times.

When we compared Rorschach to other well-known ransomware families, we noticed that Rorschach uses a variety of time-honored methods together with some novel ideas in the ransomware industry. The name itself, Rorschach, is quite self-explanatory; with deep reverse engineering of the code and its logic, we found certain similarities with some of the more technically advanced and established ransomware groups.

We discussed Rorschachs hybrid-cryptography scheme in detail above, but we suspect that this routine was borrowed from the leaked source code of Babuk ransomware. See the following code snippets as examples:

Figure 7 Hybrid-cryptography scheme of Rorschach vs.Babuk.

Rorschachs inspiration from Babuk is evident in various routines, including those responsible for stopping processes and services. In fact, the code used to stop services through the service control manager appears to have been directly copied from Babuks source code:

Figure 8 Stopping predefined list of services Rorschach vs.Babuk.

It is also worth noting that the list of services to be stopped in Rorschachs configuration is identical to that in the leaked Babuk source code. However, the list of processes to be stopped differs slightly, as Rorschach omits notepad.exe, which is used as a target for code injection.

Rorahsach takes inspiration from another ransomware strain: LockBit. First, the list of languages used to halt the malware is exactly the same list that was used in LockBit v2.0 (although the list is commonly used by many Russian speaking groups, and not just LockBit). However, the I/O Completion Ports method of thread scheduling ****is another component where Rorschach took some inspiration from LockBit. The final renaming of the encrypted machine files in Rorschach is implemented via NtSetInformationFile using FileInformationClass FileRenameInformation, just like in LockBit v2.0.

Figure 9 Renaming of encrypted file using NtSetInformationFile.

As noted before, Rorschachs code is protected and obfuscated in a way that is unusual for ransomware, and is compiled with compiler optimization to favor speed and code inlining as much as possible. This makes finding similarities with other well-known ransomware families a real brain-buster. But we can still say that Rorschach took the best from the ransomware families with the highest reputation, and then added some unique features of its own.

As we noted, Rorschach does not exhibit any clear-cut overlaps with any of the known ransomware groups but does appear to draw inspiration from some of them.

We mentioned previously that Ahnlab reported a similar attack earlier this year. While it was carried out through different means, the ransomware described in the report triggers an almost identical execution flow. However, the resulting ransom note was completely different. The note was actually very similar to those issued by DarkSide, which probably led to this new ransomware being named DarkSide, despite the group being inactive since May 2021.

The Rorschach variant we analyzed leaves a different ransom note based on the structure used by Yanlowang, another ransomware group:

Figure 10 Ransom note from Rorschach.

Our analysis of Rorschach reveals the emergence of a new ransomware strain in the crimeware landscape. Its developers implemented new anti-analysis and defense evasion techniques to avoid detection and make it more difficult for security software and researchers to analyze and mitigate its effects. Additionally, Rorschach appears to have taken some of the best features from some of the leading ransomwares leaked online, and integrated them all together. In addition to Rorschachs self-propagating capabilities, this raises the bar for ransom attacks. The operators and developers of the Rorschach ransomware remain unknown. They do not use branding, which is relatively rare in ransomware operations.

Our findings underscore the importance of maintaining strong cybersecurity measures to prevent ransomware attacks, as well as the need for continuous monitoring and analysis of new ransomware samples to stay ahead of evolving threats. As these attacks continue to grow in frequency and sophistication, it is essential for organizations to remain vigilant and proactive in their efforts to safeguard against these threats.

Harmony Endpoint provides runtime protection against ransomware with instant automated remediation, even in offline mode.

When running on a machine infected with the Rorschach ransomware, Harmony Endpoint Anti-ransomware detected the encryption process in different folders, including modifications made to Harmony Endpoint honeypot files. It ran a ranking algorithm that provided a verdict identifying the process as a ransomware.

The following services are stopped through a GPO issued by Rorschach, probably to prevent conflicting write orders to Database files (and thus preventing encryption):

SQLPBDMSSQLPBENGINEMSSQLFDLauncherSQLSERVERAGENTMSSQLServerOLAPServiceSSASTELEMETRYSQLBrowserSQL Server Distributed Replay ClientSQL Server Distributed Replay ControllerMsDtsServer150SSISTELEMETRY150SSISScaleOutMaster150SSISScaleOutWorker150MSSQLLaunchpadSQLWriterSQLTELEMETRYMSSQLSERVER

The following processes are killed using a group policy (scheduled task) issued by Rorschach executing C:windowssystem32taskkill.exe. Some are likely terminated to prevent write conflicts, and some are security solutions:

wxServer.exewxServerView.exesqlmangr.exeRAgui.exesupervise.exeCulture.exeDefwatch.exehttpd.exesync-taskbarsync-workerwsa_service.exesynctime.exevxmon.exesqlbrowser.exetomcat6.exeSqlservr.exe

The following is a list of services, hardcoded in its configuration, to be stopped via the service control manager:

The following is a hardcoded list of directories and files to be omitted from encryption:

The following is a list of process names that during Rorschachs execution these names are compared to those running on the machine and killed if matched. This is done through a combination of CreateToolhelp32Snapshot, Process32FirstW, Process32NextW, OpenProcess, and TerminateProcess. There is some overlap and redundancy to the list of services killed via the service control manager.

Transferring its own files to each workstation:

Executing a scheduled task to run the attack:

**REDACTED**Administrador %LogonDomain%%LogonUser% InteractiveToken HighestAvailable PT10M PT1H false false IgnoreNew false false true true true false P3D 7 true true %Public%cy.exe run=**REDACTED**

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Researchers reviewed recent progress of organic room-temperature … – EurekAlert

image:A summary of recent progress aims at application of room temperature phosphorescent materials in luminescence and display, environmental detections and bioimaging. view more

Credit: Xiang Ma, East China University of Science and Technology

Organic materials with room-temperature phosphorescence (RTP) emission have attracted extensive attention due to extraordinary properties including long lifetime, large Stokes shift, stimuli-responsiveness, and so on, and show bright prospects in broad fields. However, the energy of the excited state of organic phosphors is easily consumed through thermal radiation and collision deactivation. Therefore, numerous design strategies such as creating a rigid environment through crystallization and supramolecular assembly are employed to improve the luminescent characteristics of RTP materials by restricting nonradiative transition, enhancing intersystem crossing, and so forth. A team of scientists summarizes the recent progress of organic RTP materials from the perspective of practical applications including luminescence and display, environmental detection, and bioimaging. Based on their works, the requirements of organic RTP materials for different applications are summarized, which may bring enlightenment to the future application research of RTP materials. This review was published in the journal Industrial Chemistry & Materials in Mar. 2023.

Organic light-emitting diodes (OLEDs) have shown excellent performance on display screens recently, while only 25% of singlet excitons in fluorescent materials can be utilized to emit light. Therefore, the harvesting of singlet excitons and triplex excitons to achieve 100% theoretical internal quantum efficiency makes phosphorescent materials attractive. "Relevant scientific researchers have designed many organic light-emitting diodes based on RTP with high external quantum efficiency by using different strategies, which far exceeds the 5% theoretical limit for typical fluorescent materials", said Ma, a professor at East China University of Science and Technology, China.

Due to UV irradiation and the different lifetime of RTP emission, anti-counterfeiting or data encryption based on RTP materials has become a common and popular application. In addition to simple anti-counterfeiting and data encryption based on the on-off of UV light, the different lifetimes of RTP materials provide a feasible way to realize multiple anti-counterfeiting or data encryption by using time resolution techniques. Besides, the chemical-responsive RTP is also a potential means to realize multiple anti-counterfeiting. In addition to the applications above, RTP materials have also been studied for two rare but meaningful applications, printing, and visualization of latent fingerprints, due to their unique luminous properties.

"As we all know, many factors affect the luminescence properties of RTP materials, such as oxygen, temperature, and so on", Ma said. "So chemical sensors based on RTP are also an indispensable research direction, which can produce practical applications in environmental detection". The spin triplet property of ground state oxygen makes it easy for O2 to quench the triplet excitons of RTP materials, which makes RTP materials ideal candidates for O2 detection. Generally, the decreasing phosphorescent intensity and lifetime can both be utilized to realize quantitative detection of oxygen. Temperature is also a significant external environmental factor to affect RTP emission because the high temperature will enhance nonradiative transition, and thus the corresponding RTP materials are developed for temperature sensing. In addition, the quenching effect of small organic molecules on RTP emission makes chemical sensors based on RTP materials possible.

Optical imaging plays an important role in biomedical and clinical research. Compared with fluorescence, RTP has a longer lifetime at a longer wavelength which is beneficial to eliminate fluorescence background interference and scattered light and gain a higher signal-to-noise ratio (SBR). Although RTP materials have many advantages in bioimaging, non-radiative decay and quenchers in aqueous solutions seriously hinder their practical application. Researchers innovatively proposed a supramolecular self-assembly strategy and top-down nanoparticle formulation to achieve stable phosphorescence at room temperature in an aqueous solution. Therefore, the researchers not only successfully constructed near-infrared phosphorescent materials with high resolution and deep penetration, but also developed RTP materials with long-wavelength excitation and phosphorescent emission simultaneously, effectively avoiding the damage of ultraviolet light to organisms. These works show huge potential application value in biological imaging.

Although organic room temperature phosphorescent materials constructed by different strategies are widely used in various fields due to different luminescence properties, there is still huge research space to fabricate more excellent applied RTP materials. Therefore, the team also discusses how to overcome the challenges and the prospect of phosphorescent materials. To obtain efficient organic light-emitting diodes, phosphorescent materials need to meet the characteristics of high quantum yield and short lifetime, while RTP materials for anti-counterfeiting and encryption often require rich luminous colors and perform differently with UV excitation. And the application in biological imaging demands RTP materials to have longer wavelengths and lifetime to eliminate fluorescence background interference and gain a higher signal-to-noise ratio. Moreover, the application scope should be broadened due to the extraordinary optical properties of RTP materials. Further exploration of RTP materials will not only contribute to a deeper understanding of photoluminescence but promote the practical application of photoelectric functional materials in our life.

Industrial Chemistry & Materialsis a peer-reviewed interdisciplinary academic journal published by Royal Society of Chemistry (RSC) with APCs currently waived. Icm publishes significant innovative research and major technological breakthroughs in all aspects of industrial chemistry and materials, especially the important innovation of the low-carbon chemical industry, energy, and functional materials.

Industrial Chemistry and Materials

Literature review

Not applicable

Recent progress with the application of organic room-temperature phosphorescent materials

3-Mar-2023

Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.

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How Cloudflare’s wall of lava lamps helps keep the internet safe – XDA Developers

The internet is a vast place made up of near-limitless servers, and some of the biggest websites need to rely on Content Distribution Networks (CDN) to ensure their sites are available to the masses. These servers are spread out across the globe to serve versions of a website in a locality, meaning that users experience reduced latency while also spreading out the requests of a global user base across multiple servers. Cloudflare is one of the largest providers of CDNs in the world, so companies and people alike rely on it.

Giving control of huge portions of your website to a third party requires a lot of trust, and Cloudflare has a number of novel solutions to modern-day problems. One of the most interesting is the company's wall of lava lamps, which serves as a way to guarantee the strength of the encryption that it employs for delivering pages to users. While it sounds crazy at first, its importance is due to a cryptographic concept called entropy.

Computers, being logical devices, struggle with generating randomness. They need some data to base the creation of "random" off of, and if you can predict the original data it uses, it's not actually random anymore. That's how the real world can help by generating entropy. Entropy in the real world typically refers to disorder, but in cryptography, it refers to unpredictability. This is better for encryption because a higher level of entropy in data means little to no meaningful patterns can be found.

Encryption is a predictable process, in the sense that the encrypted data plus the right key will give you access to the decrypted data, but encryption keys need to be unpredictable, or else an attacker can try to detect patterns. If the key used isn't random enough, then the data is at risk of being compromised by an attacker. That's where lava lamps come in. They're an inherently random variable that will always change.

Generating randomness is important to create entropy, and it doesn't get a lot more random than a picture taken of 100 lava lamps at any time of the day in different lighting conditions, in different positions, and even with people occasionally crossing in front of the camera. That's why Cloudflare dubs it the "Wall of Entropy."

Images stored as data on a computer are just a string of 1s and 0s at the end of the day, and minor changes in a photo can mean those strings massively change. As a result, each image becomes a random cryptographic "seed" that can be used for generating secure encryption keys.

These encryption keys are generated using a pseudorandom number generator that takes this seed as input. If you've ever played Minecraft and used a custom seed to generate a world, then you have experience with these. The seed is seemingly random to you, but if you create a world with the same seed every time you'll end up with the same world every time, too. The same applies in cryptography, and the same input to create encryption keys will give the same encryption keys every time. That's why the changing input value of an image taken of lava lamps offers that additional layer of security.

Lava lamps are an inherently random variable that will always change.

However, there's nothing particularly special about lava lamps, and it's why Cloudflare has two other projects to achieve a similar goal. I reached out to the company, and a spokesperson told me about two other similar projects, one of which is currently being built.

The first, in the company's London office, is known as the "Chaotic Pendulums." The movements are chaotic and "practically impossible" to predict, and Cloudflare uses readings from those devices to make long strings of numbers for key generation.

The second, which is currently under construction in the company's Austin office, is called "Suspended Rainbows." How it works is pretty cool, too. Entropy is generated via patterns projected on walls, the ceiling, and the floor, and mobiles with various shapes and colors are suspended in the air. The company also says that "as the mobiles rotate and the light sources fluctuate during the day, unique arrangements of the light spectrum and reflections create a colorful display in the room."

If the camera turns off and the company has to fall back on a different process for key generation, there are alternatives. The company has other sources of randomization, including the above pendulums, the upcoming suspended rainbows system, and previously, uranium decay measurements that were taken at the company's Singapore office.

Not only that, but given that the camera is in a Cloudflare-owned building filled with employees, it's a quick and painless process to quickly fix the camera, turn it back on, or replace it if needs be.

Given that computers cannot inherently generate true randomness, the Wall of Entropy is a novel solution to a problem that has plagued computers since their inception. A "random" function that you can call in a programming language isn't truly random, and for example, in C, you might use the current Unix epoch as your seed for "random" generation. That poses its own problems, and for a company of Cloudflare's scale, isn't the safest.

As you browse the internet and navigate a swathe of content distribution networks operated by the likes of Cloudflare, rest assured that a wall of lava lamps in San Francisco is part of the security system that keeps your browsing safe.

See the article here:
How Cloudflare's wall of lava lamps helps keep the internet safe - XDA Developers

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6 Tricks That Wont Secure Your Wi-Fi (And 6 That Will) – How-To Geek

Jordan Gloor / How-To Geek

There are a lot of Wi-Fi security tips that sound great on paper, but don't secure your Wi-Fi network against intrusion. Skip them and focus on these security-enhancing tips and tricks.

Like anything related to computer and network security, quite a few oft-repeated Wi-Fi security tricks dont help at all. Here are the tips and tricks you should avoid and an equal number you should be sure to use.

Lets start by looking at the tips and tricks that dont do much (or anything) to secure your home Wi-Fi network.

One thing worth noting before we dig in is that not only do these tips do little-to-nothing to make your network more secure, they can make it a hassle for you and everyone else in your household to use the network. So its best just outright to skip them instead of trying them out with a Well, it cant hurt, right? attitude.

If there were an award ceremony for bad security tips, the advice to hide your Wi-Fi networks name (the SSID, or Service Set Identifier) would surely be the lifetime achievement award winner.

The popularity of the tip hinges on how cool it seems, not how effective it is in the real world. At first glance, turning off the SSID broadcast for your router seems like it would put your Wi-Fi router into some sort of stealth mode, like donning an invisibility cloak.

But in reality, turning off the SSID doesnt do anythingand only hides your network from people who wouldnt have the skill set to break into your network in the first place. And, worse yet, it just makes it inconvenient to use your own home network.

While theres nothing wrong with changing your Wi-Fis SSID as part of a general refresh of your setup and security settings, just changing it from SomeWirelessNetwork to SomeOtherWirelessNetwork wont do much.

Its about as effective, security-wise, as taking off a name tag at a social mixer and putting a new name tag on. Anybody paying attention wont be fooled.

MAC (Media Access Control) addresses are unique addresses assigned to network interface controllers. The MAC address has been around since the early days of Ethernetit was part of the Xerox Network Systems networking protocol suite back in the 1970s.

Many routers support a MAC address whitelist (only addresses you add can connect) and blacklist (these devices can never connect). MAC address filtering was never a great security measure in the first place because its easy to spoof MAC addresses. Its an even less useful tool now that so many devices, like phones and laptops, automatically randomize their MAC addresses to increase user privacy.

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So theres no point in using MAC address filtering to secure your home network. Youll waste a bunch of time managing the lists and anyone trying to gain access to your network will just spoof an approved device or bypass your security another way.

Your router has a function called Dynamic Host Configuration Protocol (DHCP). Every device that connects to the wireless network and the physical Ethernet ports on the router or connected network switches automatically gets a network address assigned with no effort on your behalf.

For as long as there have been DHCP servers, there has been a persistent old wives tale about how disabling the DHCP server makes your network more secure. At best, it might slow an attacker down by a few minutes. But the trade-off is that you slow down a theoretical attacker by a few minutes in exchange for slowing down your workflow for many, many minutes over the networks lifetime.

Do you know who becomes the DHCP server when there is no DHCP server? You do. Its a huge waste of time to turn off your DHCP server and manually manage every assignment.

There is a time and place for manually assigning a static IP address to devices on your network. If youre self-hosting services, it just makes sense to give your home backup server or a Minecraft server a static IP address so that whatever port forwarding rules you have in place for that service always point to the right thing.

But using static IP address assignments for every single device on your network to increase security is just a hassle with no real benefit. Save the static IP address assignments for the times static IP addresses make sense, like assigning a static IP to a server or to a particular device that inexplicably wont play nice with your routers DHCP server.

By all means, use a good password for your Wi-Fi router. Dont use your name, your dogs name, password, qwerty1234, or other easily guessed or weak passwords.

But barring using a password so short and weak that a child could guess it, your Wi-Fi network likely will not be compromised because of the length of your password (but instead because of vulnerabilities in the hardware, firmware, or encryption standard used).

Wi-Fi passwords can be up to 63 characters long, but practically speaking, theres not much difference between a passphrase like WiFi Is Awesome! and FrK4QgJ#RDnw0e1c3v7F4$8K0%Rf0j except how much it frustrates you to type the latter into your smart TV using the remote. Whether your Wi-Fi password has enough entropy to require decades of brute-force computation to crack or billions of years of brute-force computation to crack just doesnt matter.

If the tips in the last section do little-to-nothing to secure your Wi-Fi network, what will? Fortunately, for all the Wi-Fi security tricks of dubious usefulness, there are tips that will actually improve your Wi-Fi security.

Better yet, unlike the pseudo-tips in the last section that make it a hassle to use your Wi-Fi network, these tips will lock things down without giving you (and everyone else in your household) a headache.

Hands down, the biggest home network vulnerability is using ancient hardware. If your Wi-Fi router was released over five years ago, its time to replace it. It takes about five years or so for Wi-Fi technology to refresh significantly and for manufacturers to stop releasing updates for routers.

If your Wi-Fi router is a mid-2010s model, an update is long overdue. It doesnt support current Wi-Fi standards, it doesnt support the best Wi-Fi encryption, and it likely has permanent vulnerabilities that will never be patched via updates because it hit its end-of-life date years ago.

Security concerns aside, the quality of life improvements that come with updating your router to current Wi-Fi tech is so great we recommend people update their routers even if they dont have super fast broadband and consider an up-to-date router more important than gigabit internet.

We get wanting to save money, but if you want to save money on tech, then do so by using your old iPad for as long as it gets updates or keeping your smartphone for an extra year before upgrading. Dont skimp on your router. The role it plays in managing and securing your network is too important.

If youre anything like the average person, there is a good chance youve been using the same network name and password for your Wi-Fi router for ages, even carrying it forward to new routers. We get itif you do that, then you dont have to worry about resetting the Wi-Fi settings on dozens of devices around your home.

But if youre getting serious about Wi-Fi security after a long stretch of not really giving it a second thought, one of the best ways to do that is to start fresh. Setting up your network from scratch is the surest way to kick everyone that doesnt belong off your network and ensure only the devices and people you want have access.

Its a hassle, sure, but if youre taking the time to overhaul the security of your Wi-Fi network, then its worth doing it right.

Updating your routers firmware is one of the simplest ways to ensure your Wi-Fi network is secure, yet most people buy a router, plug it in, and never update the firmware.

If youve never done so, take a moment to search for your routers model number and see what the firmware update process is. If the manufacturer has current firmware updates, install them. And if the last update was years ago, you should consider upgrading your router.

At this point, in early 2023, there is no good reason to use deprecated Wi-Fi security standards. WEP, WPA, and WPA2-TKIP are all insecure and should no longer be used. Using older Wi-Fi security standards that can be easily cracked with readily available tools is just asking for trouble.

You should instead use WPA2-AES, which has not yet been deprecated, or, better yet, WPA3 if all the devices on your home network support it.

If youre not already using the guest network function on your Wi-Fi router, you should start doing so immediately. Guest networks used to be a fairly uncommon router feature, but now are found on everything from premium to budget models.

Guest networks solve a variety of problems but, most importantly, make it easy to keep your main network secure by handing out what amounts to a temporary password to visitors. When youre setting yours up, be sure to follow this checklist to avoid common issues.

As a general rule, you should disable any features on your Wi-Fi router you are not actively using, especially if those features have known vulnerabilities. Such is the case with both Wi-Fi Protected Setup (WPS) and Universal Plug and Play (UPnP). While they can make setting up devices and services on your home network more convenient, both have known vulnerabilities.

Youll have to log into your router to disable WPS and UPnP (as well as follow the tips above), so while youre in there is a perfect time to review our list of dangerous Wi-Fi router settings and make even more adjustments to lock down your router and home network security.

And remember, you can make choices to better secure an old router, but its far better to recycle your old router, replace it with something new, and lock down a current router with update-to-date firmware instead.

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Texas Man Sentenced to 97 Months in Federal Prison for … – Department of Justice

United States Attorney Ronald C. Gathe, Jr. announced that Chief Judge Shelly D. Dick sentenced James Martin, age 51, of Beckville, Texas, to 97 months in federal prison following his conviction for distribution of child pornography. Martin must serve five years of supervised release upon completing his term of imprisonment, and he must complete sex offender treatment. The Court also ordered Martin to pay $248,000 in restitution. As a result of this conviction, Martin will be required to register as a sex offender.

Throughout July and August 2022, Martin used an instant messaging mobile application and a smartphone to distribute files of child pornography via the internet to an undercover agent in the Middle District of Louisiana. Martin distributed the videos and images of minors, knowing they were under 18 years of age. The child pornography files included a video link to a cloud storage application.

Martin distributed the video link to an undercover agent with a password and instructions to download the videos and images to confirm that the link was working and sellable when the time [i]s right Throughout his conversations with undercover law enforcement, Martin described a scheme to sell child pornography online. Martin bragged about his ability to: (1) sell child pornography online for a profit; and (2) use encryption software to avoid law enforcement detection.

Martins video link contained approximately 245 videos and 108 images of child pornography, including toddlers. Martin also possessed at least 130 total videos and approximately 7,250 images of child pornography, which were accessible through his laptop, smartphone, and a central processing unit tower, among other devices.

This matter was investigated by the Federal Bureau of Investigation, the Louisiana Bureau of Investigation, and the Panola County, Texas Sheriffs Office, and was prosecuted by Assistant United States Attorney Edward H. Warner.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by U.S. Attorneys Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit http://www.justice.gov/psc.

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Top malware trends and security threats revealed in new WatchGuard report – SecurityBrief Australia

WatchGuard Technologies has released findings from its most recent Internet Security Report, detailing the top malware trends and network and endpoint security threats analysed by WatchGuard Threat Lab researchers in Q4 2022.

While key findings from the data showed declines in network-detected malware, endpoint ransomware increased 627%, and malware associated with phishing campaigns continued to be a persistent threat.

Despite seeing an overall decline in malware, further analysis from WatchGuard Threat Lab researchers looking at Fireboxes that decrypt HTTPS (TLS/SSL) traffic found a higher incidence of malware, indicating malware activity has shifted to encrypted traffic.

Since just ~20% of Fireboxes that provide data for this report have decryption enabled, this indicates that the vast majority of malware is going undetected, the researchers state. Encrypted malware activity has been a recurring theme in recent Threat Lab reports.

Corey Nachreiner, Chief Security Officer at WatchGuard, comments, A continuing and concerning trend in our data and research shows that encryption - or, more accurately, the lack of decryption at the network perimeter - is hiding the full picture of malware attack trends.

It is critical for security professionals to enable HTTPS inspection to ensure these threats are identified and addressed before they can do damage.

Other key findings from the Q4 Internet Security Report include:

Endpoint ransomware detections rose 627%. This spike highlights the need for ransomware defences such as modern security controls for proactive prevention, as well as good disaster recovery and business continuity (backup) plans, the researchers state.

93% of malware hides behind encryption. Threat Lab research continues to indicate that most malware hides in the SSL/TLS encryption used by secured websites. Q4 continues that trend with a rise from 82% to 93%.

Network-based malware detections dropped approximately 9.2% percent quarter over quarter during Q4. This continues a general decline in malware detections over the last two quarters. But as mentioned, when considering encrypted web traffic, malware is up. The Threat Lab team believes this decline trend may not illustrate the full picture and needs more data that leverages HTTPS inspection to confirm this contention.

Endpoint malware detections increased 22%. While network malware detections fell, endpoint detection rose in Q4. This supports the Threat Lab teams hypothesis of malware shifting to encrypted channels. At the endpoint, TLS encryption is less of a factor, as a browser decrypts it for Threat Labs endpoint software to see. Among the leading attack vectors, most detections were associated with Scripts, which constituted 90% of all detections. In browser malware detections, threat actors targeted Internet Explorer the most with 42% of the detections, followed by Firefox with 38%.

Zero day or evasive malware has dropped to 43% in unencrypted traffic. Though still a significant percentage of overall malware detections, its the lowest the Threat Lab team has seen in years. That said, the story changes completely when looking at TLS connections. 70% of malware over encrypted connections evades signatures, WatchGuard finds.

Phishing campaigns have increased. Three of the malware variants seen in the reports top 10 list (some also showing on the widespread list) assist in various phishing campaigns. The most-detected malware family, JS.A gent.UNS, contains malicious HTML that directs users to legitimate-sounding domains that masquerade as well-known websites. Another variant, Agent.GBPM, creates a SharePoint phishing page titled PDF Salary_Increase, which attempts to access account information from users. The last new variant in the top 10, HTML.Agent.WR, opens a fake DHL notification page in French with a login link that leads to a known phishing domain.

ProxyLogin exploits continue to grow. An exploit for this well-known, critical Exchange issue rose from eighth place in Q3 to fourth place last quarter. Old vulnerabilities can be as useful to attackers as new ones if theyre able to achieve a compromise, WatchGuard states. Additionally, many attackers continue to target Microsoft Exchange Servers or management systems. Organisations must be aware and know where to put their efforts into defending these areas.

Network attack volume is flat quarter over quarter. Technically, it increased by 35 hits, which is just a 0.0015% increase. The slight change is remarkable, as the next smallest change was 91,885 from Q1 to Q2 2020.

LockBit remains a prevalent ransomware group and malware variant. The Threat Lab team continues to see LockBit variants often, as this group appears to have the most success breaching companies (through their affiliates) with ransomware. While down from the previous quarter, LockBit again had the most public extortion victims, with 149 tracked by the WatchGuard Threat Lab (compared to 200 in Q3). Also in Q4, the Threat Lab team detected 31 new ransomware and extortion groups.

WatchGuards quarterly research reports are based on anonymised Firebox Feed data from active WatchGuard Fireboxes whose owners have opted to share data in direct support of the Threat Labs research efforts. The full report includes details on additional malware and network trends from Q4 2022, recommended security strategies, critical defence tips for businesses of all sizes and in any sector, and more.

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Missing in action: Why do government bodies lose so many devices? – Open Access Government

Government bodies have strengthened their defences in recent years, in line with the policies and investments set out in the Government Cyber Security Strategy 2022-2030. However, security teams mustnt underestimate the ever-increasing internal threat posed by employees who store, process and transport data on mobile devices.

Each year, Apricorn issues Freedom of Information (FoI) requests to several UK government departments to examine the security of devices held by public sector employees. This time, HMRC disclosed that 635 devices had been lost or stolen over the last year, including 387 mobiles, 244 tablets and four USB drives, a 45% increase in the same period in 2020-2021 (346). The Department of Business, Energy and Industrial Strategy admitted to 204 lost and stolen devices almost double the 107 declared the previous year.

The Home Office had 469 devices lost and stolen in the year to September 2022

The Home Office had 469 devices lost and stolen in the year to September 2022. The Ministry of Defence (MoD) was not far behind, with 467 mobiles, tablets and USB devices unaccounted for. The Prime Ministers Office reported 203 misplaced devices, while the Department for Education (DfE) confirmed the loss or theft of 356 devices, including 296 USB drives.

While people will lose devices, we would hope to have seen the numbers decline over time as cybersecurity becomes more established within the public sector.

Security teams need to rethink their cyber strategy in terms of the nebulous new perimeter that has been created as employees work on a more flexible and peripatetic basis.

Each day, networks, databases and systems are being accessed from myriad locations and myriad devices. In parallel, as in other industries, the IT environment in government bodies is becoming more decentralised. The more that people work out of the office, the less they want to have to depend on IT to get tasks completed. The resulting reduction in contact with the IT team will lead to lower visibility and control over what users do.

The individual employee, and the devices and data they use to carry out their work, are now the edge. Its these endpoints that cyber-attackers will have in their sights and which need to be protected.

The foundation of this protection must be a set of security policies and procedures that are robust, regularly reviewed and well-rehearsed. These should cover the types and models of devices that are approved by the organisation for work purposes and set out precisely how they are to be used by employees.

Best practice security measures should be laid out step by step including the basic security hygiene that can easily be skipped or forgotten about when someone is distracted or lets their guard down. Policies need to be user-friendly and avoid slowing people down to avoid the likelihood that theyll find a workaround to win back their productivity.

A comprehensive and ongoing awareness programme will maximise understanding among employees of the risks

A comprehensive and ongoing awareness programme will maximise understanding among employees of the risks associated with the devices they use and the data, applications, tools and systems they access from them. All training should be contextual tailored specifically to the organisation, its activities, and the threats it faces. Spelling out the consequences of failing to adhere to the policy will help to secure user engagement.

Security policies should be enforced through technology at the endpoint wherever possible to remove the need for the employee to decide; for example, by locking down USB ports so that only those devices approved by policy can be used.

Humans will always be susceptible to slips in concentration, which could easily result in a smartphone or USB being dropped in the street, for example. This is why the automated encryption of data on all devices as standard is an essential component of security ensuring that any information held on them will be unintelligible to anyone without the decryption key. All the government bodies questioned by Apricorn confirmed that their missing devices had all been encrypted, which is really positive news.

Hardware encryption generally provides better protection than software encryption, as the keys are held safely in a crypto module that blocks brute-force attacks. At the same time, all cryptographic operations take place on the device itself.

Many public sector organisations rely on a vast and complex ecosystem of third-party providers and contractors to carry out their services. This expands the number of endpoints that are accessing sensitive and confidential data, creating significant risk.

Organisations must work with all of their partners and suppliers to identify and assess these risks and extend device security policies, controls and training to the relevant external teams. Writing requirements into contracts is a good way of making sure third parties are held to account.

The loss or theft of a device that stores or connects to government data could have a devastating impact on any public body and the communities, businesses and individuals it serves. Its concerning to think that entities which hold so much responsibility, and retain so much confidential and personal information, are still so vulnerable to this kind of event.

Building resilience into the new perimeter created by a disparate workforce and their devices must incorporate policy and best practices, be reinforced with appropriate technology, and be supported by comprehensive education.

Written by Jon Fielding, Managing Director EMEA, Apricorn

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From Hamas warnings to VIP perks and criminal clients: the US regulators claims against Binance – The Guardian

Binance

Just months after the FTX collapse, a US watchdog is suing Changpeng Zhaos firm, the worlds biggest digital-asset market, over a slew of allegations that make jaw-dropping reading

Binance is the worlds largest cryptocurrency exchange and a cornerstone of the $1tn digital asset market. It has 128 million customers, handles $65bn in daily trades and its commercial partners include Cristiano Ronaldo, Italys Lazio football team and TikTok megastar Khaby Lame. So when a US regulator announced last week it was suing Binance for wilful evasion of US law, it was a significant moment for a sector still reeling from the collapse of FTX.

The Commodity Futures Trading Commission (CFTC) filed the civil enforcement action in a federal court in Chicago, seeking punishments including fines and permanent trading bans. It is suing Binances Canadian founder and chief executive, Changpeng Zhao, and three entities that operate the Binance global trading platform over numerous alleged violations of its regulations and of the Commodity Exchange Act. Binances former chief compliance officer, Samuel Lim, is also being sued.

The CFTC alleges that Binance traded in crypto-related derivatives with US-based customers despite not having regulatory permission and despite having said in 2019 that it would no longer serve US customers. Binance said the complaint was unexpected and disappointing as it had already invested an additional $80m ensuring it complies with regulators around the world.

Running to 74 pages, the complaint is a long read, but worth it for its claims about the highly unconventional way that Binance operates, its attitude to regulation, its customers whom senior figures allegedly suggested included terrorists and how its senior operators were apparently willing to put this all down in writing.

It is clear from the evidence presented that the CFTC has access to sensitive material, including the content of Zhaos phone. Howard Fischer, a partner at New York law firm Moses & Singer, says the material could have been handed over to the CFTC by Binance, another government agency could be sharing the evidence with the CFTC or the material could have been provided by a company insider. The CFTC allegations are shocking enough on their own, says Fischer. If they have an inside person who can contextualise and provide communications, that is even worse for Binance and CZ [Changpeng Zhao]. While these are only allegations, of course, they are pretty serious and, if true, put Binance at significant jeopardy.

The CFTC claims Binance knew it had facilitated potentially illegal activity, including with the Islamic militant group Hamas. The complaint says Lim had received information in February 2019 regarding Hamas transactions on Binance and told a colleague that terrorists usually send small sums, as large sums constitute money laundering. Lims colleague replied: Can barely buy an AK47 with 600 bucks.

In a chat about certain Binance customers, including some from Russia, Lim said in February 2020: Like come on. They are here for crime. Binances money laundering reporting officer agreed that we see the bad, but we close 2 eyes.

In another exchange in July 2020, a Binance employee wrote to Lim asking whether a customer whose transactions were very closely associated with illicit activity should be blocked or whether it was in the class of cases where we would want to advise the user that they can make a new account. Lims response included: He can come back with a new account But this current one has to go its tainted.

The complaint details a loophole for getting round KYC [Know Your Customer] procedures. Customers were able to avoid the KYC process if they withdrew less than the value of two bitcoin in one day a sum equal to $22,000 in July 2019.

The CFTC quotes a 2020 chat between Lim and a Binance colleague in which they discuss removing the loophole: If Binance forces mandatory KYC, [rival digital asset exchanges] will be VERY VERY happy.

The complaint quotes Lim saying in an October 2020 chat that Binances compliance environment has amounted to email sending and no action for media pickup.

The CFTC also quotes a Lim message in December 2019 stating that Binance.com doesnt even do AML [anti-money laundering] namescreening/sanctions screening.

It goes on to quote Binances money laundering reporting officer complaining that she had to write a fake annual report to Binance board of directors wtf after a company that had partnered with Binance requested a compliance audit.

Binance is best known through its Binance.com platform, but the CFTC complaint refers to a structural complexity now commonly associated with the crypto industry, describing it as an opaque web of corporate entities.

The CFTC says Binances organisational chart includes more than 120 entities incorporated in jurisdictions around the world, some with commingled funds.

It alleges: Binances reliance on a maze of corporate entities to operate the Binance platform is deliberate; it is designed to obscure the ownership, control, and location.

The complaint targets three of those entities, which it refers to collectively as Binance or the Binance platform.

The Binance platform has yet to establish a global headquarters where it could be regulated. Of the three entities cited, the first, Binance Holdings Limited, holds intellectual property including its trademarks and is registered in the Cayman Islands tax haven. The other two Binance Holdings (IE) Ltd, which in turn indirectly or directly owns 24 other Binance entities, and Binance (Services) Holdings Ltd, which owns the Cayman-based Binance Holdings and at least 40 more entities are registered in Ireland. None of the three is registered with the CFTC.

Zhaos claim that Binances HQ is wherever he is is a deliberate attempt to avoid regulation, says the complaint. It quotes an internal meeting in June 2019 in which Zhao explains why Binance operates via entities in numerous jurisdictions. He says it is to keep countries clean [of violations of law] This is the main reason .com does not land anywhere.

In 2019 Binance announced that its global platform would no longer trade with US-based customers, as it prepared for the launch of Binance. US an affiliated business that is not part of the complaint. The nub of the CFTCs complaint is its assertion that this did not happen. It alleges much of Binances trading volume and profitability comes from extensive solicitation and access to US customers. These customers entered commodity derivative transactions betting on crypto prices for which Binance lacked CFTC approval.

The CFTC says: Defendants have disregarded applicable federal laws while fostering Binances US customer base because it has been profitable for them to do so. This included disregarding laws requiring controls to prevent money laundering and terrorism financing.

The complaint claims Zhao, Lim and other senior Binance managers actively facilitated breaches of US law by helping US customers evade its own compliance controls. For instance it would advise US customers to make transactions via virtual private networks (VPNs) in order to hide their location; allow customers to trade on Binance.com without submitting proof of their identity and location; and tell big-spending customers to open Binance accounts under newly incorporated shell companies.

The CFTC cites Binance publishing a beginners guide to VPNs on its website, with Lim explaining: CZ wants people to have a way to know how to vpn to use [a Binance functionality] its a biz decision.

The CFTC claimed that Zhao is the direct or indirect owner of 300 separate Binance house accounts that have engaged in proprietary trading using Binances own money on Binance. It also refers to companies directly or indirectly owned by Zhao and says he also traded on Binance through two individual accounts. The CFTC says Binance does not disclose that it is trading in its own markets or against its own customers in its terms of use.

VIP customers, or customers who generate a significant income in trading fees for Binance, are given prompt warning of any law enforcement activity related to their account, according to the CFTC.

Based on directions from Zhao, the VIP team was told to contact users through all available means to tell them their account had been frozen or unfrozen at the request of law enforcement. An internal policy on law enforcement requests, created by Lim but directed by Zhao, allegedly states: Do not directly tell the user to run, just tell them their account has been unfrozen and it was investigated by XXX. If the user is a big trader, or a smart one, he/she will get the hint.

The CFTC says avoiding compliance controls for US VIP customers was formalised in a policy called VIP handling in which customers could submit new KYC documentation associated with a shell company incorporated outside the US.

One US VIP customer, an unnamed New York-based outfit called Trading Firm B, was allegedly told it would benefit from a 5- to 10-millisecond advantage over non-VIP rivals. Other perks included reduced trading fees and permission to exceed Binances order-messaging limits.

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Binance Exchange and CEO Face Yet Another Legal Battle – BeInCrypto

It is raining lawsuits for Binance as the cryptocurrency exchange has been dragged into a new class action lawsuit seeking $1 billion in damages.

According to a Fortune report, Moscowitz Law Firm and Boies Schiller Flexner filed a class action lawsuit against Binance, its CEO Changpeng CZ Zhao, and three crypto influencers basketball star Jimmy Butler, Graham Stephan, and Ben Armstrong Bitboy.

According to the report, Binance listed unregistered securities as cryptocurrencies and paid social media influencers to promote these assets. The law firms claim they investigated the crypto exchange for over a year before filing the lawsuit.

One of the cryptocurrencies considered unregistered security in the case is the Binance token BNB. The filing argued that the BNB burn program makes the asset an unregistered security because it reduces the coins supply to boost its value.

The lawsuit is filed on behalf of three plaintiffs two Florida residents and a person from California who said they lost money while trading digital assets promoted by Binance and the influencers. The complaints suggested the case could have millions of people eligible for damages.

Speaking about the case, Adam Moskowitz of Moskowitz Law Firm reportedly said:

The statute clearly states that if an influencer is promoting an unregistered security, and has a financial interest in doing so, the influencer may be liable to everyone who bought the assets. The exchange that facilitates the trades would be liable as well.

Binance was yet to respond to BeInCryptos request for comment at the time of writing.

Meanwhile, this is not the first time the law firm has filed a class action lawsuit against a crypto firm. Moskowitz filed a similar lawsuit against bankrupt crypto exchange FTX and its promoters like Thomas Brady, Kevin OLeary, and others. The firm also filed another case against bankrupt crypto lender Voyager, alleging that its Earn Program account constituted the sale of unregistered securities.

The timing of this lawsuit further puts more legal pressure on Binance. The Commodities Futures Trading Commission (CFTC) recently sued the exchange and CZ for violating derivative trading laws.

Besides that, there are reports that the US Department of Justice is investigating the exchange and its founder.

Meanwhile, Binance said it would cooperate with the regulators and has enjoyed the support of the broader crypto community. The exchange is the largest crypto exchange by trading volume and controls over 70% of the market, according to BeInCrypto data.

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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