Cloud Hosting

The first malware for Mac systems developed by infamous North Korean hacking group Lazarus has been discovered.

Researchers have fingered the Lazarus group for the destructive attack on Sony Pictures in 2014, as well as more recent financially-motivatedattacks on South Korean cryptocurrency exchanges, a spate of targeted ransomware attacks on corporations in the US and Europe, and multiple raids on banks through the industrys SWIFT system.

All of those attacks have targeted Windows systems, however researchers at Kaspersky Lab have found the groups first known malware targeting Apple macOS computers in the form of a hidden software updater for a seemingly bonafide app aimed at cryptocurrency traders called Celas Trade Pro.

But software was fake and the company behind it appears to have been bogus too, according to Kaspersky researchers.

The macOS malware was discovered while the company was investigating a breach at an unnamed Asian cryptocurrency exchange that its researchers believe was compromised by one of Lazarus malware tools called Fallchill, a remote access tool that US-CERT has filed under its investigation into North Koreas Hidden Cobra hacking activity.

Using a trojanized software updater for an application relevant to cryptocurrency trading was a notable difference to fake Flash Player updates spread through malicious ads aimed at the masses.

In this case, the hackers appear to have only wanted to snag people keen on installing cryptocurrency trading software, in this case Celas Trade Pro from a company claiming to be Celas LLC.

Including malicious code into distributed software and putting that on a website would be too obvious. Instead, the attackers went for a more elaborate scheme: the trojan code was pushed out in the form of an update for a trading application, Kaspersky Lab researchers note.

Celas Trade Pro didnt display malicious behavior and looked like a genuine cryptocurrency trading program developed by Celas, and was seemingly verified with a legitimate-looking digital certificate.

However the researchers found that the macOS installer includes a module that persists after a reboot and contacts a remote server to install more malware.

The malicious Celas Mac software was offered alongside a Windows executable that displayed the same behavior as the Mac malware. The site also flagged a Linux update was coming soon.

The fact that [the attackers] developed malware to infect macOS users in addition to Windows users and most likely even created an entirely fake software company and software product in order to be able to deliver this malware undetected by security solutions, means that they see potentially big profits in the whole operation, and we should definitely expect more such cases in the near future, Vitaly Kamluk of Kaspersky Lab said in a statement.

For macOS users this case is a wakeup call, especially if they use their Macs to perform operations with cryptocurrencies.

Read more: Olympic Destroyer destructive malware targets EU bio-weapons research groups

Error: Please check your email address.

Tags trojannorth koreakasperskyMacOSLazarus

More about AppleKasperskyKaspersky LabLinuxMacsSony

View post:
NK hackers target Mac users with trojan cryptocurrency app ...

"What the average Joe hears is how friends lost fortunes," said Alex Kruger, a former banker who has been trading in the cryptocurrency markets for some time. "Irrational exuberance leads to financial overhang and slows progress."

It is hard to know how many cryptocurrency investors are now in the red, with holdings worth less than the money they put in. Many who have lost money in recent months had gotten into the markets before the big run-up last year and their holdings are still worth more than their initial investments.

But by many metrics, more people put money into virtual currencies last fall and winter than in all of the preceding nine or so years. Coinbase, the largest cryptocurrency brokerage in the United States, doubled its number of customers between October and March. The startup Square began allowing the users of its mobile app, Square Cash, to buy bitcoin last November.

Almost all of the new customers on Coinbase and Square would be in the red if they bought cryptocurrencies at almost any point over the last nine months and held on to them.

Loading

The damage is likely to be particularly bad in places like South Korea and Japan, where there was minimal cryptocurrency activity before last year, and where ordinary investors with little expertise jumped in with abandon.

In South Korea, the biggest exchanges opened storefronts to make investment easier for people who did not feel comfortable doing it online. The offices of one big exchange, Coinone, had just one customer walk in during a two-hour period in the middle of the day last week. An employee, Yu Ji-Hoon, said, "The prices of the digital tokens have fallen so much that people seem to feel upset."

Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $US90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $US25,000 loan. Her investments are now down about 90 per cent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."

Bitcoin has dropped more than 50 per cent since the start of 2018.

In the United States, Charles Herman, a 29-year-old small business owner in Charleston, South Carolina, became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets.

While he is essentially back to the $US4000 he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate.

"I guess I thought we were 'sticking it to the man' when I got on board," Herman said. "But I think 'the man' had already caught on and had an exit strategy."

Loading

Much of the anger that investors feel is toward the smaller virtual currencies, or alt coins, that entrepreneurs sold in so-called initial coin offerings. These coins were supposed to serve as payment mechanisms for new software the entrepreneurs were building.

But almost none of these companies have delivered the software they promised, leaving the tokens useless, except as speculative assets. Several coins have been exposed as outright scams.

"I think I'd like to see most alts go to zero before I feel like the whole space isn't overpriced," Herman said.

Bitcoin has generally held on better with investors. It is down about 70 per cent from all-time highs, rather than the 90 per cent losses that lesser-known digital tokens have suffered. But it, too, has struggled to win much use beyond speculative investments.

"We also saw that bitcoin isn't ready for mass adoption and day-to-day use," Herman said.

Despite this pessimism, the social networks where cryptocurrency fanatics gather to trade information are full of people talking about their intention to hold on to their coins in the hope that they will recover once the technology has time to catch up with the hype.

Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $US100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 per cent in value.

But Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects.

"There's just so much more behind this new wave of technology and innovation that I'm sure will take over our society in due time," Yoo said.

With prices down so much, he said he was actually looking to put more money into the markets.

That thinking has been encouraged by the people who invested in bitcoin in 2013, when it first topped $US1,000. That bull market was followed by a crash in which the price of bitcoin dropped more than 80 per cent. But after a long fallow period, the price recovered. Even with recent losses, the value of one bitcoin is hovering around $US6500 up more than 500 per cent from the peak of 2013.

"Five years ago, I was broke, unemployed, and ashamed to use my real name," Ryan Selkis, a popular virtual currency personality, wrote on Twitter last week.

"For the new fanatics, stick around for your own 14 month, 85% downdraft and you'll not regret it."

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."

On Reddit, a user in the United Arab Emirates posted a picture of the $US100,000 loan he had taken out in December to buy cryptocurrencies and that he will now be paying back out of his salary for the next three years.

Roberts, the British investor who has seen most of his $US23,000 vanish, is holding onto his coins in case they turn around. But for now he has stopped trading and is looking for another job.

"I'm living off the little savings I have left still in my bank account," Roberts said. "I've made a mistake and now I'm going to have to unfortunately pay the cost for the next few years."

The New York Times

View post:
Cryptocurrency: The unlucky investors who got in at the wrong ...

One of the biggest debates in trading is whether or not cryptocurrencies are in a bubble.

A look at history provides guidance in the current debate.

In the late 1990s, when a similar debate was raging over the potential bubble of internet stocks, a business article quoted an elderly couple whod quit their jobs to day trade.

P/Es [price to earnings ratios] dont matter, the wife was quoted as saying. And she was not alone in her view of the market.

During the late 1990s, EBAY traded at P/E ratios of several thousand; AOL traded at the relatively modest P/Es of a few hundred.

Those were the exceptions since most internet stocks were losing money and had no P/E.

P/E ratios measure currentshareprice relative to per-share earnings.

The current P/E ratio of the S&P 500 is approximately 25.

Back in the 90s, when Warren Buffett refused to invest in internet stocks because of the difficulty in valuing them, he was accused of being a dinosaur.

During the dotcom bubble, even the now venerable Amazon was mocked by traders saying, They lose $5 per book but theyll make it up in volume.

While Amazon turned the corner and then some thousands of companies used the same model to extinction.

Bill Gates started Microsoft in 1973; the company went public in 1986, and this was after nearly a decade of increasing profits. At the time, such a trajectory was required before approval to go public was granted.

In the late 1990s, all you needed to go public was a dot com at the end of your name. Barely established companies many less than three years old with little or no revenue, routinely went public.

In 20/20 hindsight its blindingly obvious, but at the time, when traders believe P/Es no longer matter, when companies go public on the strength of their dot coms, and when the advice of a legendary investor is ignored because it challenged the status quo, youre in a bubble.

All of this, mind you, was a matter of public record: P/Es are found right next to the stock price; all public companies provide extensive financial records; and Buffets comments were broadcast widely (but simply ignored by most traders).

The internet was in a bubble; all it took was for someone to be honest with themselves to recognize it.

Starting in 2003, and continuing for the next half decade, property values in most major American urban areas routinely increased 10-20% every six months. This often happened without any new construction in the area. The same property with the same properties around it would increase in value fueled by nothing more than perception.

The more real estate prices increased; the more desperate people became to buy real estate new buyers and those who already owned property.

The whole thing was fueled by irresponsible loans. Business reporters were well aware of liar loans.

Liar loans is a slang term for stated income loans. These were loans granted on the strength of a borrowers stated income without the necessary documents to prove it.

Theres only one reason why someone would state an income without verifying it: it is not their real income.

If nothing more than perception is increasing real estate values by unsustainable amounts, and this is all fueled by fraudulent loans, youre in a bubble.

In the late 1990s, you could hardly go to a party without someone regaling you with tales of the killings theyd made on the latest hot internet stock. In 2003 and beyond, the same could be said of the latest real estate deal. Though I wasnt around at the time, society parties in the roaring 1920s were likely filled with stories of the latest score on the stock market.

In all three cases, internet stocks, real estate, and stocks became a fad or an intense and widely shared enthusiasm for something, especially one that is short-lived and without basis in the objects qualities.

The best example of this comes from the so-called tulip mania, one of the first recorded speculative bubbles in history. Tulip mania was repeatedly referred to by Gordon Gekko in the 2010 movie Wall Street: Money Never Sleeps.

Suddenly, and without any good reason, in 1636 tulip prices in Europe increased exponentially before crashing spectacularly in 1637.

In the late 1990s, the answer to most concerns about internet stocks was that the internet was so powerful it would change the paradigm. Companies could justify exorbitant P/Es because the internet was going to allow them to grow at multiples wed never seen before; at least thats what the bubble participants kept repeating.

At one time, approximately one hundred automobile makers manufactured cars, most setting up shop in Detroit.

Today, three Chrysler, General Motors and Ford have survived. A few of the others were swallowed up by one of these three, but most faded into the dustbin of history as failed enterprises.

No one would disagree that automobiles and the internet have changed the world in profound ways, but this does not mean that each industry was not susceptible to a bubble.

While the jury is still out on cryptocurrency, it too may very well change the course of human history, but its still susceptible to a bubble.

Read the original post:
cryptocurrency Archives - Page 6 of 6 - The Industry Spread

Cryptocurrency is a common phrase in the tech world. Even though it has attracted thousands of subscribers, some arent aware of what a cryptocurrency wallet is.

Cryptocurrency wallet is software where you store your digital currency. The difference between losing your currency and safeguarding it depends upon the type of wallet you use. There are several types of cryptocurrency wallets. There are web-based services, offline services, and app-based services.

What is a Cryptocurrency Wallet and what are the Best Wallets?

A cryptocurrency wallet is a software you use to send and receive cryptocurrency tokens. These wallets let you check your balance of different coins.

Blockchain works uniquely. When the ledger gets updated, it goes across all nodes on blockchain structure. Besides, the wallets hold a record of transactions.

In the crypto ecosystem, the phrase ledger means database. But, a node is what crypto geeks refer to individual computers that operate and maintain blockchain.

Cryptocurrency wallets do not cut money like PayPal accounts or your average wallet. This is the difference between other online accounts and cryptocurrency wallets.

Importance of Protecting Crypto

Investing in cryptocurrencies isnt a bed of roses. You need to get a safe crypto wallet and deposit cash in it. This is the amount you will use in exchange to buy other coins. There are different entities involved in the crypto investment. They are all supposed to be working for the process to be natural. If any stops, the entire process is paralyzed.

Your hard drive, a removable disk, or your mobile phone is your bank vault in cryptocurrency industry. This has been brought by decentralization. Well, decentralization has eliminated middle-men in which investors have faith. But this comes with misfortunes. Still, having faith means you are responsible for ensuring your cryptocurrency is secure.

Cryptocurrency WalletsMyceliumMycelium wallet

This bitcoin wallet is convenient and easy to use. It was launched in 2008. It has had a strong history within the Bitcoin and cryptocurrency ecosystem. This app has an appealing interface which is easy to use. The taps provide options between different tasks.

It protects the Bitcoin address and the Private Keys by providing an all-in-one Bitcoin wallet security system using HD. HD, in other words, is Hierarchical Deterministic wallet security.

Be it as it may, this app uses the Microsoft Reference Source License. The MRSL helps to keep technology safe by providing unlimited for the underlying tech code.

The downside with the wallet is volatile transaction fees and unreliable customer service.

CryptonatorCryptonator Wallet

Tags: Wallet, Cryptocurrency wallet, Cryptocurrency, Even Though

Read more here:
How To Choose The Best Cryptocurrency Wallet - Crypto News AU

by Mary Ann Callahan

If you are here, then you have probably grown curious enough to find out more about the next big investment opportunity everyone has been screaming about. Techies call cryptocurrency the money of the future or digital gold, and skeptics refer to it as a bubble that will burst anytime soon or the biggest digital scam ever.

Needless to say, beyond the initial noise that surrounded the global rise of cryptocurrencies, there seems to be a growing interest and increasing curiosity about the potentials of these digital coins. New investors are attracted by the fact that cryptocurrency has managed to turn many who have been bold enough to put in their money into billionaires. This has raised a nagging question of what cryptocurrency is and what exactly you need to know before investing.

In clear and simple terms, cryptocurrency refers to digital money. Now, there are a lot of technical jargon and complex explanations that will be thrown at you if you seek a deeper knowledge into the origin and how crypto coins came to be.

So, well skip the part about the technology behind it and simply state that the first cryptocurrency which is Bitcoin was the product of Satoshi Nakamotos attempt to create a peer-to-peer electronic cash system. A genius creation, all the same, functions on blockchain technology and is completely decentralized, which means it is independent of banks, governments, and other institutions. Cryptocurrencies are also independent of any form of physical asset backing.

To buy or sell Bitcoin or any other cryptocurrency, you need to sign up for an exchange platform and begin trading. There are a number of options available to you if you decide to get in on the trade with cryptocurrency, be the market leader Bitcoin or any prominent altcoin. Still, each coin has its own specific value and dynamics, which you must understand before investing.

Asides the obvious fact that Bitcoin and other digital coins are hugely profitable, there are a lot of advantages that you stand to benefit from in buying cryptocurrencies over holding traditional assets and physical cash.

Stability: many people have probably told you about the highly volatile nature of cryptocurrencies, how they can be sky-high today and plummet to a disappointing low tomorrow. To be fair, they are right in their assessment, and its a known fact that digital coins are quite volatile. But, in the long run, having cryptocurrencies as a global store of value offers an advantage to people who live in regions with less monetary and political stability. The fact that cryptocurrencies are decentralized means the value of your investment is independent of the political and economic situation of any country. It is a world currency of some sort, and its value is universal, making it an excellent choice for investors whose traditional currency is quite unstable.

Anonymity: cryptocurrency offers a way to carry out transactions without leaving any digital or physical footprint. Transactions with digital coins are encrypted, which is the direct opposite of what operates with normal cash or credit card transactions. This eliminates the risk of frauds in form of counterfeit cheques and other illegalities that commonly plague regular transactions, as well as security challenges such as hacks, which can lead to huge losses.

Universally acceptable: as mentioned earlier, a decentralized system independent of political control means cryptocurrencies can be used globally without restrictions. Thus you can buy cryptocurrencies and hold them no matter where you are as long as you have access to the internet. With a global increase in the general acceptability of Bitcoin, some even foresee its potential to replace regular money in the near future and become a much more global form of exchange. However, this also leads to governments paying more attention to cryptocurrency regulation.

The answer to that question depends pretty much on your own view. Undeniable is the fact that cryptocurrencies are great investment options with huge potential for returns on investment. But whether you gain or lose when buying and selling digital coins depends on various factors, just like every other profitable business out there. The volatility of the coin makes it a lot easier to make huge profits but equally makes losing all your investment quite possible.

Trading cryptocurrencies and making profit from it isnt an automatic get-rich-quick scheme. There is a need to take your time to learn the process and understand how it works. Whether you decide to put your money in it at the end or not, should depend on your confidence in your ability to make it work more than anything else.

Follow this link:
What Every Investor Should Know Before Buying Cryptocurrency ...