A new form of ransomware is attacking Android mobile devices, but the interesting thing is that it isn’t demanding a cryptocurrency ransom.
The last few years have seen ransomware attacks increase in frequency. Cities, businesses, schools, and even health care facilities have been targeted. A ransom in Bitcoin or other cryptocurrency is usually demanded by the hackers, but a new malware is taking a different tack and not asking for crypto at all.
Ransomware hits mobile devices
The new ransomware, called Black Rose Lucy, was detected by Check Point, a cybersecurity company. It has been around since 2018 but the latest iteration is what caught the security researchers’ eyes.
Black Rose Lucy targets mobile devices using the Android operating system. The malware encrypts files on the mobile device and then displays a warning from the FBI saying the mobile device has been found to carry illegal pornography.
The malware works hard to instill a sense of fear into the victim by saying the victim’s personal info has been uploaded to the FBI Cyber Crime Department’s Data Center. The malware also shows a list of charges that are supposedly being leveled against the victim for their “crime.” Needless to say, all of the FBI stuff is 100% fake.
The victim is given an out if they pay a US$500 fine within three calendar days. What is interesting is that the victim pays this fine by using a credit card. Ransomware normally demands payment in virtual currencies.
Black Rose Lucy infiltrates the Android device by asking the user to enable Streaming Video Optimization (SVO). Once the user clicks “OK,” the malware then begins encrypting data.
Hackers make some pretty big bucks through ransomware attacks. The FBI reported earlier this year at the RSA Conference 2020 that victims had paid $144 million in Bitcoin alone from October 1, 2013, through November 7, 2019.
Payments by victims are just the tip of the iceberg. A report stated that the economic impact of 948 ransomware attacks against U.S. targets in 2019 had an economic impact of over $7.5 billion.
During the “Feds Fighting Ransomware: How the FBI Investigates and How You Can Help” panel at the RSA Conference 2020, the federal agency listed the top three ransomware strains. They are:
- Ryuk, which raked in $61.26 million in just over a year.
- Crysis/Dharma, with $24.48 million earned in almost three years.
- Bitpaymer, with $8.04 million over two years.
With such financial success, look for such attacks to continue. Check Point notes, “Although we have not yet seen many mobile ransomware out there, we have observed an evolution. Mobile ransomware is getting more and more sophisticated and efficient, as shown by Lucy, and this represents an important milestone in the evolution of mobile malwares. Sooner or later, the mobile world will experience a major destructive ransomware attack.”
Images courtesy of Pixabay.
The post Unusual New Ransomware Does Not Demand Cryptocurrency appeared first on BitcoinerX.
Emerging Tech Summit AIBC Europe Announces New Conference Dates
Malta-based tech show will shift dates from November 2020 to February 2021
SiGMA Group has announced the postponement of its tech and gaming focussed Europe summit, which was planned to be held in Malta on November 18–19, 2020. The 4th edition of AIBC Summit will now open its doors early next year in February, running from the 17th–18th, making it the first event to headline the 2021 tech and gaming calendar.
Several shows on it became evident that opportunities, particularly in investment and development, were emerging as a result of cross-pollination between the gaming and emerging tech sectors. As such, the company has decided to merge these two main brands under one roof, bringing AIBC into the SiGMA family with the launch of one super show in February 2021.
AIBC Europe will also embrace key brands and individuals from the converging sectors of AI, blockchain, IoT, quantum tech, and other emerging technologies to discuss and shape the future.
“I look forward to the new dates and I look forward to welcoming you all with arms wide open.” SiGMA founder, Eman Pulis.
The decision, which was taken following recent, unforeseen developments of the global health crisis, COVID-19, is in line with advice from Malta’s health authorities and aims to ensure the safety and well being of AIBC attendees.
SiGMA Group Founder, Eman Pulis, said, “AIBC 2020 was due to take place this November, the show was sold out and we were extremely excited for this edition to take place. However, COVID-19 had other plans and therefore, we have decided to postpone the show for another three months. I must send my gratitude to all the exhibitors who agreed to move their participation at the event with us. I look forward to the new dates and I look forward to welcoming you all with arms wide open.”
SiGMA Group’s priority is the health and welfare of its guests, speakers, exhibitors, and employees. As such, they have taken the decision to move the event to 2021—in line with upcoming inaugural events launching across Asia and the Americas.
SiGMA’s much anticipated digital excursion into the emerging LatAm markets will still go ahead this September, running from 22–24 September, in addition to summits later in October, exploring the growing Med Tech and Med Cann industries.
AIBC Europe (February), which will now occur alongside AIBC Asia (May 2021), AIBC Americas (September 2021), and SiGMA Europe in November 2021, will open its doors to the industry in Ta’ Qali, with the original venue, the MFCC, still confirmed. Thanks to regulatory bodies, such as the MGA and the MDIA, Malta is Europe’s premier location for tech and iGaming, maintaining its reputation as an iGaming hub and offering undisputed benefits to gaming companies looking to establish a base in this forward-thinking jurisdiction.
Combining an expo floor for world-class exhibitors, a start-up village for new businesses, and a hugely popular conferences and workshops agenda, the summit offers a platform to the tech industry as it shapes the future of the sector.
We Are Still Very Early in DeFi Market Investment: Analyst
Decentralized finance and crypto markets may have slumped this week, but zooming out to look at the bigger picture suggests that we are still at very early stages of investment.
Crypto investor Andrew Kang has taken a deep dive into the state of decentralized finance markets and concluded that things are currently somewhere between the first selloff and bear trap.
Where are we in the DeFi market?
We’re definitely not at the 2018 stage of the market where we see a long bear market
Probably somewhere between First Sell Off and Bear Trap
Some analysis below. https://t.co/XHnvoLYS2D
— Andrew Kang (@Rewkang) September 23, 2020
This chart is reminiscent of the one in 2017 for cryptocurrencies when there were a number of pullbacks before the huge parabolic spike at the end of the year. Of course, we all know what came next, a long painful bear market that lasted 18 months.
DeFi Market Pullback
Kang delved into the technicals first noting that there has been a 50% retrace, wiping out a month’s worth of price action in terms of DeFi index perpetual futures.
The Messari DeFi asset index confirms this reporting a current total market capitalization of $5.2 billion for all DeFi related coins. At its peak, this figure exceeded $12 billion.
He added that short interest in DeFi coins, using LINK as an example, continues to grow on the way down as Open Interest increases indicating a return is imminent. Larger traders have taken off their DeFi exposure by now which has reduced prices to a fairer value.
Kang also noted that many ‘degens’, or degenerate farmers as they’re known in the industry, are still fully deployed in liquidity pools and retail traders have yet to enter.
“True retail doesn’t seem to have entered much yet, and I’m still debating whether/how that happens this cycle.”
Innovation in the space is advancing at ‘blistering pace’, he added, and this can be evidenced by the rush to deploy Layer 2 scaling solutions by major DeFi protocols such as Uniswap, Yearn Finance, Aave, and Synthetix.
DeFi TVL Still Strong
Taking total value locked, which is a measure of dollar equivalent crypto collateral, into consideration reveals that it has continued to advance parabolically despite this week’s market pullback.
Figures from Defipulse.com state that there is $9.3 billion locked across DeFi protocols, which is a gain of 1840% since the same time last year.
The crypto ecosystem has pivoted fully into DeFi in 2020 as terms like blockchain, ICO, and altcoin, are replaced with these;
Wake the fk up and learn about:
– Ethereum contracts
– telegram groups
– liquidity pools
Your financial future might depend on it. pic.twitter.com/sglDZugTUb
— Don Crypto Collector (@DonCryptoDraper) September 23, 2020
To get the daily price analysis, Follow us on TradingView
Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.
Crypto exchange Gemini receives an electronic money license from the U.K. financial regulator.
According to the Bloomberg report, cryptocurrency exchange Gemini Trust Company LLC is expanding into the U.K. after being granted an electronic money license from the Financial Conduct Authority. The New York-based firm was founded by famous twins, Tyler and Cameron Winklevoss, who, after claiming Mark Zuckerberg took their idea for a social-networking website to start Facebook Inc., moved on to become entrepreneurs in the crypto industry. Gemini will now let U.K. consumers buy products with the leading cryptocurrency Bitcoin using regular debit cards as a funding source.
“Gemini will be secure, and offer protection against fraud.”
Investors in cryptocurrency will similarly be able to fund digital wallets via bank payments such as CHAPS, without having to pay foreign exchange fees. Tyler Winklevoss said, “London is one of the birthplaces of modern finance, and has a rich tradition of regulation, but also fosters an environment of innovation,” adding that regulation and trust are central to the operation of crypto exchange like Gemini for consumers. The company said in a statement that Gemini will be secure and offer protection against fraud and money laundering with new regulations in place.
Crypto exchanges operating in the U.K. have to register by Jan. 10, 2021.
According to the report, Gemini will have to compete against a slew of players in Europe, some of them regulated by the Financial Conduct Authority as well. Earlier, the U.K. regulator also approved Archax, an exchange that is due to launch in the fourth quarter. The FCC said that all crypto exchanges operating in the country have to register by Jan. 10, 2021. But for now, Gemini is in a select club of registered firms, and it’s also already operational. Gemini is also in the licensing process in Singapore, the company revealed.
Blockchain4 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain2 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies