Week in Crypto: 22/02 – 28/02

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Exchanges suffer DDoS attack

Last Friday, 28/02/2020, the exchanges OKEx and Bitfinex suffered a DDoS. Both companies said that the problem was solved and nothing was stolen during the attacks. 

The first attack targeted the OKEx during the first hours of the morning of 28/02. As a countermeasure to the attack, the exchange suspended temporarily the derivative contracts during the morning, reestablishing the normality on the same day. 

According to Jay Hao, OKEx’s CEO, the attack was rapidly identified and interrupted by the technical support of the exchange, avoiding damages to the clients. 

Right after the attack to OKEx was contained, the exchange Bitfinex was attacked by a sophisticated DDoS, according to a tweet from Paolo Ardoino, the exchange’s CTO: “I was not aware of the attack against OKEx yesterday. I’m interested to understand similarities. We’ve seen a level of sophistication that means a deep preparation from the attacker. Good news: this family of attacks won’t work again against #bitfinex” 

According to him, the attacks showed a high level of sophistication, however he said that Bitfinex’s security prevented the attacks of affecting and highly damaging the platform.

Sources:
Guia do Bitcoin
Decrypt
Livecoins

New malware robbing cryptocurrencies

According to the cybersecurity company Cyberark, a new threat that can affect the crypto enthusiasts was identified. A new malware called Raccoon steals important information from users by accessing financial and cryptocurrencies’ software files. 

The Raccoon can attack 60 applications, including several web browsers. This malware costs US$ 200 per month and is sold on the deep web as a common digital service. 

Cyberark analysts have said, that the Raccoon uses C++ programming language and can steal data from over 35 different web browsers. The victims receive the Raccoon through phishing campaigns and fake emails with malicious codes attached in the form of documents. 

With this, the malware creates vulnerability profiles based on the browser redirects the victim to a website containing an exploit that installs itself at the victim’s hardware. From this point on, the Raccoon searches for data from the system, downloaded apps, including wallets, and browser information like passwords. 

Between the browsers targeted by Raccoon are Firefox, Microsoft Edge e Google Chrome. 

Sources:
Cointelegraph
Decrypt

Coinbase publishes strategy to prevent Coronavirus

The coronavirus is spreading itself at a scary speed and is causing negative impacts that go way far from the health area. Segments like industry, tourism, and commerce are already being affected by the dissemination of COVID-19 and are provoking huge economic impacts globally. The cryptocurrencies are also being affected, with Bitcoin’s price falling by 3% after the detection of the virus in Italy. 

Various businesses are preparing themselves for the worst scenario and the exchange Coinbase is one of them. According to a document shared by CEO Brian Armstrong, the exchange will be preparing responses of scale in 3 phases. Each phase will be activated according to the increase in the number of infected people or by quarantine declarations by local governments. 

Phase 1 will be activated when there are over 100 confirmed cases of “virus transmission from people to people”. The Coinbase will authorize, in this case, its employees to work from home and will increase the frequency of the cleaning of the offices.

Phase 2 starts when there are over 1000 cases like phase one confirmed or if there are any quarantine declarations. In this case, the Coinbase won’t offer meals in the offices anymore and won’t’ allow any visits to the offices. On Phase 3, the most critical one, the employees will be obligated to work from home and services like cleaning or meals in the office will be suspended for an indeterminate time. 

The Coinbase has offices in the USA, Japan, Ireland, and United Kingdon, and Phase 1 is already activated in Japan.

Sources:
Cointelegraph
Livecoins
Decrypt

United States’ biggest bank changes its mind about Bitcoin. 

United State’s biggest bank, JPMorgan Chase & Co., who’s responsible for over US$ 2 trillion in assets has recently changed its vision of cryptocurrencies.
In 2017 JPMorgan’s CEO has panned Bitcoin and now, in 2020, published a document where the bank assumes that the cryptocurrencies have their space in the traders portfolios. For JPMorgan, the cryptocurrencies are investments for those who lost their trust in fiat coins and the traditional monetary system.

Source:
Cointimes

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