Crypto apocalypse: Malware epidemic, death threats, missiles, heists and doom

January 30, 2018 12:48 pm


The taxman cometh on Crypto currency, and that’s the least of your problems, if you are an investor.

The fact that tax authorities are looking to tax cryptocurrencies is a sign that digital cash is gaining momentum and credibility, although taxation is perceived as a threat to investors.

Regulatory crackdowns on Bitcoin, Ethereum and Ripple are also inevitable measures to foster a secure investment environment, despite the fact they cause price alarms and panic.

British Prime Minister Theresa May told Bloomberg at the World Economic Forum in Davos that cryptocurrencies like Bitcoin should be looked at “very seriously” because of the way they can be used y criminals.”

No kidding!

Mining malware epidemic  

Coin telegraph reported that a Crypto-Mining malware epidemic is seeing 55% of businesses affected worldwide, including YouTube.

“Another case of “cryptojacking” was detected on YouTube and resolved by Google over the course of this week,” Ars Technica reported last Friday.

Related: From $10k to either $0k or $1m: Which Bitcoin price or expert will you trust?

According to the report by cyber security company Trend Micro, anonymous hackers posted ads on YouTube via the Google DoubleClick advertising platform that drained visitors’ CPU power and electricity in order to mine cryptocurrencies for the attackers.

“90% of ads were using JavaScript code provided by Coinhive, a controversial cryptocurrency mining platform that allows its subscribers to earn income by using other people’s computing power in an unauthorized manner,” said the Coin Telegraph.

“Earlier this month, the software security firm Check Point issued a report stating that 55% of businesses worldwide are affected by the attacks and declared Coinhive to be the number 1 ‘Most Wanted Malware’.”

Crypto death threats

The Coin Telegraph also reported that the FBI has warned Internet users about false death threats to extort money.

These types of threats comprise about 15% of the scams that are actually taking place which are heavily underreported.

Read: Kuwait is another example why Bitcoin’s future in the region is threatened

DDoS missiles

South Korean Bitcoin hackers allegedly launched the DDoS attack that shut down Weiss Ratings’ website after the agency gave the cryptocurrency a ‘C+’ rating, said the Coin Telegraph.

No cryptocurrency managed to gather an ‘A’ on Weiss’ list.

“Bitcoin Cash fared only slightly worse than Bitcoin itself with C-, while Ethereum scored a B and Dogecoin C, placing it similarly just below Bitcoin in terms of providence,” said the Coin Telegraph.

Crypto assault and kidnapping

According to the DailyMail, a Bitcoin trader was able to convince armed robbers who attacked his home to leave after they believed he had wired digital money into their accounts.

Four criminals wearing balaclavas stormed Danny Aston’s home in rural Oxfordshire, held him hostage at gunpoint, tied up his girlfriend and put the couple’s child outside in a buggy, said the UK daily.

“The thieves battered their victim over the head, while they ordered him to transfer his holding of Bitcoin, it added.

“It’s the UK’s first armed Bitcoin heist.”

Read: Crypto comeback: Virtual currency kicking into new gear

Catastrophic loss warning

Deutsche Bank AG’s Wealth Management currently does not advise to invest in crypto-currencies, according to Markus Mueller, Global Head of Chief Investment Office, said Bloomberg.

“Problematic issues include high volatility, possible price manipulation and data loss or data theft,” he told Bloomberg News in an interview.

“There is a realistic risk of total loss. Important issues such as liability and documentation are unclear. We are still at the very beginning and governance required will exist in five to ten years from now.”

Bank of Spain Governor Luis Maria Linde also said crypto-currencies carry enormous risks, and Austria’s Financial Planners Association compared bitcoin investments with a “casino visit”.

Bitcoin crashes of more than 20% within 24 hours have happened recently.

 

 

 

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Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.



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