Category Archives: Cryptocurrency

Updated February 26, 2020 11:59:14

Right from the start, something did not seem right about this.

Was it the shed in rural Wales that was supposedly the office of the London Football Exchange (LFE), or the pantomime LFE "founder" Jim Aylward and his obscure video messages about his group's takeover of Perth Glory?

"We are building a football group that is leading to a tokenised ecosystem, so there is going to be utility for the token," he explained on Twitter after the news broke.

It could have been the push by those involved with LFE urging Glory supporters to buy into this cryptocurrency token, even though the group did not yet own the Perth club.

Whatever it was, even Glory owner Tony Sage seemed to be caught unaware.

At first, he said he was on his way to the Europe to finalise a deal to sell 80 per cent of the club to the cryptocurrency group.

He would retain 20 per cent of the Glory and become chairman of the LFE's football group.

That didn't really add up either.

The proposed new owner of the Glory had ambitious goals to buy clubs in France and the English Premier League, but it was unclear how exactly the group would pay for it.

Would it be in cryptocurrency? Would it be cash? Would it be debt?

They were all questions that couldn't be answered probably because there were no answers, as those involved in the proposed sale did not know themselves.

Things turned even more bizarre over the next few days with mixed messages and contradictions adding to the confusion.

The Glory and LFE released a joint statement saying they had reached an agreement for the club to be acquired by LFE.

Sage was quoted in it saying: "The LFE is designed and manned by fans for fans [and it] makes me proud to say I am part of the team and that PGFC is the cornerstone of this wonderful project."

Two days later though, the club released another statement saying no deal he had been done, with Sage saying: "Don't believe fake news. Your club has not been sold and I have not even sent anything to Football Federation Australia (FFA) for approval."

He said he was continuing to do due diligence on the organisation of which he was supposed to be chairman, something that raised even more questions among the club's fans.

The supporters knew something was up.

The subsequent investigative work by some of the club's passionate fans and their backgrounding of journalists helped get to the core of the story.

Less than two weeks after news of the proposed deal came out, it was all off.

The FFA stayed quiet for much of the process, but released a statement saying the sale would not go ahead, putting an end to what had become a saga.

Sage's love for the Glory has been well documented.

His passion is admirable and the amount of money he has poured into the loss-making club is eye-watering.

But this process has damaged the Glory and had many within it questioning its future direction.

For an experienced and astute businessman, Sage should have seen the red flags the supporters so clearly identified from the outset.

Topics:a-league,soccer,sport,perth-6000,wa

First posted February 26, 2020 08:09:33

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A plan to sell Perth Glory to the LFE cryptocurrency firm is over, but the deal never added up - ABC News

Leading cryptocurrency project Ethereum has seen its fundamentals on the rise lately, as decentralized finance crosses the $1-billion mark this month. That's big news for the project, because Ethereum's native currency, Ether, accounts for about 70% of that total.

In addition, the project is gainingmomentum around its ETH 2.0initiativeand it could get a boost from a major move bythe big U.S. bankJPMorganChase(JPM) - Get Report, which plans to merge its Quorum blockchain with ConsenSys -- a development studio founded by Ethereum co-founder, Joe Lubin. The bank built its private blockchain using the Ethereum network, and if successful, the merger could lead to more investment in the Ethereum ecosystem.

Considered the pioneer for blockchain-based smart contracts, Ethereum also continues to gain prominence as19 out of the top 20 decentralized finance projects were built on its blockchain.

Smart contracts are computer programs that automatically execute when specific conditions are met. Running them on a blockchain removes any possibility of downtime or third-party interference, making them extremely useful for exchanging money, content, property, shares, or anything of value.

ETH is Ethereums native currency, used as "gas" to pay for network transactions. It currently boasts a market cap of just under $30 billion, with a 24h trade volume of $19.77 billion.

The Ethereum platform currently processes transactions in a similar way to Bitcoin. But massive development efforts are underway on Ethereum 2.0, to switch over from its proof-of-work to a proof-of-stake network capable of greater scale. The need for scalability is key as the number of transactions, and subsequent gas prices, continue to rise on the platform.

Ethereum fundamentals have been increasing since the beginning of 2020, up 22-points (2.38%) since January 1st. Our data shows this was driven by a 48-point (5.37%) rise in User Activity.

FCAS is up 22-points (2.38%)

Developer Behavior is up 1-point (0.1%)

User Activity is up 48-points (5.37%)

Market Maturity is up 2-points (0.24%)

TheStreet

Current trends suggest that as the DeFi market continues to expand, it will create robust payment gateways for a wide variety of DApps to be built on Ethereum. Any sort of multi-party application that today relies on a central server can be disintermediated via the Ethereum blockchain. This has attracted new capital to flow into ETH, causing price to skyrocket in the past two months.

Starting with the launch of MakerDAO, there are now nine separate Ethereum decentralized finance apps holding at least $10 million worth of cryptocurrency in them. As Synthetix founder Kain Warwick commented, The idea that Ethereum is replicating these traditional financial applications on a decentralized platform has finally crossed the chasm and got to the point where people understand it."

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Cryptocurrency in Focus: Ethereum Is on Fire - TheStreet

On December 2, 2019, prosecutors in the Southern District of New York unsealed a criminal complaint against Virgil Griffith for conspiracy to violate U.S. sanctions authorized by the International Emergency Economic Powers Act by providing services to the Democratic Peoples Republic of Korea (North Korea). The indictment of Griffith, one of the developers of the Ethereum blockchain, is the first instance where the Department of Justice has publicly announced chargesagainst a US citizen for conspiring to use cryptocurrency in an attempt to evade sanctions. Its an interesting case of a developing technology being applied to laws dating back to 1977 (not long in years but generations in technological breakthroughs).

PARIS, FRANCE - FEBRUARY 12: In this photo illustration, a visual representation of the digital ... [+] Cryptocurrency, Bitcoin is displayed in front of the Bitcoin course's graph on February 12, 2020 in Paris, France. The price of Bitcoin is rising and has once again passed above the very symbolic bar of 10,000 US dollars. (Photo by Chesnot/Getty Images)

The complaint against Griffith alleges that he visited North Korea in April 2019 to give a presentation at the Pyongyang Blockchain and Cryptocurrency Conference, where the main topic of discussion was how blockchain and cryptocurrency technology could be used to launder money and evade international sanctions that keep it from becoming a developed nation.

The United States efforts to combat such sanctions evasion began in September 2018, when the DOJ and the Department of Treasurys Office of Foreign Assets Control (OFAC) simultaneously announced criminal charges and civil sanctions against Park Jin Hyok, a North Korean citizen, someone the FBI had been tracking for years and subsequently put on its most wanted list.OFAC also sanctioned Hyoks employer, Chosun Expo Joint Venture, an agency, instrumentality, or controlled entity of the North Korean government. The DOJs complaint alleges that Hyok used a ransomware attack named WannaCry 2.0, which encrypts files on the computers of its victims (mostly in the US) demanding Bitcoin ransom payments. North Koreas Ministry of Foreign Affairs issued a statement claiming that Hyok is a non-existent entity, and furthermore, the act of cyber crime mentioned by the Justice Department has nothing to do with us.

In September 2019, OFAC announced sanctions against Lazarus Group and two of its sub-groups, Bluenoroff and Anaderiel, asserting they were directly involved in WannaCry 2.0 and the 2014 cyberattacks of Sony Pictures Entertainment.Joel Androphy, partner at Berg & Androphy said, For a rogue nation like North Korea, its not just about evading sanctions, its a revenue stream.

North Korea appears to have been relatively successful in generating revenue through this type of indirect sanctions evasion.Citing an unreleased confidential United Nations report, Reuters reported in August 2019 that North Korea is estimated to have raised up to $2 billion by using cyberspace to launch sophisticated attacks on financial institutions and cryptocurrency exchanges to generate income.It has become a burgeoning business model.

Although that revenue was earned prior to OFACs announcement of sanctions against Lazarus Group, the sanctions do not appear to have deterred North Korea from continuing to explore ways to use cryptocurrency to generate illicit revenue.Days after the sanctions were announced, the Korean Friendship Association posted information about the second Pyongyang Blockchain and Cryptocurrency Conference, which was scheduled for February 24 and 25, 2020.The FAQ page of the conference website expressly states that individuals with United States passports are welcome and that for your convenience we will provide a paper visa separated from your passport, so there will be no evidence of your entry to the country. Nothing like trusting North Korea to keep a secret.

Shortly after Reuters report came out, United Nations sanctions experts were warning people not to attend the Pyongyang Cryptocurrency Conference, noting that attendance at the conference could be a sanctions violation. The timing of the websites removal strongly suggests that the threat of international penalties from the United Nations had a deterrent effect much stronger than the threat of penalties from the United States alone.

Countries other than North Korea that are not subject to international sanctions also appear undeterred by United States penalties.For example, in March 2018, President Trump issued an Executive Order prohibiting United States persons and entities from engaging in transactions involving the Petro, Venezuelas cryptocurrency. Around the same time, OFAC announced sanctions against Evrofinance Mosnarbank, a bank that was involved in facilitating the Petros launch. Despite the sanctions and the Petros apparent lack of popularity among Venezuelans many of whom still do not know how or where to buy Petros Venezuelan president Nicolas Maduro announced efforts designed to strengthen the Petro in 2020, including exploratory sales of Venezuelan oil for Petros and the payment of taxes and utility bills in Petros.

OFACs announcement of sanctions against two Iranian men who allegedly converted the proceeds of a ransomware scheme from Bitcoin into Iranian rial appears to have been similarly ineffective. One of the two men sanctioned told theNew York Timesthat he had resumed exchanging Bitcoin within a week using a new anonymous Bitcoin address. The Iranian government has also reportedly shown interest in developing a cryptocurrency. At the Kuala Lumpur Summit in December 2019, Iranian president Hassan Rouhani suggested that leaders from Turkey, Qatar, Iran, and Malaysia create a Muslim cryptocurrency to save themselves from the domination of the United States dollar and the American financial regime.

The apparent effectiveness of the threat of international sanctions, and the collaborative efforts of other nations to develop cryptocurrencies that could be used to harm United States interests, underscore the need for the United States to work with its allies to combat cryptocurrency-based sanction evasions.Although many countries believed to be involved in sanctions evasion (such as Venezuela) are not subject to international sanctions, there are other ways in which the United States can seek support from its allies.

With cooperation from its allies, US prosecutors can use various statutes to indict and extradite those who commit offenses involving cryptocurrency abroad as well as in the United States.The world can be a small place when it comes to the reach of US government agencies, Androphy said, and many people who get caught up in this stuff simply dont know the laws that can get them in big trouble.

While each allys existing statutes and needs will be different, the global Financial Action Task Force (FATF) recently issued standards designed to provide an international framework for the regulation of virtual currencies and other virtual assets. As the FATF noted in a statement following its January 9, 2020 Supervisors Forum, the challenge is now to effectively implement these standards. The United States should be leading efforts to do so, because international cooperation will be an invaluable tool in amassing the economic power necessary to prevent cryptocurrency-based sanctions evasion by actors within and outside the US.

Make no mistake about it, people using cryptocurrencies to commit offenses are taking a significant risks. While some who drift on the wrong side of the law do so with intent, they may not know the extent of the trouble that they can get into with the criminal justice system in the US. The Federal Sentencing Guidelines, something many people have no familiarity with, can put offenders in prison for decades. Just to be extradited from a foreign country can take months or years ... imagine that sitting in a Venezuelan prison. Sealed indictments and cross-border cooperation with authorities makes traveling that much more precarious. One minute you can be headed to some part of the world on vacation and the next you could be sitting in a prison on what you thought was supposed to be a layover of two hours.

Emily Burgess, an attorney who works with Androphy, told me, Cryptocurrency transactions are only pseudonymous, not anonymous, and a user whose identity is uncovered faces significant penalties.

For those who think crypto will hide them detection and, eventually punishment, you better think twice.

Here is the original post:
Crime And Punishment In The Cryptocurrency World - Forbes

The mystery that has haunted the crypto community for years days is finally resolved.

We may never know the true identity of Satoshi Nakamoto, but we just cracked the second greatest mystery in the history of Bitcoin (BTC): what happened to the Bitcoins that Justin Sun supposedly gifted to Warren Buffet?

Justin Sun claimed that during his much-discussed lunch with Warren Buffet, he presented the crypto-skeptic with a Galaxy Fold phone which contained some cryptocurrency including Bitcoin and Tron (TRX).

However, in a recent interview with CNBC, not only did the Oracle of Omaha reiterate his negative stance towards cryptocurrency, he also flat-out denied owning any crypto whatsoever and further stated that he will never own it.... because it is worthless.

Subsequently, some in the crypto community started to question the veracity of Justin Suns statement. If indeed he had given some cryptocurrency to Warren Buffet, how could it be possible that Mr. Buffett doesnt own any?

Luckily for Mr. Sun, Buffett could be rebuffed. All Sun had to do was point to the blockchain-based evidence to defend himself:

Of course, all that the blockchain can prove is that some amount of cryptocurrency resides at a certain address. It cannot prove that an individual named Warren Buffet is the rightful owner of this cryptocurrency unless that individual chooses to prove his ownership by moving some coins or signing a message with a private key controlling it.

And as we have learned from the greatest Bitcoin mystery of all time, this can be no easy task for some individuals.

Justin Suns detractors seemed to have an upper hand in this deeply-contested conundrum until a good Samaritan stepped in to save the day (and Suns reputation).

Becky Quick, the CNBC reporter who inadvertently started this controversy, has now put an end to it:

No word yet on how Justin Sun feels about Warren Buffett regifting his generous present.

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The Mystery of Warren Buffett's Missing Crypto is Solved - Cointelegraph

Berkshire Hathaway chairman and billionaire investor Warren Buffett has reiterated his aversion to cryptocurrencies.

"Cryptocurrencies basically have no value and they don't produce anything," Buffett told CNBC in an interview on Monday. "I don't have any cryptocurrency and I never will," Buffett added.

Last month, Tron founder Justin Sun, along with his four guests, dined with Buffett - but that didn't change the billionaire investor's stance on crypto.

"When Justin and four friends came, they behaved perfectly and we had a very friendly 3-hour dinner and the whole thing was a very friendly exchange of ideas," Buffett said, adding that neither he nor Sun changed their stance on bitcoin.

89-year old Buffett has been a long-time critic of cryptocurrencies. He has called bitcoin as a "real bubble" and "rat poison squared," among other descriptors.

Interestingly, Buffett today said he may create a "Warren currency" that would be available after he passes away.

Read the original here:
Warren Buffett says he will never own any cryptocurrency - Yahoo Finance

Guest post by Cal Evans from Gresham International

Cal is the Managing Consultant of Gresham International.

Cryptocurrency exchanges represent one of the most diverse service offerings within the crypto industry.

You only have to stack a handful of exchanges up, side by side, to see the differences between them. These differences can be found in a multitude of areas. Some differences relate to the actual user interface (UX) experience of the platform and how users interact with the services. Other differences can be found in the technical side of the trading offered by the exchange. This list is almost endless.

In a market that is now so big, this diversity allows crypto users to move to whichever exchange best suits their needs a real win for those who are trading in the community.

To date, crypto exchanges have had a fairly easy life with respect to regulation and the amount of paperwork they have to do. Considering the amount of cash that flows through some exchanges, it is quite astonishing that so far they have had minimal regulation. In hindsight, this might not be such a great thing.

Regardless of your thoughts on the balance between privacy/freedom and control/monitoring, the simple fact is that most countries do not allow free flow of assets of any kind. Monitoring them kills factors such as financing terrorism and money laundering from crime. Two things which, in the early days of Bitcoin, gave the whole industry a bad name. One which we are still trying to recover from.

In order to counter this, 2019 saw a raft of new laws passed in various international jurisdictions. Most of which, aimed at exchanges. Essentially, there has been no headway into actually legislating cryptocurrencies themselves. However, moving forward, the trading will be much more regulated.

To help you understand the major changes, lets take a brief look at the new major laws coming into play over 2020.

Hong Kong has finally set its mind on the trading of cryptocurrency. As of now, companies that are looking to offer trading services of cryptocurrencies will have to register for a Money Service License within Hong Kong. This is the same license that Foreign Exchange companies will use. It carries reporting requirements that are slightly easier than being a usual financial services firm.

Singapore was the original birthplace of the exchange. Consequently, many many exchanges decided to set up there and conduct business. Singapore now requires all exchanges to register with The Monetary Authority of Singapore (MAS). MAS is a full financial oversight body that will inspect every element of the company including business operations and transactions.

The EU has now placed registration requirements on all exchanges operating within the Union. Although countries such as Malta and Estonia already had these in place, all member states are now required to have cryptocurrency exchanges register within their respective country. One registration will work for all member states (as is common with all financial services). The obligation is only on the collection of data of users of the exchanges. Not information on trades. This registration process will vary from state to state.

The United Kingdom was in the EU long enough to be caught by the new law but will be out in time to decide how they set it up. Consequently, the Financial Conduct Authority (FCA) has now created a special type of Crypto License. This license places a requirement on companies that operate in the crypto space and facilitate trades to register with the organization. This includes companies outside of exchanges.

All of these new laws are designed to ensure that companies who operate from onshore locations are taking the necessary steps to protect the flow of money in and out of the country. For those exchanges that are looking to promote a more decentralized or fluid approach to trading will more than likely have to move to an offshore location in order to continue doing business.

Since 2016 Gresham International assisted entrepreneurs, companies, governments, and groups launch their currency or token offering to market.

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Why 2020 is an important year for cryptocurrency exchange regulation - CryptoSlate

Are you curious about cold and hot wallets? Which type of wallet is the best to store your cryptocurrency? Keen on learning why theyre key to the Ethereum ecosystem? Great! Youve come to the right place. To learn blockchain development and be certified I recommend visiting Ivan on Tech Academy.

Blockchain is currently#1 ranked skill by LinkedIn. Because of that, you should definitely learn more about Ethereum to get a full-time position in crypto during 2020.

In myfirstandsecondpieces, Ive discussed Ethereum 2.0 and the best tools for developers. In mythirdandfourtharticles, Ive discussed quadratic voting and open governance models. Then, in my fifthpiece,Ive looked into Swarms infrastructure.

In mysixth, seventh and eight ones, Ive dove-deep into consensus algorithms and the blockchain trilemma. Lastly, Ive looked into blockchain sharding technology,which projects are making it thrive and Ive done an intro to Plasma and Looms.

Last week, Ive explained the importance of blockchain explorers, why tBTC matters for Ethereum developers and the difference between cryptocurrencies, crypto-tokens and stablecoins.

This week Ive disucussed the value of cryptocurrency networks. Today Im looking into the key differences between hot and cold storage systems. Why should Ethereum developers care about hot and cold wallets?

Hot and cold wallets are a key piece of the cryptocurrency ecosystem. It is often said in the cryptocurrency universe, not your keys, not your coins. Andreas Antonopolous, the one who coined this term (pun intended), meant to say users need to pay attention to coin storing systems. Wallets are a very personal choice when it comes to storing funds.

Below, I look at the differences between cold and hot storage and the benefits of using alternative types of wallets. There are several trade-offs, benefits, and negatives to both. At the end, it all comes down to your own priorities.

Do you prefer ease of access, or strong security?

Storing your cryptocurrency in a hot wallet comes with a lot of risk, but it is simpler than setting up a cold wallet. Some of the best online wallets promote easy-to-use interfaces, high availability and instant transfer times.However, keeping all of your crypto in an online wallet creates a larger surface attack area, which means there is an increased risk of being hacked.

If you plan to consistently move your crypto around to different exchanges for trading purposes, then a hot wallet might be right for you. To give yourself a little extra protection, you can install additional security measures. Two-factor authentication is probably the best method to add an extra layer of security. But even then, dont expect your funds to be 100% protected from hacks.

Hot wallets generally provide a more user-friendly experience, which is why many who are not heavily knowledgeable about cryptocurrencies generally use them. If you want to use a hot wallet, try to store a minimal amount. By storing most of your cryptocurrency in a cold wallet and just a small amount in a hot wallet, you can get the best of both worlds ease and quickness of use as well as the security the cold wallet provides.

If you highly value security and youre wary of losing your hard-earned crypto, then using a cold wallet is the way to go. By keeping your Bitcoins offline, there is a much-reduced threat of being hacked. If you have or plan to buy Bitcoin, or any other currency, and hodl for the foreseeable future without trading then a cold wallet could be one of the best wallets for your cryptocurrency.

One of the most secure ways of setting up a cold wallet is by using a paper wallet or brain wallet. By using a paper wallet, the only way to access your Bitcoin would be through this piece of paper where your key is written down. Brain wallets mean memorizing your access. The main risks are if you lose that piece of paper in a fire or through bad housekeeping, then accessing your Bitcoin is impossible. Or worse, if you forget your keys.

Having a few spare copies in places you and only people you trust know about could be one way to counteract this.

Instead of basic paper wallets, a hardware wallet provides a great amount of security but for a financial cost. Depending on the make and model, you could expect to spend up to $100, if not more.

One essential tip when buying a hardware wallet is to ensure you are buying from a reputable vendor. When you receive your wallet, make sure that the wallet hasnt been tampered with or opened in any way. Malicious actors could upload malware onto these wallets if they are able to get their hands on the hardware before you yourself do. The best wallets for cryptocurrency will be supported by positive reviews from other users.

Keep in mind, according to recent research from GlassNode, a great deal of Bitcoin has been lost in cold wallets. There is an estimate of around 1 to 3 million BTC lost in cold wallets.

There are positives and negatives to both hot and cold storage. If you want quickness and ease of use, go for a hot wallet. If you want security and long-term storage, use a cold wallet. Completing your own research before purchasing cryptocurrency is essential for your own security and storing your it safely is key to protecting your investment.

This article is not financial advisement

Founder @ Bityond. Senior Writer. Researcher and Project Manager.

Hobbies include swimming and Sith lording. Tweet me @Febrocas. Message me on LinkedIn.

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Hot or cold. Which cryptocurrency wallet is the best? - Toshi Times

Updated: May 25, 2018:

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JONES DAY TALKS: Hard Forks and Airdrops: The IRS Issues Cryptocurrency Tax Guidance - JD Supra

The Court of Appeal has ruled in a landmark case that virtual currency exchange operator Quoine must pay damages for wrongfully reversing a number of transactions on its platform.

The apex court yesterday rejected Quoine's argument that it was entitled to unilaterally cancel the seven orders - placed by trader B2C2 to sell ethereum for bitcoin - on the basis the transactions were a mistake.

Quoine had argued that the parties who transacted with B2C2 were under the mistaken belief that the trades were at market price and that B2C2 knew of this mistake.

The case is the first legal dispute in Singapore involving cryptocurrency. It is also believed be the first in the Commonwealth to deal with the question of how the legal doctrine of mistake should be applied when contracts are made by computerised trading systems, without human involvement.

The case will now centre on assessing how much damages should be paid to B2C2.

Both companies use complex computer systems to place buy and sell orders on Quoine's platform.

Quoine's software retrieves price information from other currency exchanges to generate orders. B2C2's software evaluates the first 20 market prices, excluding low volume orders, and calculates an appropriate price to buy or sell.

The software has a fail-safe "deep price" of 10 bitcoin to one ethereum. This kicks in when there is insufficient market data.

In April 2017, a glitch in Quoine's software made it unable to access external data and it stopped creating new orders. This led to B2C2's "deep price" taking effect.

On April 19, 2017, seven trades were carried out by the computer systems, with 3,092 bitcoins being credited to B2C2 in exchange for about 309 ethereum debited. This was at a rate of about 250 times the prevailing exchange rate of about 0.04 bitcoin to one ethereum.

Quoine became aware of these trades the next day and unilaterally reversed the transactions. B2C2, represented by Mr Danny Ong, then sued Quoine, arguing that the cancellations amounted to a breach of contract and a breach of trust.

The Singapore International Commercial Court found in March last year that Quoine was in breach of both contract and trust.

Quoine, represented by Senior Counsel Stanley Lai, appealed before a five-judge panel.

The majority - comprising Chief Justice Sundaresh Menon, Judges of Appeal Andrew Phang and Judith Prakash and International Judge Robert French - dismissed Quoine's appeal on breach of contract.

They held that, in the context of contracts made by computer systems, it is the programmer's state of knowledge that is relevant, from the point of programming up to the forming of the contract.

In other words, the court has to determine whether in programming the system, the programmer was acting to take advantage of offers made by a party operating under a mistake.

The court said there was no mistake in this case as to the terms of the trading contract. Even assuming there was a mistake, the creator of B2C2's software did not know of this mistaken belief.

International Judge Jonathan Mance dissented on this issue.

The court allowed the appeal on breach of trust, saying that no trust was created over the bitcoins in B2C2's account.

See the article here:
Cryptocurrency exchange operator ruled in breach of contract - The Straits Times

Raccoon might not be the cheapest option on the market but the malware had gained popularity among cybercriminals for its ability to target at least 60 applications, many of which are browsers we use today.

The Raccoon infostealer, also known as Racealer, has attracted a following in underground forums thanks to the aggressive marketing of its wide range of capabilities, use of bulletproof hosting and an easy-to-use backend. The malware is offered at a price of $200 a month and was first spotted by researchers from cybersecurity firm Cybereason in 2019.

While more expensive than other standalone, bareboned offerings, Raccoon's subscription-based model -- which includes technical support, bug fixes, and updates at a relatively cheap Malware-As-A-Service (MaaS) price point -- as well as its overall capabilities have made it a worthwhile investment for cybercriminals seeking to steal data and cryptocurrency.

A new analysis of the malware from Cyberark notes that many infostealers aren't generally sophisticated and use the same variety of techniques to steal information. However, in Raccoon's case, the C++ malware is able to steal data from 35 browsers and 60 overall applications.

According to Cyberark, Raccoon is generally delivered through phishing campaigns and exploit kits. Fraudulent emails sent to would-be victims contain Microsoft Office document attachments with malicious macros, whereas the exploit kits are usually hosted on websites.

Victims are profiled for any potential browser-based vulnerabilities and based on this analysis, they are redirected to the appropriate exploit kit.

See also:This easy-to-use information-stealing trojan malware is quickly gaining popularity among cybercriminals

The command-and-control (C2) server, necessary for the transfer of stolen information as well as for remote malware configuration updates, has its address hidden via several layers of encryption.

Raccoon is able to steal financial information, online credentials, PC data -- such as operating system types and versions, the language in use, and installed application lists -- cryptocurrency wallets, and browser information including cookies, history logs, and autofill content.

The malware targets a wide variety of popular Mozilla and Chromium browsers: Google Chrome, Google Chrome (Chrome SxS), Chromium, Xpom, Comodo Dragon, Amigo, Orbitum, Bromium, Nichrome, RockMelt, 360Browser, Vivaldi, Opera, Sputnik, Kometa, Uran, QIP Surf, Epic Privacy, CocCoc, CentBrowser, 7Star, Elements, TorBro, Suhba, Safer Browser, Mustang, Superbird, Chedot, Torch, Internet Explorer, Microsoft Edge, Firefox, WaterFox, SeaMonkey, and PaleMoon.

In addition, Raccoon attempts to compromise ThunderBird, Outlook, and Foxmail email clients.

Cyberark says the same procedure is in play for each target application. The malware will grab the application files containing sensitive data and copy it to a temp folder, perform routines to extract and decrypt information, write this content to a separate text file, and then send it off to a C2.

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"In order to extract and decrypt the credentials from the applications, Raccoon downloads the specific DLLs for the applications," the researchers say. "The config JSON contains a URL from where the malware will download those libraries."

Cryptocurrency, too, is at risk. Raccoon will seek out Electrum, Ethereum, Exodus, Jaxx, Monero, and Bither wallets by scanning for their default application folders, and will also attempt to grab their wallet credentials.

Once Raccoon has stolen the data it requires, this information is compiled into a .zip archive file and sent to the C2. It may also act as a dropper for additional malware payloads.

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The malware continues to be supported by a team and development is ongoing. Recently, Raccoon was also given the ability to steal FTP server credentials from FileZilla, UI errors were resolved, and the authors also created an option to encrypt custom malware builds from the UI for download as a DLL.

"Even though Raccoon is not the most sophisticated tool available, it is still very popular among cybercriminals and will likely continue to be," the researchers say. "What used to be reserved for more sophisticated attackers is now possible even for novice players who can buy stealers like Raccoon and use them to get their hands on an organization's sensitive data."

Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0

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Raccoon malware targets massive range of browsers to steal your data and cryptocurrency - ZDNet