Cryptocurrency

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Mac App Electrum Wallet With Backdoor Spotted in Wild

Andrew Orr ·

An Electrum wallet with a backdoor has been spotted in the wild by ConfiantIntel. They noticed that it’s another example of a piece of malware notarized by Apple. Link to tweet thread below.

These fake wallets were introduced during a Malvertising attack our security team discovered early this week, involving the hacking of a Major SSP. The hackers redirected the victims to https://electrum-4.github[.]io/ asking them to install an update of the electrum wallet.

In a separate tweet, it looks like one of Patrick Wardle’s tools can detect it.

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AWS Announces Ethereum on Amazon Managed Blockchain

Andrew Orr ·

Amazon Web Services announced on Wednesday the general availability of Ethereum on Amazon Managed Blockchain.

With Amazon Managed Blockchain, customers get secure networking, encryption at rest and transport, secure access to the network via standard open-source Ethereum APIs, fast and reliable syncs to the Ethereum blockchain, and durable elastic storage for ledger data. Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure.

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‘ElectroRAT’ is the First Mac Malware Spotted in 2021

Andrew Orr ·

We’re barely a week into 2021 and a piece of Mac malware has already been spotted. Dubbed “ElectroRAT” its primary goal is to steal personal information from cryptocurrency users.

These [malicous] applications were promoted in cryptocurrency and blockchain-related forums such as bitcointalk and SteemCoinPan. The promotional posts, published by fake users, tempted readers to browse the applications’ web pages, where they could download the application without knowing they were actually installing malware.

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Facebook Scales Back Libra, Ties it to Fiat Currency

Andrew Orr ·

Facebook is scaling back its cryptocurrency project ‘Libra.’ Instead of trying to become the dominant global financial system, its new goals are less ambitious. Instead it will work as a layer on top of traditional fiat currency, much like Apple Pay.

The Libra Association said it had begun the process of getting regulatory approval for the payment network from the Swiss Financial Markets Supervisory Authority. To ensure that authorities around the world are on board, the Swiss agency is working with a “college” of regulators from over 20 countries. The association said it still aimed to bring the system live this year.

A good move by Facebook, in part because there was always going to be strong opposition to Libra. You might work with the government in some aspects, but you don’t mess with its money. And ultimately it’s still a way to compete with the likes of PayPal, Google Pay, and Apple Pay.c

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Was Facebook’s Libra Planning to Make Money in Dirty Ways?

Andrew Orr ·

I know that’s kind of a clickbait headline but it’s from a quote by Mastercard CEO Ajay Banga, who dropped out of Facebook’s Libra organization after “multiple red flags.” Emphasis mine:

One reason was Libra’s leaders wouldn’t commit to abiding by laws around knowing their clients, money laundering, and data management, he told the newspaper.

“Every time you talked to the main proponents of Libra, I said ‘Would you put that in writing?’ They wouldn’t.”

It was also unclear to Banga how Libra would generate revenue, stoking his fears that it would make money in unscrupulous ways. “When you don’t understand how money gets made, it gets made in ways you don’t like,”

Facebook profiting off of money laundering?

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YouTube Calls Cryptocurrency Videos ‘Harmful Content’

Andrew Orr ·

In a crackdown called ‘The Crypto YouTube Carnage’ the company has been deleting cryptocurrency videos en masse, labeling them as “harmful or dangerous.”

As years’ worth of videos started disappearing from several crypto YouTubers’ channels, many began speculating about the giant’s motivations. Some believe that YouTube is sensing a rise of new, blockchain platforms that can compete for creators both by offering them better “job security” and a higher cut of earnings.

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Federal Reserve Chairman Says Facebook Libra "Cannot go Forward"

Andrew Orr ·

U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook Libra “cannot go forward” until serious concerns are addressed.

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said during his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee.

“I don’t think the project can go forward” without addressing those concerns, he added later.

Being pessimistic, I wonder if they are genuinely concerned about things like privacy, or just don’t want the competition.

Cool Stuff Found

Opera Launches Reborn 3 With VPN and Crypto Wallet

Andrew Orr ·

Today Opera is launching its Reborn 3 browser. It comes with a VPN and cryptocurrency wallet built in, and it’s also ready for Web 3.0, which is defined as a more intelligent web with machine learning, natural language search, data-mining, and more. You could make a strong argument that we’re already in Web 3.0, although Opera defines “Web 3” as a blockchain-based internet. In any case, the Reobrn 3 browser is ready for it. The crypto wallet syncs between the desktop browser and the Android app, and will be added to the iOS in the future. The update also brings a new, borderless design with light and dark modes. Opera created a short sci-fi film “in which a woman travels through a futuristic world in search of regaining control of her digital life.” You can watch that film here, and download Opera here.