Bitcoin Price Likely Manipulated?

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Bitcoin – Invest At Your Own Risk

Does this come as a huge surprise?

If it does to anyone, I am quite frankly surprised. Everyone should at the very least have the slightest suspicion that the Bitcoin market was, has and is being manipulated.

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It is after all only a logical sequence of events if you were paying attention to Bitcoin prices at all not to mention that quite a bit of cryptocurrency across the board is currently being acquired fraudulently in some fashion or another. 

Bitcoin prices were not moving then, suddenly it made a pretty significant jump.

Now according to a recent issue of the Journal of Monetary Economics, 4 researchers came together and wrote an article titled “Price Manipulation in the Bitcoin Ecosystem,” that paper shows just how the Bitcoin ecosystem is being manipulated.

The researchers are Neil Ganddal, JT Hamrick, Tyler Moore and Tali Oberman.

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According to the paper, the researchers took a look at the Mt. Gox Bitcoin currency exchange and began to casually notice that roughly $600,000 bitcoins that were valued at $188 million just so happened to have been fraudulently acquired.

Looks like someone forgot to cover their tracks but not so much that we actually know the identity of said criminal. 

“During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.”

According to what the team was able to learn, the price manipulations looked like they were happening when the market was fairly thin for various cryptocurrencies.

“Despite the huge increase in market capitalization, similar to the bitcoin market in 2013 (the period examined), markets for these other cryptocurrencies are very thin. The number of cryptocurrencies has increased from approximately 80 during the period examined to 843 today! Many of these markets are thin and subject to price manipulation.”

So who is responsible for the manipulation?

According to researchers it appears that two bots named Markus and Willy were conducting what appeared to be legitimate trades yet they did not actually own any bitcoin that they were using which helped drive up the price.

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Mt. Gox was hacked before, during the hack a number of bots did in fact make away with millions.

This is bad news for bitcoin as it clearly demonstrates how easy it is to manipulate the markets and to make off with millions.

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While I am all for breaking off the grid and deregulation here, I still think Bitcoin as well as other cryptocurrencies have a long way to go in terms of developing actual levels of standards, checks and balances, you know something like security and quality checks are firmly in place.

At least it should be considering now that many countries are looking to legalize cryptocurrency and accept cryptocurrency as a form of payment not to mention that the finance industry is also seeking to invest in it pretty heavily.

Cristal M Clark

IOS users can find The Crime Shop on Apple News

@thecrimeshop on twitter

And https://gab.ai/thecrimeshop

Hackers Getting More Ingenious

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Cryptocurrency Valuations Rising – Expect More Hacks and Cyber Attacks

Hackers are becoming more and more ingenious especially now that cryptocurrency is starting to take off, as the valuations of cryptocurrency rises, cyber attacks are becoming more and more prevalent because hackers want to mine for cryptocurrency.

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All of the attacks are unknown to users and are coin-mining scripts, normally planted by hackers in the background of public websites, on servers, devices, and in software and are far more lucrative than coin-mining’s ugly adopted twin, malware, stealing bank account information from users.

The attacks, they mine for cryptocurrency and as coin prices rise, so too will the attacks.

One recently discovered attack involved a mass collection of servers where hackers were able to exploit CVE-2-17-10271 which is a critical vulnerability in Oracle’s WebLogic package.

Oracle does have a patch for the vulnerability that was released back in October, but the owner of the servers had not installed it yet.

The hackers were able to mine for cryptocurrency and had mined roughly $6,000 worth of the AEON cryptocurrency.

Back in December a hack generated more than $8,500 worth of Monero cryptocurrency, using the same flaw that hackers exploited to hack Equifax.

What’s interesting here is that the mining programs typically mine the Monero currency rather than Bitcoin, because of Monero’s CPU-friendly hashing algorithm.

Cryptocurrency prices tend to be tightly correlated, so Monero’s price is in sync with Bitcoin.

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These attacks are not necessarily stealing the cryptocurrency, they are actually generating digital coins which is a new and improved way of creating counterfeit currency.

As cryptocurrency becomes more and more popular, it looks like the security surrounding cryptocurrency is going to need to be tightened exponentially in order to curb these mining attacks.  

Cristal M Clark

IOS users can find The Crime Shop on Apple News

@thecrimeshop on twitter

And https://gab.ai/thecrimeshop

Android Malware That Can Physically Damage Phones?

 

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Currency Mining Malware and Your New Android Phone

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My dad used to make fun of me for shelling out the extra money for Apple anything, and while iPhone’s are not 100% malware or hacker proof, they are still the safest bet in town.

Reports are circling around town today about a fairly newer piece of malware affecting Android phones. The malware is a cryptocurrency miner that happens to be so aggressive in nature that it can actually cause physical damage to an Android phone.

Once your phone is infected the malware carries out quite a few malicious activities behind the scene such as but certainly not limited to:

Unending ad’s

Actually participating in DDoS attacks

Sending text messages to any number

Silently subscribing to paid services

And of course

Mining cryptocurrency

The malware is hidden ever so conveniently inside apps that are distributed through third party markets, browser ads, and sms based spam. The malware is called Trojan.AndroidOS.Loapi but has been given the nickname of “jack of all trades,” by researchers at Kaspersky Lab.

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After just two days of testing the malware in a lab researchers found that after it ran all of its dirty little deeds continuously it actually caused the phone’s battery to swell so much that it caused the cover to become deformed.

Of course the mining is not the only issue, then again neither is the swelling batteries one might encounter.

The malware also sends a number of prompts for users to assist it in obtaining admin permissions, once granted those highly sought after permissions the malware makes it pretty difficult for an infected device to install security apps that would otherwise “disinfect” the device.

It will subscribe the device to costly premium services pretty much all day long, sending codes in sms on its own to confirm those costly subscriptions and, whoever is on the other end of the attack, well those guys can use the infected phones to become part of DDoS attacks.

Lastly, it displays a constant stream of ads that annoy users to no end.

Researchers have never seen anything like this before and are unsure of its origins.

The good news is that no one seems to think that users are downloading it from Google Play.

Still the same, I think I’ll stick with my iPhone.

Cristal M Clark

IOS users can find The Crime Shop on Apple News

@thecrimeshop on twitter

And https://gab.ai/thecrimeshop