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Cryptojacking Is Still a Booming Business, McAfee Labs Report Confirms

Developers of malicious software have shown a great aptitude for cryptocurrency integration. This has become painfully obvious due to the recent malware and ransomware trend. In this day and age, most criminals are interested in cryptojacking, which still remains a very profitable venture. A new McAfee security report shows how quickly this industry is growing.

Cryptojacking Continues to Gain Traction

Over the past few months, there has been a more than noticeable increase in the number of cryptocurrency mining malware samples. It appears this trend has been directly influenced by the mining of cryptocurrencies through a web browser. Although this is generally a perfectly legitimate business model, criminals have begun injecting such code into websites they do not own or control.

Thanks to this cryptocurrency browser mining code, site visitors will – unknowingly – dedicate CPU cycles to the mining of Monero. That cryptocurrency balance will then be distributed to the criminals who injected the code in the first place. It has become a very problematic venture, as hundreds of websites have been infected with such mining code in the past six to eight months.

Unfortunately, the injection of mining code into websites is not the only problem computer users have to contend with. There has been an equal increase in cryptocurrency mining malware samples disguised as regular computer applications. Some video games have even been targeted in this regard. It is evident that criminals continue to favor this business model despite the falling price of Monero and other cryptocurrencies.

According to the McAfee Labs Threats Report June 2018, the rise of cryptojacking is far from over. Several major distribution campaigns have been identified, ranging from the Winter Olympic Games to Lazarus and the most recent GhostSecret campaign. The latter attack focused on various sectors, including telecommunications and healthcare. It is still active to this very day and has proven nearly impossible to detect.

Perhaps the most worrisome aspect of cryptojacking is that it continues to evolve. New distribution methods have been uncovered, but the coding of the tools themselves is also becoming a lot more sophisticated. Coin-mining malware saw a 629% increase in popularity between Q4 2017 and Q1 2018. That is an extremely worrisome development, and may only represent a fraction of the Q2 2018 figures.

As such, the question becomes what the future holds. Based on this McAfee Labs report, it seems unlikely cryptojacking will become less popular over time. It is even becoming a bigger and more lucrative industry compared to ransomware, as one doesn’t need to make people buy cryptocurrency. It has also become apparent that this trend affects not just computers, but also smartphones and tablets.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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