Home / Crypto Currency / Bitcoin-stealing Statcounter Script Modification Targets Gate.io Exchange Users

Bitcoin-stealing Statcounter Script Modification Targets Gate.io Exchange Users

Cryptocurrency exchanges are often considered to be the lifeblood of this industry. They offer liquidity, convenience, and expose millions of people to different digital assets. Unfortunately, these platforms are also susceptible to different types of hacks and manipulation. It appears Gate.io has some concerns to address in this department.

The Potential Gate.io Exchange Problem

Researchers at ESET are closely monitoring any development in the world of cryptocurrencies. That is only normal, as this industry has been prone to a lot of malicious actors in the past. More specifically, the number of exchanges being hacked and funds being stolen has increased significantly in recent years. Avoiding any future issues is of the utmost importance as more time progresses.

The research in question primarily focuses on the Gate.io exchange at this time. A rather worrisome development involving the StatCounter website can have widespread consequences for this particular exchange. StatCounter is a major analytics platform which is used by a lot of website owners around the world. Having an alternative to Google Analytics is always a good thing, primarily because Google already collects enough data is it is.

For some unknown reason, there has been a security breach involving StatCounter. More specifically, their main website counter script has been modified by a third party to add extra code. While that may not sound that serious at first, the code in question targets cryptocurrency exchanges specifically. The only platform susceptible to this attack is Gate.io, although they will be addressing this problem rather quickly.

What makes this piece of code so problematic is how it targets a Unified Resource Identifier (URI). In this case, it seeks out the “domain/myaccount/withdraw/BTC” segment. Gate is the only crypto exchange with such a URL structure, which can make them susceptible to unauthorized account withdrawals in the future. It is something that can be prevented with relative ease, although it will be up to Gate to take the appropriate action.

Assuming this script is successful in performing withdrawals, it seems there is a good chance bitcoins will be stolen in quick succession. One potential withdrawal address has already been identified, although it has not obtained any funds at this time. That in itself is somewhat reassuring, although that doesn’t mean the exchange and its users are out of the woods just yet.

This particular find is another sign of why cryptocurrency exchanges remain a key weak point in this industry. Their centralized nature makes it very easy for attackers to exploit weaknesses as they see fit, and this most recent example shows it doesn’t take much to make good money in quick succession. This attack is primarily targeted at one exchange in particular, but that doesn’t mean it can’t be amended to affect other platforms moving forward.

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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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