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Crypto-Ransomware Attacks Are Spreading Like a Hacking Wildfire

Crypto-Ransomware Attacks Are Spreading Like a Hacking Wildfire

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With ransomware attacks up 200% in the last two years, Cointelegraph looks at some of the methods bad actors are employing and how to avoid them.

The last two years have witnessed a hefty uptick in crypto-centric ransomware attacks. Not only are bad actors becoming more refined, but they are facilitating access to other, less sophisticated ones. According to experts, crypto crime of this nature has been especially prevalent amid the coronavirus pandemic. But how does it all connect, and what can the industry do to stamp it out?

As with all groups, the cryptocurrency sector has its portion of bad apples. Since 2018, ransomware attacks worldwide have increased by 200%. To make matters worse, the software required to carry out such attacks is widely available on the darknet.

In Singapore, the situation is arguably at a fever pitch. Instances of so-called “crypto-jacking” — a ransomware method in which criminals commandeer devices to mine cryptocurrency — spiked 300% year-on-year in Q1 2020. Per cybersecurity firm Kaspersky, the increasing difficulty of mining coupled with the subsequent hike in electricity costs is at the root of the problem. As for why Singapore is so disproportionately affected, Kaspersky suggested the country’s high-performance internet may be attracting bad actors.

But this is by no means a localized phenomenon. According to the “2020 Incident Response and Data Breach Report” from cybersecurity firm Crypsis Group, ransomware attacks have more than doubled in the last two years.

It seems COVID-19 has been a boon for cybercriminals. During a recent United States house meeting, the FBI revealed a 75% rise in daily cyber crimes since the onset of the coronavirus. Expert witness Tom Kellermann, head of cybersecurity strategy for VMware, also cited an inconceivable 900% uptick in ransomware attacks between January and May 2020. 

Speaking to Cointelegraph, Thomas Glucksmann, vice president of global business development at the blockchain analytics firm Merkle Science, explained that the escalation in ransomware and cryptojacking attacks could be attributed to the exploitation of pandemic-related anxiety through targeted COVID-19 themed campaigns.

“Such campaigns include emails or websites advertising treatments, government information and fake apps which prompt users to download malicious software that infects devices and can be used to compromise data and networks (via ransomware) and computing power (cryptojacking).”

The finessing of ransomware attacks

Along with an uptick in attacks came refined techniques and modifications. This includes Ryuk and Sodinokibi — also known as “REvil.” These particularly insidious ransomware variants deny users access to their device, system or file until a ransom is paid. Both Ryuk and REvil are designed to prey on enterprise networks. Law firms Fraser, Wheeler & Courtney LLP and Vierra Magen Marcus LLP found this out the hard way.

Both firms were victims of the REvil ransomware attack from the threat group of the same name. On June 6, REvil’s official darknet blog announced the auctioning of over 1.7 TB of data seized from the firms’ databases. The listing was described as containing both private company and client information, including business plans and patent agreements of companies ranging from Asus to LG. The starting bid price of Fraser, Wheeler & Courtney’s data was set at $30,000 — to be paid solely in Bitcoin (BTC). REvil noted that if the price reserve wasn’t met, the files would be publicized nonetheless.

This is not the first time REvil has caught headline news. The group previously struck Grubman Shire Meiselas & Sacks — the law firm connected to music stars such as Madonna, Lady Gaga and Nicki Minaj. However, after failing to extract payment, they seemingly switched up their modus operandi, raising the stakes on their victims via public auctions.

Another ransomware gang, known as “Maze,” took things one step further, targeting the government-affiliated aeronautics firm, ST Engineering Aerospace. Maze plucked around 1.5 TB of data from the organization — 50 GB of which found its way onto the darknet shortly after. One notable aspect of this attack was that the ransomware was initially undetectable. Another particularly nasty and near-imperceptible breed of ransomware, aptly dubbed “STOP,” encrypts the victim’s entire system, demanding payment in return for decryption.

It’s perhaps no surprise, then, that ransomware detection and decryption software are becoming commonplace, offering a means to fight back and decrypt files made inaccessible by attackers.

Nevertheless, bad actors are twisting this to their advantage by disguising ransomware as ransomware decryption software. Rather than decrypting ransomware-infected files, the fake software encrypts them further, ensuring that victims have no choice but to pay up or face losing data permanently.

Ransomware-as-a-service

It isn’t just sophisticated cybergangs who have access to these tools, either. To make matters worse, ransomware is openly sold on the darknet. Officially termed ransomware-as-a-service, or RaaS, threat actors are peddling their franchises to less-than-tech-savvy miscreants. 

Glucksmann noted that while the majority of RaaS offerings are duds, this new commerce-based criminality is nevertheless aiding the ransomware epidemic: “Not all of this malware for sale is actually usable but the existence of such services shows how malware has become commoditized and such a common threat.” Taking a similar line, blockchain analytics firm Chainalysis went as far as to position RaaS as a reason for the recent rise in attacks. Kim Grauer, head of research at Chainalysis, told Cointelegraph:

“We suspect that the proliferation of Ransomware as a Service (RaaS) is contributing to the increase in ransomware attacks, many attackers who develop ransomware technology now allow less sophisticated attackers to rent access to it, just as a business would pay a monthly fee for software like Google’s G-Suite. The key difference is that the builders of the Ransomware also get a cut of the money from any successful attack.”

Fortunately, law enforcement agencies are starting to gain an edge. According to data from cybersecurity firm Trend Micro, official takedowns of multiple darknet marketplaces have cast doubt in criminal minds. With darknet data in the hands of law enforcement, protecting anonymity stood as a primary concern among criminals — causing darknet sales to drop significantly as a result. 

However, Grauer believes the drop still wasn’t big enough as market revenue generated by the darknet has already reached $790 million, adding: “We haven’t quite reached halfway through 2020 yet, but the amount of darknet market revenue is already over half of the 2019 value.”

Are things really that bad?

Cryptocurrencies are often over stigmatized as tools for corruption. This stereotype has dominated the crypto narrative throughout the years, warped as a convenient attack vector for crypto detractors. As evidence suggests, this narrative isn’t altogether accurate.

Related: Criminal Activity in Crypto: The Fact, the Fiction and the Context

The industry’s association with unlawful activity started — as everything in crypto has — with Bitcoin. According to Tom Robinson, co-founder and chief scientist of blockchain analytics firm Elliptic, in the early days of crypto, around 2012, criminal activity accounted for over a third of all Bitcoin transactions. This figure has dramatically shifted since, as Robinson told Cointelegraph:

“The absolute amount of criminal usage of crypto might have increased, but the overall use of crypto has increased faster. According to Elliptic figures, back in 2012, 35% of all Bitcoin transactions by value were associated with criminal activity — at that time it was mostly illicit trade on the Silk Road dark market. Today, illicit Bitcoin transactions account for less than 1% of all Bitcoin transactions.”

Still, a report from Ciphertrace suggests that 2020 could become a record year for cryptocurrency-related thefts, hacks and fraud. For Grauer, it’s still far too early to call. “Looking at total illicit activity so far this year, we see it is actually trending low compared to last year,” said Kennedy, adding that, “It’s possible we’ll see a dramatic increase in scamming in the second half of the year.”

Total share of crypto exchanged by illicit entities

Avoiding ransomware attacks

So, with ransomware attacks more rampant than ever, there are several methods people can use to avoid getting caught out. “It’s important for people and organizations to stay informed on emerging threats and techniques,” Kennedy explained. “We can help cyber teams quantify and prioritize the threat landscape and identify emerging players and actors dominating the scene.” Providing some practical advice, Glucksmann advocated for a degree of paranoia to any suspicious-looking email, website, app or contact request. 

“Ensuring all your personal and company online services are protected with multi-factor authentication can also make it more difficult for a threat actor to obtain your data or cryptocurrency funds even if they are somehow able to compromise your device. For stronger multi-factor authentication set-up I would strongly recommend a hardware token instead of a mobile device.”

“Don’t pay the ransom as this could be deemed illegal by law enforcement in many jurisdictions,” Glucksmann hastened to add.

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The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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