Microsoft Korea claims that the country is having a lot of problems with the ever-increasing cryptojacking incidents. According to a report that comes in our latest cryptocurrency news, there is a massive increase in malicious hack attacks.
The report from the English-written Korea Times published today shows that the Microsoft Korea security manager Kim Gwi-Ryun announced the information in a press conference today in Seoul while releasing the annual security intelligence report.
As we have mentioned hundreds of times before, cryptojacking is a malicious practice when a hacker is using the computer’s processing power in order to mine cryptocurrency without previously gaining consent or knowledge. According to the Korea Times, crypto mining incidents in South Korea have a really low rate at 0.05 percent which was 58 percent lower than the general world average level. However, Microsoft Korea stated:
“We have noticed that as the value of cryptocurrency rises and falls, so does the mining encounter rate.”
Kim Gwi-ryun from Microsoft Korea isolated the malicious practice from a different cybersecurity attack vectors that were noted in the country. For example, supply chain malware and phishing attempts were all looked into. The representative pointed out that Microsoft detected many market correlations in the fluctuating prevalence cryptojacking and outlined:
‘’As the report notes, stealth cryptojacking is difficult to detect and largely manifests itself in compromised system performance due to the intensive drain on processing power that crypto mining presents.’’
As DC Forecasts has previously reported in the altcoin news, cryptojacking became a widely used criminal activity to make a lot of money. For instance, two Romanian cybercriminals were convicted after a lengthy joint investigation by the United States Federal Investigation Bureau and the Romanian National Police for using this method to make extra money similar as to what the tech giant Microsoft Korea warns about.
Also, an AT&T report from March shows that cryptojacking is one of the largest objectives of the hackers who are mostly targeting businesses’ cloud infrastructures and, especially in a bear market. The same month a new Trojan malware appeared for Android phones which targets crypto app users that have an installed Coinbase or BitPay app on their phones. Microsoft Korea is thus working hard to prevent similar cryptojacking attacks.
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Bitcoin’s Ability To Bypass Banks Is A Major Issue According To Traders
“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.
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