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Ethereum News

Mining Ethereum Can Make You A Target For Hack Attacks According To Developers

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As time goes by, hackers are getting creative and are finding new ways to steal your cryptocurrencies. In today’s ethereum news we take a look at the massive growth in hack attacks in ethereum wallets since they have a specific vulnerability.

According to developers, the hackers are targeting Ethereum wallets and mining equipment through an exposed port 8545 on specific devices, which is a standard port for the JSON-RPC interface that can be used for mine-related activities.

The ethereum developers have also warned users about the dangers of exposing the interface when using equipment for mining ethereum and the ethereum software, urging them to create a password for the interface to activate a firewall.

The JSON-RPC interface doesn’t come with a password. Users can set one but they rarely do. For Ethereum wallets that are exposed, hackers can send the API different commands and transfer funds from the wallet they attacked.

The mining rigs producers have also done the best they can to limit the damage that is caused by the problematic interface by urging the users to add a password. Other removed the interface totally.

This is the first time that the market scanning is done in a bear market. All of the data reports show that all of the analyses were conducted when the prices were stable. What makes the market scanning that hackers do incredibly difficult to understand is how it can be possible to find such tools so easy to exploit Ethereum clients. More than 4,500 devices made up of Geth mining rigs and Parity wallets are the ones that are the most vulnerable devices.

In 2017, hackers managed to steal about $32 million in ether because of the vulnerability in Parity’s multi-signature wallet.

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Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum

A new report from Dapp.com is in the digital currency news, putting dApps in the spotlight with their increasing usage in 2018. According to the report, the number of dApps was constantly increasing and the most active dApp category across platforms was gaming, followed by betting. Decentralized exchanges had the largest volume of users of dApps, where crypto trading was the first major killer use case for decentralized applications. However, the volume transacted on decentralized exchanges is still dwarfed by the volume at centralized ones. Even though Ethereum had the most users (about 800,000) and the widest variety of dApps, the usage of Ethereum programs was less in terms of transactions than other platforms like the newcomer Tron (TRX). As the dApp report showed:
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."
TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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Ethereum News

Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork

The major US exchanges Coinbase and Kraken are among the latest organizations and exchanges to confirm their support for Ethereum's (ETH) Constantinople hard fork, according to their official announcements on Twitter yesterday which are in the focus of today's crypto news. With this, Coinbase and Kraken join Binance, Huobi and OKEx in pledging to monitor the event which will trigger at Ethereum block height 7,080,000 and is expected this week. As Coinbase's staff  wrote in the post:
“Coinbase intends to support the Constantinople Ethereum (ETH) upgraded. Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”
Kraken also confirmed the support of Constantinople in a tweet, adding that the exchange "expects that this will be a non-contentious fork" and will not spark competing ETH chains like the Bitcoin Cash hard fork which occurred in November.
“Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete," the exchange said on Twitter.
Meanwhile, ETH/USD has been seeing short-term support in the run-up to the hard fork, seeing the largest gains in the top twenty cryptocurrencies over the past 24 hours and surging by 8.7%.
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Ethereum News

TrustToken (TrueUSD) Develops A New Method For Managing Client ETH Addresses For Crypto Exchanges

In today's crypto news, we have TrustToken which is the developer and issued of the stablecoin TrueUSD - and its new novel method that allows crypto exchanges to manage millions of addresses associated with TrueUSD as well as other ERC20 tokens. According to TrustToken, this is the first publicly available means of easily handling thousands of millions of addresses for crypto exchanges within a single wallet, reducing the amount of Gas (Ethereum used for transaction fees) that is required for the maintenance of wallets that accept the TUSD stablecoin. However, this update to the TrueUSD smart contract does not only have to apply to TUSD. The token's code is open-source which means that other tokens and outfits can replicate the method. In an official press release, the Head of Engineering at TrustToken Rafael Cosman described the new technology as following:
"While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet."
The press release also includes a diagram on how the process works. According to the lead engineer, "the AutoSweep features have big implications for the Ethereum blockchain more generally and could be applied to any ETH token." All of this could make ERC-20 token trading cheaper and help exchanges to benefit from a new discovery, saving thousands of dollars on behalf of their customers through gas savings.
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Ethereum News

$100,000 Reportedly Returned From Ethereum Classic 51% Attacker

The Etherecum Classic 51% attacker has allegedly returned the stolen $100,000 to the Gate.io cryptocurrency exchange according to the official blog post of the exchange and now we are reading more about this information in our ethereum news. Gate.io noted in the official blog post that they tried to contact the attacker but didn’t get any response until now and claim to now know the real reason why the funds have been returned. The company stated:
 “If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security.”
A white hat hacker is someone who has a strong knowledge and hacking abilities that are used for good and not for personal gain. It is seen as ‘’friendly security specialist.’’ On January 9, the exchange published their analysis of the attack saying that about 54,000 ETC in total were transferred when the attack occurred. Other crypto exchanges such as Coinbase stated that the total sum of money that is involved in the deep chain reorganization is about $1.1 million worth of crypto. Gate.io pointed out that the hashrate of the Ethereum Classic network is quite low but it is still possible to rent computing power for another 51 percent attack. A deep chain reorganization in the ethereum classic blockchain was identified by Coinbase on January 5th and that’s when the company took stocks of a few double spends on the network. Also the founder of Litecoin Charlie Lee, also declared that decentralized cryptocurrencies need to be susceptible to 51 percent attacks.
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