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How to Protect Yourself from the Cryptojacking Threat

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Though fairly common in today’s age, for many, Cryptojacking might still be a brand-new term. What is Cryptojacking? Is this a threat for all computer and internet users? How can we prevent falling victim to Cryptojacking? And many more such questions are common. Some of the most common concerns have been addressed below.

What happens in Cryptojacking?

Cryptojacking is the latest, most innovative, shape of cybercrime. These jackers will use your computer to mine cryptocurrencies maliciously. This can happen on both personal and business laptops, computers, and mobile devices. Cybercriminals hack into any of these devices to install software that uses the computer/laptop/smartphone’s resources and power to mine cryptocurrencies or steal wallets of unsuspecting victims. This is a grave threat as it is hard to detect and easy to deploy and run in the background. The main idea is using another computer and device’s resources to do crypto mining work for them and whatever earnings or steals they make from the hijacked computers, they siphon it into their own digital wallets. 

Cryptojacking Methods

There are three main methods cryptojackers can opt for to maliciously mine for cryptocurrencies. Let’s skim through them so you know how to better protect yourself against them.

Browser-based Cryptojacking

This happens when the hacker uses IT infrastructure to mine and attack directly within the web browser. They create a crypto mining script that is embedded into different websites. These scripts can be embedded into out-of-date WordPress plugins or ads where they run automatically while the code gets downloaded into the user’s computer. 

File-Based Cryptojacking

File-based cryptojacking starts from downloading malware that runs an executable file. A Cryptomining script is spread through this file all around the IT infrastructure. The most common way to do so is to spread malicious emails with links or attachments that look fairly legitimate for the user to click on them. If they click, the code is executed and downloads the crypto mining script to work in the background on the user’s computer without their knowledge.

Cloud Cryptojacking

Cloud Cryptojacking is used when a hacker searches for API keys through an organization’s code and files to gain access to their cloud services. They then gather unlimited CPU resources for crypto mining and this resultantly increases account costs quite significantly. Hackers illicitly mine for currencies using this method as it helps them accelerate at a much faster rate. 

How to detect Cryptojacking?

The crypto mining scripts generated by hackers can be very tricky to detect and locate, which is why you need a highly vigilant IT team at work 24/7 for your organization’s operation. Here are some common signs that will tell you something’s wrong before it’s too late and practices that can help you detect cryptojacking, look out for these!

Overheating

Just like any other intensive task, Cryptojacking involves resource processing that can heat your computing device quickly. Overheating will shorten the lifespan of your device and damage it immensely. Moreover, overheating means the fans in your devices will run longer than they should to keep the system cool and running.

Decreased performance

One of the major signs of cryptojacking is a decrease in the performance of your laptop, PC, mobile device, or tablet. If you observe an unexplained decrease in processing speed, immediately call an IT technician and get it checked. If you’re running an organization, educate all your employees about their cybersecurity and about signs and symptoms they need to report. 

Regular Website Checks

Regularly monitor your website and all its web pages to make sure there are no changes to the files and webpages on the web server. This is a great way to prevent a Cryptojacking attack.

Monitor CPU Usage

Analyze your CPU usage regularly by using a task manager or activity monitor. An unjustified increase in the CPU usage means there’s something fishy going on. Especially for a website that has little to no media content that could drive traffic. 

Protection against Cryptojacking?

Following are some recommendations from security experts on the prevention of Cryptojacking.

Maintain good security hygiene

Establish solid security hygiene to lower the risk of Cryptojacking as all such attackers are opportunists and always on the hunt for wear, vulnerable venue. Hackers run numerous exploits on websites and get through whenever there is a patch.

Web filtering

Keep your web filtering tools up to date and make sure your users are blocked from accessing a webpage that you identified delivering Cryptojacking scripts. 

Anti-crypto mining browser extensions

To coin the cash and deploy the Cryptojacking script, crypto-miner hooks into web browsers. You can use browser extensions to block such crypto miners. Browser extensions such as No Coin, minerBlock, and Anti Miner can be used. 

Disable JavaScript and enabling Ad-Blockers

Disabling JavaScript when browsing online will protect Cryptojacking code from infecting your device. And, Ad-blockers will detect and block crypto-mining codes that are commonly placed in web ads.

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Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

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Bitcoin price (BTC) reached a new all-time high this week, soaring to almost $65,000 on Wednesday the 14th of April. With Bitcoin’s price now in “blue sky territory” and its market cap sitting comfortably around the $1.17 trillion level, the big question is – just how high will the current bull market push the BTC price this year?

Rounding Up The Most Famous Bitcoin Price Predictions

Here are some of the most famous individuals and institutions in crypto that have gone on record with bullish Bitcoin price calls:

JP Morgan

In March, analysts at major US investment bank, JPMorgan, were reported to be eyeing a Bitcoin price of $130,000 – although no timeframe was provided for their prediction. JPM’s CEO, Jamie Dimon, was vocal in his criticism of Bitcoin in the past. However, the firm’s increasing involvement in crypto projects reflects the growing integration of cryptocurrency within the traditional financial sector.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

MicroStrategy

MicroStrategy’s CEO, Michael Saylor, is renowned for converting his firm’s cash reserves to Bitcoin and encouraging other corporate leaders to follow suit. At last count, MicroStrategy held over 90,000 BTC, worth approximately $5.5 billion at the time of writing. Unsurprisingly, Saylor is extremely bullish on the BTC price, saying in a March interview that he “can see Bitcoin going to a million… [or] five million.”

Pantera Capital

Pantera Capital, launched in mid-2013 as the original American crypto investment fund, has projected a Bitcoin price of $115,000 before September of 2021. Pantera’s call is based on the Stock to Flow (S2F) model of Bitcoin’s price, which has thus far shown a high degree of predictive power. Given the time-specificity of Pantera’s call as well as their transparency regarding its rational basis, we would consider this the most considered prediction.

bitcoin btcusd

Daily Bitcoin chart showing the bull run since late 2020 until present | Source: BTCUSD on TradingView.com

A Rally-Supportive Economic Environment

Predictions alone, no matter who makes them, aren’t enough to elevate Bitcoin to a six-digit price level. What’s needed are enthusiastic buyers and hodlers, whether they be individual investors or large institutions.

As to the latter, we’ve already alluded to MicroStrategy’s crypto corporate coffers. Perhaps following Saylor’s advice as presented to thousands of corporate representative, Time Magazine recently announced their own acquisition of Bitcoin.

Furthermore, with financial titans like BlackRock and MasterCard recently announcing their involvement in Bitcoin, there can be no doubt of the institutional appetite for » Read more

” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>Satoshi’s invention.

stock to flow

The stock-to-flow model projects much higher prices for BTC | Source: Digitalik.net

Perhaps the most compelling reason driving investors, big and small alike, into Bitcoin is the expectation – and indeed the observation – of high inflation. With central banks around the world printing billions if not trillions of fresh fiat units as a response to COVID 19, the scene has been set for declining fiat value and rising costs for goods and services.

Related Reading | Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

With high inflation everywhere except government statistics – steel prices up 3x on the year, for example – it’s no wonder that demand for hard, deflationary money has never been higher.

Featured image from Deposit Photos, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-price-predictions-100000/

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Coinbase’s $86bn Valuation Has Been Grossly Exaggerated by Misleading Media

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Coinbase shares closed at $327 on their Nasdaq debut, giving the crypto exchange an initial market cap of $86bn on a fully diluted basis.

Fully diluted refers to the total number of common shares outstanding and available to trade on the open market after all possible sources of conversion. But some feel this measure gives an inaccurate valuation as it includes options and restricted stock, therefore overstating the number of shares used in the valuation.

In the buildup to the IPO, some analysts expected Coinbase to achieve a $100bn valuation. While its closing valuation wasn’t a million miles away, it was still less than expected.

Coinbase Listing is a Watershed Moment For The Cryptocurrency Industry

Coinbase is the first major crypto company to test the U.S. public market. Its IPO was hailed as a turning point in cryptocurrency going mainstream. Analyst Dan Ives wrote:

“Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of bitcoin and crypto for the coming years in our opinion.”

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>COIN opened at $381 on the Nasdaq Global Select Market. Early on, buyers pushed the price as high as $429, but bears soon took over to dip the price as the day wore on. It ended the session at $327.

Source: COINUSD on TradingView.com

The firm had released some impressive figures before its public debut. It showed a spike in revenue and a doubling of its monthly active users from the previous quarter.

But market research firm New Constructs had already sounded the alarm on a severe overvaluation at $100bn. They believe a valuation this high takes no account of a future squeeze on its transaction margins.

the company has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high expected valuation of $100 billion.”

The Actual Valuation Should be $65mn

While Coinbase’s fully diluted valuation came in at $86bn, pretty much in the middle of pre-debut expectations of between $60bn – $100bn, CIO at Arca Jeff Dorman said this figure is grossly overstated.

Dorman slammed the media for “misinformation” and “horrible reporting,” saying they were using the wrong share count. Based on 198mn class A and B shares, Coinbase’s closing valuation should be $64.7mn.

That math is wrong — There are 198mm class A and class B shares o/s, not 261mm. If we use fully diluted share count, then every stock on the planet has infinite shares due to no restrictions on how much stock a company can issue.

On the matter of ever reaching a $100bn valuation, researcher Larry Cermak expects this to happen as long as the bull market continues.

Direct listings almost always trade down in the next few days because of the high float that’s being dumped. As long as the bull market continues, it will eventually recover and go $100B+ IMO. Low volume today is somewhat surprising though.”

At this point, it’s unclear whether an overstated Coinbase market cap is a help or hindrance to crypto. While an overstated valuation is likely to drum up interest, the spin side sees additional pressure on Coinbase to live up to the hype.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/coinbases-86bn-valuation-has-been-grossly-exaggerated-by-misleading-media/

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ETH bonanza as three North American Ethereum ETFs approved in one day

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While gaining exposure might still be difficult south of the US-Canada border, Canadian investors will shortly have a host of options to choose from to gain exposure to Ethereum (ETH) via an ETF as regulators have approved three different Ethereum ETFs in a single day. 

Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs will be the first ETH ETFs in North America, and among the first in the world. 

Some observers noted that all three being approved at once may have been part an effort not to give Purpose an “unfair advantage”. Purpose appeared to gain an edge after the launch of the wildly popular Purpose Investments ETF, the first North American Bitcoin ETF which quickly swelled to $1.3 billion in AUM while competitors waited for approval. Rival Evolve Fund Group’s Bitcoin ETF only managed to attract $100 million in AUM, despite launching only two days later than Purpose and offering 25% less management fees.

In a Tweet, a reporter for Bloomberg said that the CL Galaxy and the Purpose ETF funds will begin trading on 4/20 — a date he thought would please Elon Musk, given it’s marajuana culture connection. Likewise, Evolve’s ETH ETF — which they first filed for in March — will begin trading on the same day.

The Canadian stock market has already demonstrated a significant appetite for exposure to crypto assets. Previous exchange-traded Ethereum products led to market halts on the first day of listing, and Purpose’s Bitcoin ETF cracked $100 million in its first day of trading

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/eth-bonanza-as-three-north-american-ethereum-etfs-approved-in-one-day

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