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Japan’s Cybercriminals Take Payments in PlayStation Codes

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A report from cybersecurity firm Trend Micro reveals that the cybercriminal underground in Japan is still only finding its feet despite its potential for tremendous havoc.

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Japan may find itself at the crossroads. It faces a growing threat posed by its cybercriminal underground that is still finding its feet and less prolific compared to cybercriminals around the world. It’s a tricky challenge, as law enforcement might also be cornering Japan’s organized crime syndicates do not delve into the darknet to engage in cybercrime.

The entire report titled “The Japanese Underground” by Akira Urano can be found here. [PDF]

In a strikingly similar OPM-like breach, the Japan Pension Service was the target of a cyber attack where the personal data of more than a million people was exposed. Despite the disruption and obvious threat, the cybercriminal underground in Japan is still in its infancy.

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Bulletin Boards

The choice destination for hackers in Japan is bulletin board systems (BBS) which are infamous for the anonymity they provide. Bulletin boards are popular the world over now, and their history can be charted back to 1999, the year when the 2channel forum was established. 4chan and other message boards are directly influenced by the Japanese original.

These are deemed to be the breeding grounds for cybercrime in a country that showed a 40% increase in online crime cases in March 2015 from the previous year. The author of the report takes no hesitation to point out that such an increase is staggering when one considers Japan to have a high internet penetration rate at 86%.

When engaging in the illegal trade of goods and services, cybercriminals often use jargons or a secret language and tend to accept gift cards from Amazon or PlayStation Store codes for their deeds.

Additionally, BBSs use CAPTCHA codes as a security measure to only allow native speakers access the boards.

The Japanese Deep Web

The study also revealed several offerings in the Deep Web that included several URLs leading to The Onion Router (TOR) – and the Invisible Internet Project (I2P) websites. Altogether, the investigation covered a total of 2,224 underground URLs contained under 11 unique domains.

One of the websites, called “JPON EXTREME” offered entire databases of phone numbers that were offered for free to all its users.

Another site, the Orda Project served up stolen account credentials to its users. Confidential information such as credit card details, PayPal login credentials and Secure Shell (SSH) credentials were all up for sale.

Screenshot_17

A listing of stolen credit card details.

Screenshot_18

The going price for stolen credit cards.

A website called “FAKE PASSPORT.ONION” sold counterfeit passports for 12 countries including Japan.

The text within the website read:

“Our passports produced with high quality and no difference from the original documents. We accept all security features like special paper, watermarks, security threads, intaglio printing, microprinting, fluorescent dyes, color-changing ink, document number laser perforation, latent image, laser image perforation while producing passports.”

Screenshot_19

The selling price for counterfeit passports.

Other websites also served as platforms for child pornography, weapon depots selling guns and ammunitions to buyers worldwide and even a DDoS tool sold by a cybercriminal who seeks PlayStation Store cards as a payment.

The report concludes by noting:

Both law enforcement agencies and cybercriminals have yet to actively take advantage of this window of opportunity. Whoever does so first many gain an upper hand in the long run.

Featured image from Shutterstock. All other images from Trend Micro’s “The Japanese Underground.”

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Samburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.




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Cybersecurity

Three Hours After Re-Launch, BitGrail Shuts Down Again

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Embattled digital currency exchange BitGrail has reportedly suspended operations a mere three hours after re-launching, a move that could signal the death knell for the controversial trading platform.

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BitGrail Shuts Down After Court Order

The Italian exchange received an order from the Court of Florence on Tuesday to cease operations immediately. BitGrail was open for all of three hours before the order was handed down. All cryptocurrencies that were previously supported on the exchange were available for trade with the notable exception of Nano XRB.

On Wednesday, BitGrail issued the following statement:

“This morning, following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client.”

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A final decision by the court is scheduled for May 16 2018.

Embroiled in Controversy

The Italian exchange has been mired in controversy after 17 million Nano XRB tokens went missing in February. At the time, the total value of the theft was $170 million.

At the time, BitGrail said the shortfall was caused by “unauthorized transactions,” but didn’t indicate exactly when the hack took place.

A Twitter user by the name of “Francesco the Bomber,” who apparently runs the exchange, later confirmed that the funds were stolen and that the exchange didn’t have the capital to repay its customers. However, developers who used to work with Francesco claimed that the exchange was solvent long before the attack took place. This fact was concealed by BitGrail for as long as possible.

For its part, Nano XRB managed to recovery in the wake of the attacks, with prices reaching a high near $17 in early March. The cryptocurrency has nearly doubled in value over the last three weeks as part of a broader upward correction in the market.

The Nano Foundation has established a fund to assist BitGrail users affected by the attack. The Foundation says it will match donations to the fund for up to $1 million.

BitGrail was the second largest attack of a digital currency exchange this year. In January, cyber criminals made off with around $530 million worth of NEM tokens following an attack on Coincheck, a Japanese exchange.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Facebook Stock Has Best Day in Two Years as Zuckerberg Testifies

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Shares of Facebook Inc. (FB) gained on Tuesday, as CEO Mark Zuckerberg testified before U.S. lawmakers over allegations of data misuse.

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Zuckerberg Gets Likes

Mark Zuckerberg apologized and defended his company on Tuesday as he appeared before a joint U.S. Senate committee hearing. “It was my mistake, and I’m sorry,” the 33-year-old CEO said when questioned about Facebook’s misuse of user data.

Lawmakers grilled Zuckerberg on issues ranging from Facebook’s Cambridge Analytica scandal to its failure in addressing provocative messages during the most recent Myanmar crisis. He took it all in stride, appearing confident and poised throughout the question-and-answer period (at least, that’s what professional PR experts quoted by Bloomberg had to say).

Zuckerberg took full responsibility not just for Cambridge Analytica, but for Facebook’s negligence in safeguarding consumer data. That said, Republican Senator from Iowa Chick Grassley sent a strong signal that new regulations are on the way.

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“The status quo no longer works,” said Grassley, who chairs the Judiciary Committee. “Congress must determine if and how we need to strengthen privacy standards to ensure transparency and understanding for the billions of consumers who utilize these products.”

Wall Street Responds

The testimony resonated with Wall Street, as investors scooped up shares of the battered social media company. Facebook shares added 4.5%, their best in two years. By comparison, the S&P 500 Index gained 1.7% on Tuesday and the index’s technology component rose 2.5%.

The stock surge grew Zuckerberg’s personal fortune by $2.8 billion to $66 billion, according to Forbes. That makes him the world’s seventh richest person.

Despite the gain, FB is down almost 15% from its all-time high and its current price point lags behind the 50-day and 200-day moving averages. An RSI of 48 also signals weak underlying momentum for the social media stock.

Facebook’s Declining Usage

Facebook experienced a public backlash last month amid reports that a political research firm had scraped data on 87 million people. The revelation sparked a growing debate over Facebook’s privacy standards at a time when the company was battling a noticeable decline in usage.

The social media platform declined by roughly 50 million hours per day in the fourth quarter, or 5% overall. Meanwhile, independent research from a company named Edison found a steady drop in usage among Americans aged 12 and up.

While Zuckerberg has tried to spin the decline as a good thing, it’s apparent that the platform is experiencing fewer meaningful interactions, which partially explains recent efforts to transform the News Feed.

It remains to be seen how much damage the declines will do to top and bottom line results. Facebook is expected to report its quarterly earnings report Apr. 25. Analysts are expecting per-share earnings of $1.37 for the quarter, up from $1.04 the same time a year ago.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Cybersecurity

Facebook Admits It Has Failed to Protect User Privacy

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In the wake of the Cambridge Analytica scandal, Facebook has had to come clean about its privacy standards. The company recently admitted that the data on most of its 2 billion users could be compromised by malicious actors, a strong sign that the social media giant is not only misusing consumer data, but failing to protect it.

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Data on the Loose

Facebook recently announced that it has removed a feature that allows users to search for people using email addresses or phone numbers. The feature, which accounts for 7% of all searches in some regions, is being discontinued over fears that malicious users were using it to “scrape” profiles.

Mike Shcroepfer, the company’s chief technology officer, issued the following statement on Wednesday:

“Given the scale and sophistication of the activity we’ve seen, we believe most people on Facebook could have had their public profile scraped in this way. So we have now disabled this feature. We’re also making changes to account recovery to reduce the risk of scraping as well.”

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CEO Mark Zuckerberg told reporters that it was “reasonable to expect” that your information may have been accessed in this way.

The Cambridge Analytica scandal, which surfaced last month, blew the lid wide open on Facebook’s privacy standards. Since 2014, Cambridge Analytica legally obtained information on as many as 87 million Facebook users for the purpose of influencing elections. In the wake of the scandal, Zuckerberg is being summoned by U.S. Congress to testify before the House Energy and Commerce Committee, currently scheduled for Apr. 11. The CEO has acknowledged that his company made mistakes, but this has largely failed to resonate with Facebook’s growing list of critics.

Facebook Tanks

Many say that Facebook has suffered irreversible damage since the scandal was brought to light. Faced with declining usage, severed business ties and a severe backlash from the public, Facebook shares have tanked more than 16% over the last three weeks.

Prices have fallen below the 50-day and 200-day simple moving averages, with the short-term average converging on the longer one. An RSI in the low-30s makes a strong case for Facebook’s bearish downturn, although current levels indicate that an oversold bounce is likely.

FB’s share price shed another 0.7% on Wednesday even as the major indexes gained. The S&P 500’s information technology index rose 1.4%, capping off a solid recovery for the market.

Along with the other so-called FAANG stocks, Facebook has been largely responsible for the recent tech rollover and subsequent turbulence on Wall Street. Facebook, Apple, Amazon, Netflix and Google parent Alphabet lost a combined $324 billion in market cap between Mar. 12 and Apr. 2.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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