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Majority of Monero 3rd Party Wallets Vulnerable to Theft, Says Security Advisory

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A security firm has published an advisory that warns Monero users of a vulnerability that would enable a hacker to steal the cryptocurrency from a majority of third-party digital wallets.

Monero, the newly budding, far more anonymous younger crypto-cousin to bitcoin is vulnerable to an attack that would give attackers to remotely steal the cryptocurrency from users’ third-party wallets.

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Researchers at security firm MWR Labs discovered the vulnerability and deemed the exploit as a “Cross Site Request Forgery“ (CSRF) attack.

A successful exploit would have to see the attacker pull-off a minimal feat of social engineering, directing users to a webpage hosting the exploit.

The researchers used the cryptocurrency’s most popular wallet – the Monero SimpleWallet – to execute the exploit.

As detailed in their blog, MWR Labs’ researchers pointed to a vulnerability in the remote procedure call (RPC) web service hosted by SimpleWallet. Researchers wrote:

Monero SimpleWallet hosts an RPC web service on localhost, port 18082, the web service requires no authentication to initiate functions such as making payments, and can be compromised through a Cross Site Request Forgery attack.

Elaborating on a Cross Site Request Forgery attack, the researchers said it “forces a user’s web browser to execute unwanted actions against web applications or web services they are authenticated with.”

Underlining the attack’s effectiveness in the case of Monero, the researchers added:

In this case, by directing a user to a malicious web page, an attacker could make a payment from the user’s wallet to their own wallet.

Most Moreno Third-Party Wallets Vulnerable

Furthermore, the advisory states that third party wallets used Simplewallet in its RPC mode, before deducing that “the majority of third party wallets” are vulnerable to the attack.

The researchers include the script which performs the CSRF attack in the advisory, pointing to its ability to “automatically steal Monery from the wallet of any user who visited the webpage.”

MWR researchers disclosed the vulnerability to Monero on September 6th, with the latter acknowledging the issue a day later. The cryptocurrency’s developers pointed to a hotfix patch to be released alongside an official GUI wallet – in development at the time – that would not use the RPC service.

That hotfix went live yesterday, September 19th.

Following the release of the updated version containing the hotfix, MWR researchers recommended users to transfer their funds from other 3rd party wallets to the newly updated Simplewallet.

However, that patch hasn’t kicked in as it is disabled by default, leaving Monero users still vulernable.

At the time of publishing, researchers’ advice stands:

As this vulnerability is still exploitable, MWR recommends against using any third party Monero wallet, and against running Simplewallet in RPC mode.

Beyond the newly-disclosed vulnerability, the cryptocurrency has recently seen cybercriminals target its miners to siphon mined Monero. Unlike Bitcoin, Monero can still be mined – profitably – on personal computers, making it a ripe target for malware authors and cybercrooks.

 Images from iStock/MrKornFlakes and Monero.

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




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3 Comments

3 Comments

  1. thecoin

    September 20, 2016 at 11:04 pm

    Majority of third party wallets are scam be it BTC, Lite, ETH, Monero, etc.

  2. fluffypony

    September 21, 2016 at 1:44 pm

    The vulnerable wallets have already been updated, those that are still affected are abandoned and couldn’t possibly be used anyway as they use a very old, deprecated version of simplewallet (which no longer even exists, it’s not monero-wallet-cli).

  3. Grover Downs

    September 22, 2016 at 9:25 pm

    wouldn’t CRSF need an infected computer, or at least a (browser hijack AND redirection AND unwary operator)?

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Bitcoin

The Rally Continues: Bitcoin Market Cap Bounces Back to $200 Billion

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The past week has seen an incredible rebound for bitcoin, as the world’s largest cryptocurrency has regained 30% of its value to lead the market higher.

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Bitcoin Price Levels

The cryptocurrency advanced sharply Tuesday, hitting a rally high of $11,770.87. It closed the day at $11,698.86, having gained more than 36% over the past five days. The coin was last seen trading around $11,357 for a market cap of $194 billion. The total capitalization briefly crossed $200 billion on Tuesday.

With the latest rally, bitcoin has taken the global cryptocurrency market past $500 billion. In doing so, it has claimed roughly 39.5% of the total market share, up from a low near 32% in January.

Trade volumes have also risen sharply, and as of Tuesday, nearly $10 billion in bitcoin was transacted on global exchanges. Bitfinex, OKEx and Binance saw the largest percentage of the daily transactions.

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The Return of the Bull Market

Bitcoin is benefiting from a myriad of forces that, when combined, point to higher prices for the cryptocurrency. Sentiment has improved markedly after government regulators in the United States and South Korea adopted a friendlier attitudes toward digital assets.

South Korea’s financial regulator recently said the country has no problem with “normal” cryptocurrency trading. The comments mirror earlier statements made by Hong Nam-ki, who heads the Office for Government Policy and Coordination.

“I can assure you that the government has consistently maintained a close and careful approach to market conditions and international trends, keeping all possible means open,” he said in a statement last week.

In the United States, Wyoming recently approved two blockchain bills that could make the state one of the more accepting jurisdictions for cryptocurrency. The first bill, HB 70, defines utility tokens as neither traditional fiat money nor securities, which may give startups more leeway in ICO fundraising. The second bill, HB 19, exempts bitcoin from the 2003 Wyoming Money Transmitter Act.

The Senate has also proposed Bill 111 that would exempt cryptocurrency from taxes. This regulation is intended to boost Wyoming’s digital currency market, which may impact everything from economic growth to job creation. Some analysts have also speculated that the passing of such a bill would set a precedent for other jurisdictions still jostling with formulating cryptocurrency regulation of their own.

As bitcoin climbs above $12,000, investors may feel a greater sense of urgency to enter the market. This so-called “fear of missing out” has been a major driver of cryptocurrencies over the past 12 months.

CNBC “Fast Money” trader Brian Kelly recently recommended to his audience that they purchase March bitcoin futures at $12,000 with a target of $18,000. Based on this recommendation, Kelly anticipates a 50% gain for the cryptocurrency. Futures operated by CBOE and CME Group recently reached their highest levels in three weeks.

Of course, a bull market in bitcoin does not exclude volatility. Bitcoin is expected to remain highly volatile even as capital flows back into the market.

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 153 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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Analysis

Technical Analysis: Bitcoin Still Pushing Higher as Altcoins Mixed

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The day that kicked off in a bullish fashion for cryptocurrencies turned slightly negative for the majority of the coins in the second half of the session, as US stock markets re-opened after the long weekend. Bitcoin, Ethereum Classic, and Litecoin were the early leaders of the segment, but only the most valuable coin stayed bullish throughout the session, as both LTC and ETC ran into resistance in the second half of the day.

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BTC, which was boosted by the positive news regarding the Bitcoin Core Wallet’s SegWit introduction, topped $11,700 for the first time in more than a month, and the coin is getting close to the $200 billion mark in market value yet again.

BTC/USD, 4-Hour Chart Analysis

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As the currency hasn’t completed the previous short-term correction, with the MACD indicator still showing overbought readings, another pullback in the coming days wouldn’t be a surprise, but the short-term uptrend is clearly intact.

The $13,000 and $14,250 levels are ahead as the next major targets, with a weaker level near $12,000, while support is now at $11,300, $10,000 and between $9000 and $9200.

ETH/USD, 4-Hour Chart Analysis

As we mentioned, Litecoin and Ethereum Classic both pulled back in late trading, while the largest altcoins, Ripple and Ethereum failed to rally in the first place, as the majors are diverging considerably. XRP and ETH drifted sideways throughout the session, while turning slightly lower later on and Ethereum is still struggling with the strong resistance ahead.

The declining trendline is just above the current price level, and the short-term relative weakness reinforced our view that further correction is likely before a clear break-out, with key support levels found at $845, $740, $625, and $575, and resistance above the trendline at $1000 and $1175.

(more…)

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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4.7 stars on average, based on 101 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Litecoin and Bitcoin Hit New Rally Highs

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Another day, another round of bullish developments in the cryptocurrency segment, even in the face of a risk-off shift in traditional markets. Following the lead of Ethereum Classic, just like in the previous leg higher, Litecoin also pushed to new rally highs today in early trading following the LCC hard fork.

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BTC/USD, 4-Hour Chart Analysis

This time around, Bitcoin also joined the two undoubted leaders of the market, despite the still slightly overbought short-term momentum readings, while the also relatively strong Monero is still in its short-term correction. Boosted by positive news out of South Korea, the major coins reached the $515 billion mark in market capitalization, although several currencies, most notably Ethereum and Ripple are still underperforming.

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LTC/USD, 4-Hour Chart Analysis

We expect trading activity to pick up today, as US markets return to action, and that could cause more volatile moves than in the last few days. As correlations between the majors continue to decline, the individual charts are more and more important, and we expect rotation to continue between the coins.

Ethereum Classic Hits another Target, Up 200% off the Low

ETC/USD, 4-Hour Chart Analysis

ETC broke-out of its short-term correction yesterday, staying ahead of the rest of the market in this cycle, and it rallied up to the next major resistance zone near $43, with only the all-time high remaining ahead as an obstacle before a new record high.

As we noted yesterday, the coin now is now not in the optimal long-term buy range, and it got downgraded to neutral in our trend model as well after turning bullish on the 2nd of February. That said, further gains are likely, and traders should still play the trend, but long-term investors could already cash in on some of the gains.

Apart from ETH and XRP, Bitcoin Cash, Cardano, IOTA, and EOS are also lagging the leaders today, while NEO also failed to substantially move above its short-term correction, despite yesterday’s strength.

Given the positive signs, we expect the rally to continue in the segment, even if several altcoins continue the current correction in the coming days.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.7 stars on average, based on 101 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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