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Tor Network May Face Disabling Attack

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The Tor Project has learned that there may be an attempt to incapacitate our network in the next few days through the seizure of specialized servers in the network called directory authorities.

These words were the introduction to Possible upcoming attempts to disable the Tor network, an announcement made early Friday evening, Massachusetts time, where the Tor Project headquarters is located.

The fourth quarter of 2014 has been rough for Tor. First Operation Onymous caught a few darknet market operators, and everyone involved got trolled by European Cyber Crime Commission head Troels Oerting. Then a nasty spat erupted between Pando writer Yasha Levine (@YashaLevine) and the Tor development team over their government funding.

And now they face what may be an existential threat, because if enough Directory Authorities are taken, the network will be badly degraded, both operationally, and even worse in terms of user confidence.

Also read: Avoiding Tor Panic

Losing Directory Authorities?

the onion routerThe internet was started by DARPA, the Defense Advanced Research Project Agency, with the intent to create a packet network that could withstand the disruption of a nuclear attack. Forty some years later this network treats censorship like battle damage, routing around it, and the Tor anonymity network permits one to go even further, all without leaving much of a trail.

Tor’s resilience is based on the idea that there are no single points of failure, but there is a hierarchy of participation. Users of the network run a local Tor daemon that provides them access. Many individuals run relays, which permit users to connect, and some are configured to permit exit traffic as well. Relay operators with plenty of bandwidth and long term uptime will also provide directory services.

Tor’s Directory Authorities are similar to the root servers for DNS in that there are few, just eight globally. These servers are hand selected rather than gaining status based on their uptime, which is how other important roles in the network, like directory services, are delegated. If enough of them disappear all at once, this will be a major disruption for the Tor network.

Pando Sniping

There has been a call between Paul Carr (@paulcarr) of Pando and Tor Project director Andrew Lewman, not long after a peacemaking attempt by Quinn Norton (@quinnnorton), and things seemed to have calmed a bit. Even so, Carr is busy this evening lampooning the entire spectrum of people involved, from Tor itself to the conspiracy theorists who believe that Pando is a CIA front.

Paul Carr Comments On Tor

Paul Carr Comments On Tor

This at least seems to be headed back towards actual reporting and good natured ribbing, rather than the extreme trolling cage match between the two groups that prompted Norton’s diplomacy effort.

Watching & Waiting

One of the documents from the Snowden leak, Tor Stinks, described how the NSA can at most de-anonymize a small fraction of users, and they can not pick specific targets, it’s a fairly random thing. Since then it appears that a 0day exploit was used as a component of Operation Onymous, and now it seems the Tor network may face an outright beheading.

This potential shutdown has to be seen against the backdrop of not just Operation Onymous. The Sony intrusion and the comically thin information the FBI is using as the basis to claim North Korea was the culprit are very reminiscent of the Sixteen Words in George W. Bush’s 2003 State of the Union speech.

The British government has learned that Saddam Hussein recently sought significant quantities of uranium from Africa.

There will be an immense amount of egg on the face of every politician and security pundit who pushed ‘proportional action’ against North Korea if it turns out that the source of the attack was actually longtime Sony foe Lizard Squad (@LizardUnit). Among their prior antics are an instance where they posed as ISIS supporters and faked a bomb threat to an airliner in order to interdict a Sony executives travel plans.

All we can do now is wait and watch for signs that the Tor network’s performance is degrading.

Images from 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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2 Comments

2 Comments

  1. Black Dynamite

    December 20, 2014 at 5:05 am

    Privacy, freedom, and the U.S. Government do not mix.
    BD

    • rich godman

      December 23, 2014 at 7:16 am

      You guys should have taken McGruff the Crime Dogs sage advice.

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EOS Price Forecast: EOS/USD Heading for Another 300% Move?

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  • EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern.
  • The price is moving around levels seen back end of March to early April, before a bull run of over 300%.

The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend.

EOS DApp Hacked Again

An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities.

Technical Review – 4-hour Chart View

EOS/USD 4-hour chart

EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity.

Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory.

April 2018 Bull Run

EOS/USD April bull run

In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today.

Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of.

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 32 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Market Development: South Korea’s National Policy Committee Chair Calls For ICO Legalization

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  • A member of South Korea’s governing Democratic party and the chairman of Korea’s National Policy Committee, Min Byung-Doo, is urging to ease the current regulations on Initial Coin Offerings (ICOs).
  • Min Byung-Doo wants to introduce necessary regulatory framework, allowing ICOs in the country.

Allow ICOs In South Korea

The South Korean National Policy Committee Chief, Min Byung-Doo, is calling for a regulatory framework to be explored. This would be to allow for Initial Coin Offerings (ICOs) to take place within the country. He stated that the current prohibiting of ICOs weakens the industry’s competitiveness appeal with foreign markets. Further boldly adding, this would be preventing growth.

In his statement at to lawmakers, Byung-Doo said, “We can see that the flow of investment is clearly changing compared to ICO and angel fundraising. The ICO has raised $1.7 billion for Telegram and $4 billion for Block.One, it is getting bigger and bigger.”

Further in the statement, Min Byung-Doo said, “Let the government, the National Assembly and the blockchain association quickly create a working group to block fraud, speculation, money laundering and develop the block-chain industry,”. However, he acknowledged the government’s reluctance to create the needed framework.

In September 2017, the Financial Services Commission in South Korea announced a ban on ICOs. The law has not yet been enacted.

Crypto Market Reaction

A lack of reaction has been observed for now, despite this determination to help further legitimize the digital currency market in South Korea. Crypto market developments in the country are always watched very carefully. This is given their large crypto market participation. It was reported in December 2017 that South Korea accounted for as much as 17% of all Ethereum trades occurring in cryptocurrency markets.

Market Reactions To South Korean Related News

Ripple (XRP) crashed in January, following CoinMarketCap’s decision to remove XRP price data from Korean exchange desks. This as a result largely brought down the total average.

XRP/USD Coinmarketcap update triggered drop

On 11th January, Korean crypto exchange Coinrail was hacked, and over $40 million in tokens were stolen. Bitcoin initially dropped over 11% on this.

BTC/USD Coinrail hack triggered drop

One final example, UPbit, a South Korean exchange, was investigated by authorities for illicitly moving customer funds to the account of its executives. Bitcoin initially dropped over 7% on the news.

BTC/USD UPbit investigation triggered drop

Given the above mentioned, one should keep an eye on any developments coming out of South Korea, for the foreseeable future.

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 32 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Market Update: Japan’s Self-Regulatory Group (JVCEA) Readying Tighter Rules on Digital Assets

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  • A group of cryptocurrency exchange operators in Japan is readying to tighten up measures following recent cyber breach.
  • Action follows reported hack earlier in the month; cryptocurrency exchange Zaif lost an estimated $59.67 million.

Self-Regulatory Group Set To Tighten Rules

The Japan Virtual Currency Exchange Association (JVCEA) is exploring new rules to safeguard against cyber theft, including setting a cap on the amount of digital currencies managed online. This is citing informed sources, being reported by local news outlet, the Japan Times.

Informed sources detailed that the cap will likely to be around 10 – 20% of customer deposits. The JVCEA are said to be soon revising its rules, which were originally drawn up in June following multiple cyber attacks. These will be implemented once all has been approved by the Financial Services Agency. This is as part of the payment services law process in the country.

The move likely received large motive due to the reported hack earlier in September. The Japanese start-up Tech Bureau said that its cryptocurrency exchange, known as Zaif, had been hacked. Losses were estimated around $59.67 million of Bitcoin and two other digital currencies -Bitcoin Cash and Monacoin.

Market Reaction

No initial reaction was observed across the cryptocurrency market on this latest update, coming out of Japan as of Sunday 30th September. Despite this, however, Japan and crypto sell-off are not uncommon to have been used in the same sentence over the past years and even months. This means volatility could be in store for digital assets in the short term.

Back in January of this year, the largest reported hack on a Japanese exchange took place with Coincheck losing $530 million worth of NEM in a coordinated attack. This incident massively spooked the market, and was  a heavy contributor to the large sell-off in January. As we’ve observed over the past eight months, the market has yet to reclaim January’s peak (although this can’t be solely attributed to the theft). At the time, South Korea’s Attorney General had already spooked investors with FUD related to the possible banning of digital currencies in the country.

Against this backdrop, investors are advised to pay attention to Japan-related volatility.

BTC/USD weekly chart

Most recently, looking in the month of June, another sell-off was seen. This one came after Japan’s financial regulator ordered several cryptocurrency exchanges to improve their practices against money laundering. The action led bitFlyer — the country’s largest crypto exchange — to suspend new account creation. This was initiated to improve internal processes in order to curb money laundering and terrorist financing.

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 32 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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