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As 2022 draws to a close, the Threat Research Team at McAfee Labs takes a look forward—offering their predictions for 2023 and how its threat landscape may take shape.
This year saw the continued evolution of scams, which is unlikely to slow down, as well as greater adoption of Chrome as an operating system. It also saw the introduction of AI tools that are easy and accessible to virtually anyone with a phone or laptop, which will continue to have significant implications, as will the fluctuating popularity of cryptocurrency and the emergence of “Web3.”
Advances such as these have set the stage for 2023, which will continue to reshape our interactions with technology—advances that bad actors will try to exploit, and in turn, us.
Yet as the threat landscape continues to evolve, so do the ways we can protect ourselves. With that, we share McAfee’s threat predictions for 2023, along with insights and advice that can help us enjoy the advances to come with confidence.
By Steve Grobman, Chief Technology Officer
Humans have been fascinated by artificial intelligence (AI) for almost as long as we’ve been using computers. And in some cases, even fearful of it. Depictions in pop culture range from HAL, the sentient computer from 2001: A Space Odyssey to Skynet, the self-aware neural network at the center of the Terminator franchise. The reality of current AI technologies is both more complicated and less autonomous than either of these. While AI is rapidly evolving, humans remain at the heart of it, and whether it’s put to beneficial or nefarious use.
Within the last few months, creating AI-generated images, videos, and even voices are no longer strictly left to professionals. Now anyone with a phone or computer can take advantage of the technology using publicly available applications like Open AI’s Dall-E or stability.ai’s Stable Diffusion. Google has even made creating AI-generated videos easier than ever.
What does this mean for the future? It means the next generation of content creation is becoming available to the masses and will only continue to evolve. People both at work and at home will have the ability to create the AI-generated content in minutes. Just as desktop publishing, photo editing, and inexpensive photorealistic home printers created major advances that empowered individuals to create content that previously required a professional designer, these technologies will enable sophisticated outputs with minimal expertise or effort.
Advances in desktop publishing and consumer printing also provided benefits to criminals, enabling better counterfeiting and more realistic manipulation of images. Similarly, these emerging next-generation content tools will also be used by a range of bad actors. From cybercriminals to those seeking to falsely influence public opinion, these tools will empower scammers and propagandists to take their tradecraft to the next level with more realistic results and significantly improved efficiency.
This is especially likely to ramp up in 2023 as the U.S. begins the 2024 presidential election cycle in earnest. Globally, the political environment is polarized. The confluence of the emergence of accessible next-generation generative AI tools and what is sure to be a highly contested 2024 election season is a perfect storm for creating and distributing disinformation for political and monetary gain.
We’ll all need to be more mindful of the content we consume and the sources that it originates from. Fact-checking images, videos, and news content, something that’s already on the rise, will continue to be a necessary and valuable part of media consumption.
By Oliver Devane, Security Researcher
Cryptocurrency scams
In 2022 we saw several online scams making use of existing content to make crypto scams more believable. One such example was the double your money cryptocurrency scam that used an old Elon Musk video as a lure. We expect such scams to evolve in 2023 and make use of deep fake videos, as well as audio, to trick victims into parting ways with their hard-earned money.
The financial outlook of 2023 remains uncertain for many people. During these times, people often look for ways to make some extra money and this can lead them vulnerable to social media messages and online ads that offer huge financial gains for little investment.
According to the IC3 2021 report, the losses for financial scams increased from $336,469,000 in 2020 to $1,455,943,193 in 2021, this shows that this type of scam is growing by an enormous amount, and we expect this to continue.
Unfortunately, scammers will often target the most vulnerable people. Fake loan scams are one such scam where the scammers know that the victims are desperate for the loan and therefore are less likely to react to warning signs such as asking for an upfront fee. McAfee predicts that there will be a large increase in these types of scams in 2023. When looking for a loan, always use a trusted provider and be careful of clicking on online ads.
Metaverses such as Facebook’s Horizon enable their users to explore an online world that was previously unimaginable. When these platforms are in the early stages, malicious actors will usually attempt to exploit the lack of understanding of how they work and use this to scam people. We have observed phishing campaigns targeting users of these platforms in 2022 and we expect this to increase dramatically in 2023 as more and more users sign up for the platforms.
By Craig Schmugar, McAfee Senior Principal Engineer
More than 25 years ago, Windows 95 became the platform of choice not just for millions of users around the globe, but for malware authors targeting those users. Over the years, Windows has evolved, as has the threat landscape. Today, Windows 10 and 11 make up the majority of the desktop PC market, but thanks to the rise of the mobile Internet, device diversity has greatly evolved since the advent of Windows 95.
Over five years ago, Android overtook Windows as the world’s most popular OS and with this shift bad actors have been pursing alternative methods of attack. The ultimate vectors are those which impact users across a spectrum of devices. Email and web-based scams (some of which are outlined in the blog above) are as prolific as ever as these technologies are ubiquitous across desktop and mobile devices.
Meanwhile, other technologies span across desktop and mobile experiences as well. For Google, such cross-platform capabilities are highlighted by increased adoption of ChromeOS and a few underlying technologies. This includes 270 million active Android users and a 270% increase in Progressive Web Application (PWA) installations [https://chromeos.dev]. ChromeOS’ ability to run Android applications, combined with its wide-spread adoption, provides the climate for increased attention by those with ill intentions.
Similarly, adoption of PWAs provide bad actors with additional incentive to deliver deceptive and imposter attacks through this multi-OS channel, including ChromeOS, iOS, MacOS, and Windows.
Finally, on the heels of COVID restrictions that impacted schools in various countries, Google reported 50 million students and educators worldwide [https://chromeos.dev] using ChromeOS. Many users will be unaware of malicious Chrome extensions lurking in the Chrome Web Store.
All of this means that the stage is set for a marked increase in threats impacting Chromebook in the year to come. In 2023, we can expect to see Chromebook users among millions of unsuspecting victims that download and run malicious content, whether from malicious Android Apps, Progressive Web Apps, or Chrome Web Store extensions, users should be leery of popups and push notifications urging them to install untrusted apps.
By Fernando Ruiz, Senior Security Researcher
Editor’s Note: Web3? FOMO? If you’re already lost, you’re not alone. Web3 is a term some use to encompass decentralized internet services, technologies like Bitcoin and Non-Fungible Tokens (digital art that collectors can purchase with cryptocurrency). Still confused? A lot of people are. This New York Times article is a good primer on what is currently considered Web3.
As for FOMO, that’s just an acronym meaning the “Fear of Missing Out.” That nagging feeling, most often felt by extroverts, that others are out there having more fun than them and that they’re missing the party.
Whether you invest in cryptocurrency or just see the headlines on Twitter, no doubt you’ve seen that the price of cryptocurrency has sharply declined during 2022. These fluctuations are becoming more normal as crypto becomes even more mainstream. It’s very likely that the value of crypto will rise again.
When the last upturn in valuation happened near the start of the pandemic, the hype about crypto also skyrocketed. Suddenly Bitcoin and other cryptocurrencies were everywhere. Out of that, rose the concept of Web3, with more companies investing in new applications over blockchain (the technology that is the backbone of cryptocurrency).
McAfee predicts that the popularity of cryptocurrency will rise again, and consumers will hear much more about Web3 concepts like decentralized finance (DeFi), decentralized autonomous organizations (DAOs), self-sovereign identity (SSI) and more.
Some amateur investors, remembering the rapid rise of the value of Bitcoin earlier this decade, won’t want to miss out on what they think will be a great opportunity to get rich quick. It’s this group that bad actors will seek to exploit, offering up links or applications that play on these users’ crypto/Web3 FOMO.
As crypto bounces back and initial awareness of decentralization grows in the general population, consumers will begin to explore these Web3 offerings without fully understanding what they mean or what dangers they should be aware of, leaving them open to scams as they invest time and money into crypto or creating their own NFT content. These scams could entice users to click on a link or download an app that appears to legitimately interact with some blockchains, but in actuality:
Additionally, when consumers DO hold crypto, NFT, digital land, or other blockchain financial assets they are going to be targeted for more sophisticated threats that can drain their funds: smart contracts, exchanges, digital wallets, and synchronization services can all be associated with hidden authorizations that allow a third party (potentially a bad actor) to take control of the assets. It’s important that users read the terms and conditions of any app they download, especially those that will be accessing ANY type of financial institution or currency, whether traditional or crypto.
Social engineering will also continue to be a top entry point for cybercriminals. The complexity of the attacks will evolve as the technology does, which will require more preparation and understanding of how Web3 applications and tools work in order to safely interact with them.
What has emerged from the world of Web3 thus far, while exciting, has also expanded attack surfaces and vectors, which we expect to see grow throughout 2023 as Web3 evolves.
The post McAfee 2023 Threat Predictions: Evolution and Exploitation appeared first on McAfee Blog.
In the fall of 2021, cryptocurrency value skyrocketed. Ethereum and Bitcoin had their highest values ever, causing a huge stir in interest in online currencies from experts, hobbyists and newbies alike … and in cybercriminals seeking huge paydays. Since then, cryptocurrency value has cooled, as has the public’s opinion about whether it’s worth the risk. Huge cryptohacking events dominate the headlines, leaving us to wonder: Is cryptocurrency losing its credibility?
In this article, you’ll learn about recent unfortunate crypto hacks and a few cryptocurrency security tips to help you avoid a similar misfortune.
A crypto wallet is the software or the physical device that stores the public and private keys to your cryptocurrency. A public key is the string of letters and numbers that people swap with each other in crypto transactions. It’s ok to share a public key with someone you trust. Your private key, however, must remain private — think of it like the password that secures your online bank account. Just like your actual wallet, if it falls into the wrong hands, you can lose a lot of money.
A malware called Mars Stealer infiltrated several crypto wallet browser extensions, including the popular MetaMask. The malware stole private keys and then erased its tracks to mask that it had ever gained entry to the wallet.1
One way to completely avoid a breach to your software crypto wallet is to opt for a hardware wallet. A hardware wallet is a physical device that can only be opened with a PIN. But there is some risk involved with a hardware wallet: if you drop it down the drain, all your crypto is gone. If you forget your wallet PIN, there is no customer service chatbot that can help you remember it. You are solely responsible for keeping track of it. For those who are confident in their hardware’s hiding spot and their personal organizational skills, they can benefit from its added security.
For anyone less sure of their ability to keep track of a hardware wallet, a software wallet is a fine alternative, though always been on alert of software wallet hacks. Keep an eye on crypto news and be ready to secure your software at a moment’s notice. Measures include un-downloading browser extensions, changing passwords, or transferring your crypto assets to another software wallet.
In the case of the Mars Stealer malware that affected MetaMask, being careful about visiting secure sites and only clicking on trustworthy links could’ve helped prevent it. Mars Stealer made its way onto people’s devices after they clicked on an infected link or visited a risky website. Stick to websites you know you can trust and consider springing for well-known streaming services and paying for software instead of torrenting from free sources.
Cryptocurrency enthusiasts often spread their crypto investments across various currency types and blockchain environments. Software known as a bridge can link numerous accounts and types, making it easier to send currency.
The cross-chain bridge Horizon experienced was on its Harmony blockchain, where a hacker stole about $100 million in Ethereum and tokens. The hacker stole two private keys, with which they could then validate this huge transaction into their own wallet. To hopefully prevent this from happening in the future, Horizon now requires more than just two validators.2
According to one report, in 2022, 69% of all cryptocurrency losses have occurred in bridge attacks.3 If you exchange cryptocurrencies with other users and have various accounts, it’s almost inevitable that you’ll use bridge software. To keep your assets safe, make sure to extensively research any bridge before trusting it. Take a look at their security protocols and how they’ve responded to past breaches, if applicable.
In the case of Horizon, the stolen private keys were encrypted with a passphrase and with a key management service, which follows best practices. Make sure that you always defend your private keys and all your cryptocurrency-related accounts with multi-factor authentication. Even though it may not 100% protect your assets, it’ll foil a less persistent cybercriminal.
Phishing attacks on bridge companies in conjunction with software hacks are also common. In this scenario, there’s unfortunately not much you can control. What you can control is how quickly and completely you respond to the cybercrime event. Remove the bridge software from your devices, transfer all your assets to a hardware wallet, and await further instructions from the bridge company on how to proceed.
Decentralized finance, or DeFi, is now one of the riskiest aspects of cryptocurrency. DeFi is a system without governing bodies. Some crypto traders like the anonymity and autonomy of being able to make transactions without a bank or institution tracking their assets. The drawback is that the code used in smart contracts isn’t bulletproof and has been at the center of several costly cybercrimes. Smart contracts are agreed upon by crypto buyers and sellers, and they contain code that programs crypto to perform certain financial transactions.
Three multi-million-dollar heists – Wormhole, Beanstalk Farms and Ronin bridge – occurred in quick succession, and smart contracts were at the center of each.4 In the case of Wormhole, a cybercriminal minted 120,000 in one currency and then traded them for Ethereum without putting up the necessary collateral. In the end, the hacker cashed out with $320 million. Beanstalk Farms lost $182 million when a hacker discovered a loophole in the stablecoin’s flash loan smart contract. Axie Infinity’s Ronin bridge was hit for $625 million when a hacker took control over and signed five of the nine validator nodes through a smart contract hole.4
To be safe, conduct all crypto transactions on well-known and trustworthy software, applications, bridges, and wallets that are backed by a governing body. What you lose in anonymity you gain in security by way of regulated protocols. Hackers are targeting smart contracts because they do not have to depend on large-scale phishing schemes to get the information they need. Instead, they can infiltrate the code themselves and steal assets from the smartest and most careful crypto users. Because there’s almost no way you can predict the next smart contract hack, the best path forward is to always remain on your toes and be ready to react should one occur.
Don’t let these costly hacks be what stops you from exploring crypto! Crypto is great as a side hustle if you’re committed to security and are strategic in your investments. Make sure you follow the best practices outlined and arm all your devices (mobile included!) with top-notch security, such as antivirus software, a VPN, and a password manager, all of which are included in McAfee +.
Privacy, excellent security habits, and an eagle eye can help you enjoy the most out of cryptocurrency and sidestep its costly pitfalls. Now, go forth confidently and prosper in the crypto realm!
1Cointelegraph, “Hodlers, beware! New malware targets MetaMask and 40 other crypto wallets”
2Halborn, “Explained: The Harmony Horizon Bridge Hack”
3Chainalysis, “Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk”
4Protocol, “Crypto is crumbling, and DeFi hacks are getting worse”
5Cointelegraph, “Beanstalk Farms loses $182M in DeFi governance exploit”
The post Cryptohacking: Is Cryptocurrency Losing Its Credibility? appeared first on McAfee Blog.
Imagine – your favorite brand on Instagram just announced a giveaway. You’ll receive a free gift! All you have to do is provide your credit card information. Sounds easy, right? This is a brand you’ve followed and trusted for a while now. You’ve engaged with them and even purchased some of their items. The link comes directly from their official page, so you don’t think to question it. Don’t fall prey to crypto scams, download reputable mobile security protection.
This is the same mindset that led to several Bored Ape Yacht Club (BAYC) NFTs being stolen by a cybercriminal who had hacked into the company’s official Instagram account. Let’s dive into the details of this scam.
Bored Ape Yacht Club, the NFT collection, disclosed through Twitter that their Instagram account had been hacked, and advised users not to click on any links or link their crypto wallets to anything. The hacker managed to log into the account and post a phishing link promoting an “airdrop,” or a free token giveaway, to users who connected their MetaMask wallets. Those who linked their wallets before BAYC’s warning lost a combined amount of over $1 million in NFTs.
Despite the large price tag attached to NFTs, they are often held in smartphone wallets rather than more secure alternatives. MetaMask, the crypto wallet application, only allows NFT display through mobile devices and encourages users to use the smartphone app to manage them. While it may be a good method for display purposes, this limitation provides hackers with a new and effective way to easily steal from users’ mobile wallets.
BAYC does not yet know how the hacker was able to gain access to their Instagram account, but they are following security best practices and actively working to contact the users affected.
This scam was conducted through the official BAYC account, making it appear legitimate to BAYC’s followers. It is incredibly important to stay vigilant and know how to protect yourself and your assets from scams like these. Follow the tips below to steer clear of phishing scams and keep your digital assets safe:
A seed phrase is the “open sesame” to your cryptocurrency wallet. The string of words is what grants you access to all your wallet’s assets. Ensuring that your seed phrase is stored away safely and not easily accessible by anyone but yourself is the first step to making sure your wallet is secure.
With all transactional and wallet data publicly available, scammers can pick and choose their targets based on who appears to own valuable assets. To protect your privacy and avoid being targeted, refrain from sharing your personal information on social media sites or using your NFT as a social media avatar.
Phishing scams targeting NFT collectors are becoming increasingly common. Be wary of any airdrops offering free tokens in exchange for your information or other “collectors” doing the same.
Phishing scams tend to get more sophisticated over time, especially in cases like the Bored Ape Yacht Club where the malicious links are coming straight from the official account. It is always best to remain skeptical and cautious, but when in doubt, here are some extra tips to spot phishing scams:
As crypto and NFTs continue to take the world by storm, hackers and scammers are constantly on the prowl for ways to steal and deceive. No matter the source or how trustworthy it may seem at first glance, always exercise caution to keep yourself and your assets safe!
The post Instagram Hack Results in $1 Million Loss in NFTs appeared first on McAfee Blog.
By Oliver Devane
Editors note: In the past 24 hours (from time of publication) McAfee has identified 15 more scam sites bringing the total to 26. The combined value of the wallets shared on these sites is over $1,300,000 which is an increase of roughly $1,000,000 since this blog was last published. This highlights the scale of this current scam campaign. The table within this blog has been updated to include the new sites and crypto-wallets.
McAfee has identified several Youtube channels which were live-streaming a modified version of a live stream called ‘The B Word’ where Elon Musk, Cathie Wood, and Jack Dorsey discuss various aspects of cryptocurrency.
The modified live streams make the original video smaller and put a frame around it advertising malicious sites that it claims will double the amount of cryptocurrency you send them. As the topic of the video is on cryptocurrency it adds some legitimacy to the websites being advertised.
The original video is shown below on the left and a modified one which includes a reference to a scam site is shown on the right.
We identified several different streams occurring at a similar same time. The images of some are shown below:
The YouTube streams advertised several sites which shared a similar theme. They claim to send cryptocurrency worth double the value which they’ve received. For example, if you send 1BTC you will receive 2BTC in return. One of the site‘s frequently asked questions (FAQ) is shown below:
Here are some more examples of the scam sites we discovered:
The sites attempt to trick the visitors into thinking that others are sending cryptocurrency to it by showing a table with recent transactions. This is fake and is generated by JavaScript which creates random crypto wallets and amounts and then adds these to the table.
The wallets associated with the malicious sites have received a large number of transactions with a combined value of $280,000 as of 5 PM UTC on the 5th of May 2022
| Scam Site | Crypto Type | Wallet | Value as on 5PM UTC 5th May 2022 |
| 22ark-invest[.]org | ETH | 0x820a78D8e0518fcE090A9D16297924dB7941FD4f | $25,726.46 |
| 22ark-invest[.]org | BTC | 1Q3r1TzwCwQbd1dZzVM9mdFKPALFNmt2WE | $29,863.78 |
| 2xEther[.]com | ETH | 0x5081d1eC9a1624711061C75dB9438f207823E694 | $2,748.50 |
| 2x-musk[.]net | ETH | 0x18E860308309f2Ab23b5ab861087cBd0b65d250A | $10,409.13 |
| 2x-musk[.]net | BTC | 17XfgcHCfpyYMFdtAWYX2QcksA77GnbHN9 | $4,779.47 |
| arkinvest22[.]net | ETH | 0x2605dF183743587594A3DBC5D99F12BB4F19ac74 | $11,810.57 |
| arkinvest22[.]net | BTC | 1GLRZZHK2fRrywVUEF83UkqafNV3GnBLha | $5,976.80 |
| doublecrypto22[.]com | ETH | 0x12357A8e2e6B36dd6D98A2aed874D39c960eC174 | $0.00 |
| doublecrypto22[.]com | BTC | 1NKajgogVrRYQjJEQY2BcvZmGn4bXyEqdY | $0.00 |
| elonnew[.]com | ETH | 0xAC9275b867DAb0650432429c73509A9d156922Dd | $0.00 |
| elonnew[.]com | BTC | 1DU2H3dWXbUA9mKWuZjbqqHuGfed7JyqXu | $0.00 |
| elontoday[.]org | ETH | 0xBD73d147970BcbccdDe3Dd9340827b679e70d9d4 | $18,442.96 |
| elontoday[.]org | BTC | bc1qas66cgckep3lrkdrav7gy8xvn7cg4fh4d7gmw5 | $0.00 |
| Teslabtc22[.]com | ETH | 0x9B857C44C500eAf7fAfE9ed1af31523d84CB5bB0 | $27,386.69 |
| Teslabtc22[.]com | BTC | 18wJeJiu4MxDT2Ts8XJS665vsstiSv6CNK | $17,609.62 |
| tesla-eth[.]org | ETH | 0x436F1f89c00f546bFEf42F8C8d964f1206140c64 | $5,841.84 |
| tesla-eth[.]org | BTC | 1CHRtrHVB74y8Za39X16qxPGZQ12JHG6TW | $132.22 |
| teslaswell[.]com | ETH | 0x7007Fa3e7dB99686D337C87982a07Baf165a3C1D | $9.43 |
| teslaswell[.]com | BTC | bc1qdjma5kjqlf7l6fcug097s9mgukelmtdf6nm20v | $0.00 |
| twittergive[.]net | ETH | 0xB8e257C18BbEC93A596438171e7E1E77d18671E5 | $25,918.90 |
| twittergive[.]net | BTC | 1EX3dG9GUNVxoz6yiPqqoYMQw6SwQUpa4T | $99,123.42 |
Scammers have been using social media sites such as Twitter and Youtube to attempt to trick users into parting ways with their cryptocurrency for the past few years. McAfee urges its customers to be vigilant and if something sounds too good to be true then it is most likely not legitimate.
Our customers are protected against the malicious sites detailed in this blog as they are blocked with McAfee Web Advisor
| Type | Value | Product | Blocked |
| URL – Crypto Scam | twittergive[.]net | McAfee WebAdvisor | YES |
| URL – Crypto Scam | tesla-eth[.]org | McAfee WebAdvisor | YES |
| URL – Crypto Scam | 22ark-invest[.]org | McAfee WebAdvisor | YES |
| URL – Crypto Scam | 2xEther[.]com | McAfee WebAdvisor | YES |
| URL – Crypto Scam | Teslabtc22[.]com | McAfee WebAdvisor | YES |
| URL – Crypto Scam | elontoday[.]org | McAfee WebAdvisor | YES |
| URL – Crypto Scam | elonnew[.]com | McAfee WebAdvisor | YES |
| URL – Crypto Scam | teslaswell[.]com | McAfee WebAdvisor | YES |
| URL – Crypto Scam | 2x-musk[.]net | McAfee WebAdvisor | YES |
| URL – Crypto Scam | doublecrypto22[.]com | McAfee WebAdvisor | YES |
| URL – Crypto Scam | arkinvest22[.]net | McAfee WebAdvisor | YES |
The post Crypto Scammers Exploit: Elon Musk Speaks on Cryptocurrency appeared first on McAfee Blog.
Cryptocurrency is all the rage these days and it doesn’t seem to be slowing down any time soon. As more people dive into the nitty-gritty of what blockchain is, how NFTs are traded, and the difference between Bitcoin and Ethereum, digital currency developers are finding new ways for people to engage with crypto. But as crypto continues to grow and become more profitable, hackers are simultaneously trying to find ways to get their hands on the coins.
According to Markets Insider, one of the biggest crypto heists in history took place recently, resulting in roughly $625 million stolen.1 Here’s what you need to know about this crypto theft, and how you can stay protected when investing in digital assets.
Ronin, the blockchain underlying the play-to-earn crypto game Axie Infinity, revealed that a hacker stole 173,600 Ethereum (currently worth around $600 million) and 25.2 million USDC (a cryptocurrency pegged to the U.S. dollar), resulting in a loss of about $625 million in cryptocurrency.
On March 29th, Ronin and Axie Infinity operator Sky Mavis revealed the breach and froze transactions on the Ronin bridge, which allows depositing and withdrawing funds from the company’s blockchain. This “side chain” contained nine validator nodes, or proof-of-stake tools, that confirmed and approved each transaction. At least five validator nodes are needed to approve each transaction. Sky Mavis oversaw five, and Axie Decentralized Autonomous Organization (or DAO) controlled four. However, Sky Mavis discontinued its agreement with the DAO in December but failed to revoke the DAO’s permissions. Due to this oversight, the hacker was able to take over the necessary amount of validator nodes to enable access to the cryptocurrency and make a break with it.
According to experts, the use of these side chains rather than native blockchains leads to a rise in cryptocurrency vulnerabilities. Had Sky Mavis abandoned the side chains and stuck to the blockchains, it is likely that an attack of this magnitude could have been avoided. Rather than a cryptocurrency issue, this is more of a cybersecurity issue.
If you are interested in getting into crypto, don’t let cyberattacks like this deter you! As a fairly new phenomenon, there are still many ways in which the crypto world needs to grow, adjust, and adapt to ensure that users can interact with it safely. In the meantime, if you are wanting to dive into the crypto economy but still have reservations, here are some tips to help you stay protected:
Whenever you decide to dive into something new, it’s always important to make sure you are knowledgeable about that thing, especially if it involves investing your money. Before jumping right into the crypto world, research each cryptocurrency, each blockchain, and any software you may use. Keep up with the news to stay informed on security breaches and pick up tips for which system you may want to engage in. Knowing the ins and outs of the crypto economy and its security protocols will solidify your decision of whether you want to join the crypto community and whether the benefits outweigh the risks.
As with all online accounts, it’s important to use secure, unique passwords and two-factor authentication when creating and maintaining cryptocurrency logins. Hackers can access lists of passwords and logins via the dark web, so never reuse your passwords. Two-factor authentication requires a randomly generated passcode for entry that is only accessible to you, so cybercriminals will not be able to access your accounts. If your accounts are a pain for a hacker to try to get through, they will likely move on, keeping your account, your information, and your assets safe.
For some added protection, store your assets in a crypto wallet. A crypto wallet is a software product or physical device that stores the keys to your cryptocurrency accounts. Crypto wallets allow you to transfer funds between crypto types and make transactions while keeping your investments protected. There are various types of cryptocurrency wallets, so do your research to find which one is best for you and your accounts.
Develop a routine of checking in on your crypto accounts to keep an eye on any suspicious transactions. Keep up with news outlets so that if there does happen to be a breach, you can make a timely report of any losses you may have had. For some added security and protection, consider changing your login credentials.
Hackers often use social engineering to enact cyberattacks like these. This includes targeting users’ emails or using phishing to gain access to these accounts. When receiving emails, be wary of addresses that seem slightly off, odd spelling and grammar mistakes, and any links or attachments added to the message. Being cautious and alert when you are online is an important step to ensuring your account safety.
As the world of crypto continues to evolve and more people get involved, cybercriminals are itching to take advantage. However, that is no reason to avoid getting into the crypto economy. If you decide to try your hand at digital currencies, make sure you are doing your research, staying up to date on what is happening in the crypto news, and remaining vigilant when it comes to your online safety.
The post $625 Million Stolen in Latest Crypto Attack: 5 Tips on How to Use Digital Currency Safely appeared first on McAfee Blog.
A-list celebrities and social media influencers are now adding their voices to the roar of other cryptocurrency fans asking you to join them in the investments of the future. It’s impossible to deny the grip cryptocurrencies have on the world today, for better or worse. In some industries, they speed the pace of business and for some, it’s a viable way to make ends meet and set up long-term investments. The cryptocurrency realm has also proven to be vulnerable to cybercriminals. For example, the Wormhole hack leaked $320 million, and cybercriminals have targeted crypto platforms with ransomware and mining app scams.
Whether you’re already in the cryptocurrency game or are thinking about taking the plunge, here’s what you need to know about crypto wallets and tips on how to keep yours safe from cybercriminals.
A cryptocurrency wallet, or crypto wallet, is a software product or a physical device that stores the public and private keys to your cryptocurrency accounts. Keys are strings of numbers and letters that encrypt and decrypt crypto transactions and secure crypto accounts. You can think of public keys as the routing and account numbers that appear at the bottom of paper checks. There’s not much a nefarious character can do with that information, and it’s totally normal to give that information to an acquaintance with whom you’re doing business. Private keys are like your online banking password or debit PIN. Those you must guard very closely because in the wrong hands, your hard-earned bank balance could disappear. A crypto wallet also allows you to transfer funds between crypto types and make transactions.
Here are a few basic types of crypto wallets to help you decide which type is right for you.
A non-custodial wallet means that you are the sole keeper of the keys to your crypto assets. If you forget your password, there’s no “forgot your password?” prompt to let you back in. While not having this safety net is a little nerve wracking, noncustodial wallets are considered the more secure option. You don’t have to worry about a security breach of a major corporation leaking your private key. If you’re responsible and confident that you’re prepared to look after your assets by yourself, this may be the best option for you.
A custodial wallet is a little less secure, but you have a third party helping you log in and manage your crypto accounts. Custodial wallets are often web-based, and the biggest tick in their pro column is that they’re generally very easy to use. While reputable custodial wallets take security very seriously, the threat of a breach is always a possibility, especially as crypto accounts are appealing targets to cybercriminals.
Hardware wallets, also known as cold wallets, are devices you can fit in the palm of your hand. Most models are Bluetooth-enabled devices that look like small remote controls or are flash drives. The device is secured by a PIN that you should never write down or share with anyone else. Also, you should designate a safe and private spot to store your hardware wallet. Similar to a noncustodial wallet, you are solely responsible for keeping track of the device and remembering the PIN. If you lose it, your crypto accounts are locked, and there’s no locksmith to open them for you. As long as you keep track of it, hardware wallets are very secure. Most models are equipped with malware- and virus-proofing security features.
Software wallets are downloaded and internet-connected mobile or desktop apps. They allow you to make transactions on the run, as you can access your crypto accounts from your phone. In that sense, they’re more convenient than hardware wallets. Additionally, software wallets have the same safety net as custodial wallets: if you lose your phone, forget your password, or require login assistance, the maker of the software can help you access your accounts. Software wallets are very secure when you enable their two-factor authentication login settings; however, since they connect to the internet, there’s always a chance a cybercriminal could break-in. Thus, hardware wallets are considered more secure than the software variety.
Check out these tips to ensure your assets are safe and secure in your crypto wallet:
Cryptocurrency value is reaching galactic heights like the spaceships depicted in prime-time ads. Don’t feel pressured to hop aboard the crypto rocket, but if you do decide to jump on, make sure you do your research carefully and make the best decisions for your crypto goals.
The post What Is a Crypto Wallet and How to Keep Your Wallet Secure? appeared first on McAfee Blog.
Cryptocurrency has boomed in the last several years, with beginners and experts alike jumping into the industry. It’s proven now to be more than a passing hobby or trend. Cryptocurrency is a way of conducting business and making money for people around the world.
As the intrigue and interaction with crypto grows, cybercriminals are finding new ways to exploit the system. According to CNBC, a recent crypto hack resulted in the loss of over $320 million across two major blockchain networks. Here’s what you need to know about this latest breach, plus some tips on how you can protect your crypto assets.
There’s more than one kind of cryptocurrency, and many users spread out their investments across various currencies and blockchain ecosystems. To link their activities, some crypto users employ a type of bridging software that can easily connect their different accounts. Wormhole is a popular bridge that allows users to freely move their tokens and NFTs between the Solana and Ethereum blockchains.
In this recent crypto hack, a cybercriminal installed a bug that minted 120,000 fake currency on the Solana side of the Wormhole bridge. Then, the criminal transferred 120,000 counterfeit currency to the Ethereum side to claim Ethereum tokens. This resulted in the hacker gaining at least $251 million worth of Ethereum, nearly $47 million in Solana, and upwards of $4 million in USDC, a third type of cryptocurrency.
The Wormhole team offered the hacker $10 million to return the stolen currency and explain how they executed the hack. Wormhole has since tweeted that they’ve restored all stolen funds and that the system is now back to normal. Experts think they have successfully reverse-engineered the exploit and suspect that the attacker gained access through bypassing the verify signature process.
As cryptocurrencies continue to take the world by storm, it’s key that users learn how to engage with this emerging industry safely. Even though the Wormhole breach affected the crypto platforms and not individual users, this incident is a reminder to be diligent about your crypto safety. Check out these tips to help you protect your crypto investments:
Like with any process that involves investing your own, hard-earned money, you should be diligent about researching every cryptocurrency, blockchain, and accompanying software you use. Never trust your money to a product or service that you’re not completely confident in their security protocols. Keep up with national and world news and crypto-specific news outlets to stay on top of the latest security breaches and to gather tips on which system may be the safest option for you. When jumping into cryptocurrency, make sure that any benefits outweigh the risks.
As with all your online accounts, protect your cryptocurrency logins with secure, unique passwords and two-factor authentication. Never reuse passwords, since it’s possible for wily cybercriminals to buy lists of login and password combinations on the dark web. Two-factor authentication often makes it impossible for anyone to break into your account, as it requires a randomly generated passcode for entry. Passcodes are often sent by text or through a smartphone application. Sometimes it’s difficult to remember all your passwords, so consider trusting them to a password manager, such as McAfee True Key. An online account locked behind a secure password and two-factor authentication will likely frustrate a cybercriminal and cause them to move along, keeping your account safe.
Add an extra layer of protection to your crypto assets with a hardware wallet. A hardware wallet stores private keys that are necessary to unlock your blockchain accounts. This device is compatible with various blockchains and helps back up and protect your investments, even if your device is compromised by malware or a phishing attack. Hardware wallets are often protected by PINs and a passphrase, so even if the device is lost or stolen, you can feel confident in the safety of your crypto accounts.
Make it part of your weekly routine to check in on your crypto account to ensure that there are no suspicious transactions. Keep the pulse on the news, so that whenever there’s a breach, you can make a timely report of any losses you may have experienced. Also, consider changing your login credentials to be on the safe side.
The only way to enjoy your cryptocurrency experience is to be confident in it. While the Wormhole loophole was almost impossible for a casual everyday user to predict, as long as you have a contingency plan and safeguards in place, you can be confident in your crypto activities.
The post Latest Crypto Vulnerability Leaks $320 Million: 3 Tips to Boost Your Crypto Confidence appeared first on McAfee Blog.
What do Burger King and the popular “Doge” meme have in common? They both have cryptocurrencies named after their likeliness. WhopperCoin and Dogecoin are just two examples of the thousands of types of cryptocurrencies that have caught users’ attention over the past few years. Cryptocurrencies are digital tokens generated by a computer after solving complex mathematical functions. These functions are used to verify the authenticity of a ledger, or blockchain.
Bitcoin is the most popular cryptocurrency today, increasing its value by almost 300% in 2020. Today, almost 46 million Americans own at least one share of Bitcoin, illustrating how these cryptocurrencies are the future of tomorrow’s digital payment system — or are they? The same benefits that make them a popular choice with online users have also made them popular amongst online thieves, sparking a wave of ransomware attacks and other cyberattacks more recently. This begs the question: do the benefits of Bitcoin outweigh the risks?
Every rose has its thorn, and several Bitcoin benefits seem to be hitched to online security risks. Here are some cryptocurrency characteristics that may seem appealing to users, but also provide cybercriminals with an opportunity to exploit:
As previously mentioned, cryptocurrency exchanges take place on an online public ledger, or blockchain, to secure online transactions. This means that anybody can observe the exchange online. However, the parties making the transactions are anonymous, disguised with a random number. Bitcoin users can make purchases that are never associated with their identity, similar to a cash transaction.
While the purchase discretion provided by Bitcoin may be appealing to users who want to remain private, this characteristic could also aid cybercriminals in malicious activity. Due to the anonymity of Bitcoin transactions, there is no way for someone to associate a person with a certain cryptocurrency wallet. Furthermore, a user could have multiple wallets, allowing them to spread their currency from one address to another.
For a cybercriminal looking to target an individual with ransomware, the purchase discretion and anonymity of Bitcoin provide a favorable solution. In fact, Bitcoin accounts for approximately 98% of ransomware payments today. Say a hacker carries out a ransomware attack and demands that the user pay a large sum in Bitcoin. If the user completes the payment, the hacker can keep moving the currency from one anonymous account to another. That makes it very difficult — though not impossible — to trace if the individual decides to investigate the case and tries to get their money back.
Another characteristic that Bitcoin users find appealing is the autonomy offered by digital currencies. In theory, they allow users more autonomy over their own money than government-regulated currencies do. With Bitcoin, users can control how they spend their money without dealing with an intermediary authority like a bank or government.
This lack of intermediary authority also opens a door for hackers to exploit. Say a user decides that they want to manage their finances using Bitcoin to bypass banking fees and send money to friends and family in different parts of the world. As previously mentioned, a Bitcoin user is assigned an anonymous private key that acts as their security credential. This key is generated and maintained by the user instead of a third-party agency. But what happens if the key isn’t random enough? An attacker could steal the user’s private key, and they will not be able to recover it since the Bitcoin blockchain is not dependent on any centralized third-party institutions. Therefore, it will be very difficult to track the attacker’s behaviors and recover lost funds.
It is safe to say that Bitcoin has caused a lot of buzz. But do the benefits outweigh the risks? Due to the nature of Bitcoin and most other public blockchains, anyone in the world can perform transactions or cryptographic computations — including cybercriminals. That’s why it is crucial for current cryptocurrency users and those considering cryptocurrency investment to do their research and know what vulnerabilities lie within the world of Bitcoin.
Follow these tips to help protect yourself from common threats that leverage cryptocurrency:
With blockchain, cryptocurrency, and any new and emerging technology, make sure you always remain a bit skeptical. Do your homework before you embrace the technology — research your options and make note of any known security issues and what you can do to mitigate known risks.
If a hacker does target you with ransomware demanding Bitcoin payment, it’s best not to pay the ransom. Although you may feel in the moment that this is the only way to get your encrypted files back, there is no guarantee that the ransomware developers will send a decryption tool once they receive the payment. Paying the ransom also contributes to the development of more ransomware families, so it is best to hold off on making any payments. Furthermore, a recent study found that 80% of businesses that choose to pay a ransom experience a subsequent ransomware attack. While it may feel like your only option in the moment, paying a ransom could show attackers that you’re willing to make the payment, therefore positioning you as an ideal target for yet another attack.
If you are targeted with ransomware, it’s crucial that you always have backup copies of your files, preferably in the cloud and on an external hard drive. This way, if you do get a ransomware infection, you can wipe your computer or device and reinstall your files from the backup. Backups protect your data, and you won’t be tempted to reward the hackers by paying a ransom. Backups won’t prevent ransomware, but they can mitigate the risks.
Large organizations often fall prey to ransomware attacks, so take necessary precautions if a company you’ve interacted with becomes compromised from a data leak or a ransomware attack. Immediately change your passwords for all your accounts, ensuring they are strong and unique. You can also employ a password manager to keep track of your credentials and generate secure login keys.
Add an extra layer of security with a solution such as McAfee® Total Protection, which includes Ransom Guard, to help protect your devices from these cyberthreats and ensure your digital wellness online.
The emergence of Bitcoin has indeed facilitated a wave of cybercrime that was previously difficult to perceive. In this new age of digital payments, blockchain, and cryptocurrencies, make sure that you do your research and stay vigilant when it comes to protecting your online safety. Remember: Bitcoin worth will continue to fluctuate, but your personal security will always remain invaluable.
To stay updated on all things McAfee and on top of the latest consumer and mobile security threats, follow @McAfee_Home on Twitter, subscribe to our newsletter, listen to our podcast Hackable?, and ‘Like’ us on Facebook.
The post Do the Benefits of Bitcoin Outweigh the Risks? appeared first on McAfee Blogs.
Something you’ll want to know about all those movies, mp3s, eBooks, air miles, and hotel points you’ve accrued over the years: they’re digital assets that can factor into a divorce settlement.
Understandably, several factors determine the distribution of assets in a divorce. However, when it comes to dividing digital assets, divorce settlements and proceedings are charting new territory. The rate of digital innovation and adoption in recent years has filled our phones, tablets, and computers with all manner of digital assets. What’s more, there are also the funds sitting in our payment apps or possibly further monies kept in the form of cryptocurrencies like bitcoin. Put plainly, the law is catching up with regards to the distribution of these and other digital assets like them.
Yet one thing that the law recognizes is that digital assets can have value and thus can be considered property subject to distribution in a divorce.
In light of this, the following is a checklist of considerations that can help prepare you or someone you know for the distribution of digital assets in a fair and just way.
Nothing offered in this article is legal advice, nor should it be construed as such. For legal advice, you can and should turn to your legal professional for counsel on the best approach for you and the laws in your area.
For starters, let’s get an understanding as to what actually constitutes a digital asset.
Because laws regarding digital assets vary (and continue to evolve), the best answer you can get to this question will come from your legal counsel. However, for purposes of discussion, a digital asset is any text or media in digital form that has value and offers the bearer the right to use it.
To put that in practical terms, let’s look at some real-world examples of what could constitute a digital asset. That list includes, but is not limited to:
However, digital assets can readily expand to further include:
And like any other asset in the case of a divorce, a value will be ascribed to each digital asset and then distributed per the conditions or orders of the settlement.
Arriving at the value of specific digital assets begins with an inventory—listing all the digital assets and accounts you own, just as you would with any other monetary or physical assets like bank accounts, properties, and cars. When you go through this process, chances are you’ll quickly find that you have hundreds if not thousands of dollars of digital assets.
For example, we can look at the research we conducted in 2011 which found that people placed an average value of $37,438 on the digital assets they owned at the time. Now, with the growth of streaming services, digital currency, cloud storage, and more in the past ten years, that figure feels conservative.
Above and beyond preparing for a divorce settlement, taking such an inventory of your digital assets is a wise move. One, it provides you with a clearer vision of the things you own and their worth; two, maintaining such a list gives you a basis for estate planning and determining who you would like to see receive those assets. Likewise, maintain that list on a regular basis and keep it safe. It’s good digital hygiene to do so.
With this inventory, each asset can then have an assessed value ascribed to it. In some instances, a value will easily present itself, such as the cost of a subscription or how much money is sitting in a PayPal account. In other cases, the value will be sentimental, such as the case is with digital photos and videos. Ideally, you and your spouse will simply be able to duplicate and share those photos and videos amicably, yet it is important that you articulate any such agreement to do so. This way, a settlement can call out what is to be shared, how it will be shared, and when.
Not all digital assets are transferrable. Certain digital assets are owned solely in your name. In other words, you may have access to certain digital assets that cannot transfer to someone else because you do not have the rights to do so per your user agreement. This can be the case with things such as digital books, digital music, and digital shows and movies.
In such circumstances, there may be grounds for negotiation and a “limited transfer” in the settlement, where one party exchanges one asset for another rather than splitting it equally. A case in point might be a sizeable eBook library on a device that’s in the name of one spouse. While that library can’t be split or transferred, one spouse may keep the eBook library while another spouse keeps a similarly valued asset or group of assets in return—like say a collection of physical books.
Streaming services will need to be addressed too. Be prepared to either terminate your accounts or simply have them assigned to the person in whose name they are kept. In the case of family accounts, the settlement should determine how that is handled, whether it gets terminated or similarly turned over to one spouse or the other. In all, your settlement will want to specify who takes over what streaming service and when that must occur.
Like dividing up investment accounts where the value of the account can vary daily, digital currencies can present challenges when spouses look to divide the holdings. Cryptocurrency valuation can be quite volatile, thus it can be a challenging asset to settle from a strict dollar standpoint.
What’s more, given the nature of digital currencies, there are instances where an unscrupulous spouse may seek to hide worth in such currency—which is an evolving issue in of itself. This recent article, “Cryptocurrency: What to Know Before and During Divorce,” covers the additional challenges of cryptocurrency in detail, along with an excellent primer on what cryptocurrency is and how it works.
Ultimately, cryptocurrency is indeed an asset, one that your attorney and settlement process will need to address, specifically so that there are no complications later with the transfer or valuation of the awarded currency.
With accounts changing hands, now’s the time to start fresh with a new set of passwords. What’s more, we have a tendency to reuse the same passwords over and over again, which may be known to an ex-spouse and is an inherent security risk in of itself. Change them. Even better, take this opportunity to use a password manager. A password manager can create and securely store strong, unique passwords for you, thus saving you the headache of maintaining dozens of them yourself—not to mention making you far more secure than before.
Again, keep in mind that nothing here is legal advice. Yet, do keep these things in mind when consulting with an attorney. The reality is that we likely have thousands of dollars of what could be considered digital assets. Inventorying them and ascribing a fair market value to them along with your legal professional is the first step in a fair and just settlement.
The post Digital Divorce: Who Gets the Airline Miles and Music Files? appeared first on McAfee Blogs.
Cryptocurrency enthusiasts are flocking to the Wild West of Bitcoin and Monero to cash in on the recent gold rush. Bitcoin’s meteoric rise in value is making coin mining an appealing hobby or even a whole new career. Coin mining software is the main tool in a prospector’s belt.
Some coin miners, also known as cryptocurrency miners, are tempted by the dark side of the industry and resort to nefarious means to harness the immense computing power needed for cryptocurrency profits. Greedy cryptocurrency criminals employ a practice called cryptojacking, stealing the computer power of unsuspecting devices to help them mine faster. Your device could be at risk at being recruited to their efforts.
Let’s dig into how coin mining programs work, why they turn malicious, and how you can stay safe from cryptojackers.
Mining cryptocurrency takes a lot of time and computer processing power. A coin mining home setup requires a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC). Coin mining software then runs off the GPU or ASIC. Each central processing unit (CPU), or the brain of the computer, plus the GPU or ASIC is referred to as a mining rig.
Once the software is installed, the rig is ready to mine, running mathematical calculations to verify and collect new cryptocurrency transactions. Each calculation is known as a hash, and hash rates are the number of calculations that can be run per second.
From there, casual miners may choose to join a mining pool, which is a club of miners who agree to consolidate their computing power and split the profits based on how much work each miner contributed to the output.
Bitcoin rewards miners every 10 minutes for their efforts. Each time miners solve a string of mathematical puzzles, they validate a chain of transactions, thus helping make the entire Bitcoin system more secure. Miners are paid in bitcoin and they also receive a transactional fee.
While coin mining typically starts off as a casual hobby, coin mining programs can turn malicious when cryptocurrency miners want to earn more without investing in boosting their own computing power. Instead, they reroute their targets’ computing power without asking. This is called cryptojacking.
Mining requires incredible amounts of electricity and the more rigs involved; the more cryptocurrency can be mined. Usually, the utility bills and the cost of running coin mining software negates any profit. For example, a casual miner may have one rig devoted to mining. An average rig processes approximately 500 hashes per second on the Monero network (a type of cryptocurrency). However, 500 hashes per second translates to less than a dollar per week in traditional, or fiat, currency.
Greedy cryptocurrency criminals recruit CPU soldiers to their mining army to improve their hash rate. To do so, criminals download coin mining software to a device and then program it to report back to their server. The device’s thinking power is diverted from the owner and funneled straight to the criminal’s server that now controls it. Compromised devices run considerably slower and can overheat, and the strain on the device can eventually destroy it.
Cryptojackers are not your everyday thieves. Their target is your CPU power, and they employ devious methods to funnel it for their own use. Luckily, there are a few easy ways to thwart their efforts:
Personal devices are often infected through phishing within emails and texts. There are many tell-tale signs of a phishing message. For example, they are often poorly written and use language that indicates that the sender wants a hasty response. Also, phishing attempts often charade as official organizations, like banks and credit card companies. If you are ever suspicious of an email or text, do not open any of the links and do not reply. Instead, contact the organization’s customer support to verify the legitimacy of the message.
Another way miners gain access to personal devices is by camouflaging malicious code in pop-up ads. An easy way to avoid being cryptojacked is to simply never click on these ads. Or even better, install an ad blocker to help eliminate the risk.
Public wi-fi and poorly protected networks present a vulnerable entry point for cybercriminals to hack into your devices. Cybercriminals often attempt to download software remotely to your laptop, desktop, or mobile device to reroute its computing power for their own selfish gains. Always connect to a VPN like McAfee Safe Connect VPN to safely surf unsecure networks.
Cryptojacking code is inconspicuous and generally hidden in legitimate code. Antivirus software, such as McAfee Total Protection, is a recommended way to proactively scan for malware and even identify fraudulent websites. McAfee WebAdvisor has a Chrome extension that specifically blocks cryptojackers.
Be aware of the signs your devices have been cryptojacked. For example, monitor any changes in the speed of your devices and check out your utility bills for dramatic spikes. By remaining vigilant with these tips, you will keep your devices safe from cryptocurrency miners gone rogue.
To stay updated on all things McAfee and on top of the latest consumer and mobile security threats, follow @McAfee_Home on Twitter, subscribe to our email, listen to our podcast Hackable?, and ‘Like’ us on Facebook.
The post Why Coin Miners Go Bad & How to Protect Your Tech When They Do appeared first on McAfee Blogs.
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