New Tricks For Old Security Attacks: 8 Q2 Trends To Watch

Email this CRN article

BitCoin Collapses

During Q2, the BitCoin market took a nosedive after hackers targeted account holdings of a large number of Bitcoins at a very low price. It was later revealed that the account in question was hacked due to a leaked database of logins, e-mail addresses and hash passwords belonging to the exchange’s users.

Administrators suspended trading while voiding all suspicious transactions once the sharp drop in the exchange rate was discovered. Bitcoins are digital currency that enable payments and micropayments at a low cost, while avoiding need for oversight from central authorities and issuers.

Researchers at Kaspersky Lab estimate in their second quarter threats report that a malicious user gained access to the passwords and manipulated the exchange rate crash as part of a “get rich quick” scheme. Prior to that incident, a cross site request forgery vulnerability was detected that tricked users and forced them into embarking on a Bitcoin transaction.

Email this CRN article