Bitcoin Daily: Crypto Malware Targets Oracle Servers; Bill Could Restrict Crypto Activity In India

Security researchers have revealed another cryptocurrency mining malware that has already installed itself on Oracle servers. According to The Next Web, the malware attacks Oracle WebLogic Servers to install a Monero cryptocurrency mining bot. It is able to stay hidden because the malicious code is obscured in certificate files, and, therefore, can go undetected by firewalls and antivirus software.

In other news, Fireblocks, a platform for securing digital assets in transit, announced that it has secured $16 million in Series A funding from Cyberstarts, Tenaya Capital, Eight Roads (the proprietary investment arm of Fidelity International), Swisscom Ventures and MState. Fireblocks’ customers are able “to safeguard the digital assets in its portfolio as it is moved across exchanges, OTCs, counterparties, hot wallets and custodians,” according to a press release. Fireblocks is currently integrated with 15 digital asset exchanges, and offers support for over 180 cryptocurrencies, tokens and stablecoins.

“While blockchain-based assets by themselves are cryptographically secure, moving digital assets is a nightmare. After interviewing over 100 institutional customers (including hedge funds, broker-dealers, exchanges and banks), we concluded that the current process is slow, and highly susceptible to cyberattacks and human errors,” said Michael Shaulov, CEO and co-founder of Fireblocks, in the press release. “We built a platform that secures the process, and simplifies the movement of funds into one or two steps.”

On another note, a new bill in India aims to make any bitcoin-related activity punishable by a 10-year jail sentence. The bill, proposed by Economic Affairs Secretary Subhash Chandra Garg, proposes the penalty for offenders who “mine, generate, hold, sell, transfer” or even possess bitcoin or other cryptocurrencies, according to the The Economic Times.

If the bill passes, India will become the latest country to completely ban bitcoin. Other nations that have already passed bans include Algeria, Egypt, Morocco, Bolivia, Colombia, Ecuador, Saudi Arabia, Iran, Nepal and Pakistan.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.