86% of Google Cloud accounts got hacked for crypto mining

According to data provided by the Atlas VPN team, 86% of hacked Google Cloud accounts are used for illegal mining. In addition, most instances of intrusion in Google Cloud are due to weak or no passwords for user accounts.

Hackers performed 86% of cryptocurrency mining after gaining access to a Google Cloud account. Cryptocurrency mining is a profitable activity that consumes a lot of GPU and CPU resources.

After Google Cloud invades an instance, 10% of the time, it will perform port scans on other targets on the Internet. Port scanning enables cybercriminals to identify weaknesses in the network and exploit the vulnerabilities discovered.

After the Google Cloud account is hacked, the probability of hackers launching attacks on other targets on the Internet is 8%. Hosting malware on the cloud is the target of 6% of cybercriminals.

When attempting a cyberattack, cybercriminals are always looking for the easiest way to destroy their targets.

48% of Google Cloud hacking attacks are caused by weak or no passwords for user accounts or a lack of API authentication. This shows that if users set stronger passwords, they can avoid revealing their accounts.

Hackers took advantage of vulnerabilities in third-party software in cloud instances in 26% of cases. If the hacker exploited the zero-day vulnerability, the failure might be due to the software developer not releasing an update. However, if a patch is released, the responsibility for the damage falls on the user who did not update the software in time.

Misconfiguration of cloud instances or third-party software led to 12% of hacking attacks in Google Cloud. Any error, failure, or gap in the infrastructure that puts you at risk is called a configuration error.

Qihoo 360 launches software to support China’s crypto mining crackdown

Chinese cybersecurity giant Qihoo 360 announced in a WeChat post on Tuesday that it has established a system to monitor crypto mining operations. 

According to the company, the project aims to help the government’s new policy crackdown on the industry. 

The surveillance system is for government agencies and companies that want to comply with China’s latest crackdown on cryptocurrency mining. 

Qihoo 360 added that the software could provide miners’ IP addresses, network types, geographic locations, and connection frequencies. It also suggests how to deal with them.

The previous week, Chinese users could not connect some of the world’s largest mining pools because of DNS poisoning. 

This type of attack means that the domain name of the mining pool is directed away from the actual IP address where its server is located. 

Qihoo 360 found that 109,000 mining IP addresses were active daily on average in November, mainly in Guangdong, Jiangsu, Zhejiang, and Shandong, the company said. 

Miners mostly use home broadband, enterprise-dedicated internet connections, and data centers, Qihoo 360 said.

The software uses the company’s proprietary network traffic monitoring capabilities, extensive data analysis, and active defense mechanisms.

About Qihoo 360

360 Company is China’s largest provider of Internet and mobile security products. The company was founded in 2005 and is a pioneer in free Internet security. Qihoo 360 has Launched 360 mobile security, 360 security browser, and other national security products. Moreover, they launched a 360 enterprise security browser for government and enterprise users. 

The monthly DAU of PC security products exceeds 500 million, and the monthly DAU of mobile security products exceeds 460 million. At the same time, 360 provides comprehensive security services such as security consulting, security operation and maintenance, and security training for millions of state agencies and enterprises.

Crypto.com plans to purchase two crypto exchanges in the US

Cryptocurrency exchange Crypto.com agreed to acquire North American Derivatives Exchange (Nadex) and Small Exchange Inc. to expand its business in the United States.

Both exchanges are part of the North American branch of London-based IG Group. IG Group is an online trading company listed on the FTSE 250 Index with a market value of approximately US$4.3 billion. IG owns 39% of Small Exchange and will receive a total of US$216 million from the transaction, IG announced on Wednesday.

The Small Exchange is located in Chicago. Its investors include Citadel Securities, Jump Capital, Interactive Brokers Group Inc., and Peak6 Investments. They have recently added crypto-related futures to their product list.

Nadex is an online exchange and clearinghouse headquartered in the United States. It provides binary options and calls spreads regulated by the Commodity Futures Trading Commission and retail-focused derivative products in some major global markets. At the same time, Small Exchange also provides small, simplified futures products for retail investors.

The crypto market has seen explosive growth in asset prices and overall product supply in the past year. As competitors scramble to grab market share, crypto trading activity has surged. In the past few days, Coinbase Global Inc. announced a deal with the teams of Israeli crypto security company Unbound Security and crypto wallet company BRD.

In mid-November, Gemini Trust Co. conducted a round of financing with a valuation of US$7.1 billion. In October, Cboe Global Markets Inc. re-entered the encryption field by purchasing Eris Digital Holdings LLC.

IG Group stated that the transaction should be completed in the first half of 2022, depending on conditions such as a regulatory review.

Crypto.com will use this acquisition as a gateway to trade certain derivatives and futures products for US customers.

Crypto Market Overview By The End Of November: How Are Major Currencies Doing?

Due to the difficulty of obtaining support for popular virtual currencies, the cryptocurrency market has experienced dramatic volatility in the past 24 hours.

However, most small cryptocurrencies rose sharply after a brief fluctuation on Wednesday.

Bitcoin is the most popular cryptocurrency globally, with a transaction price of $57,199, which is 0.81% higher than the price at 3:40 p.m. 24 hours ago.

Bitcoin has a market capitalization of 1.08 trillion U.S. dollars and a 24-hour trading volume of 1.8 billion U.S. dollars.

The transaction price of the native token Ether on the Ethereum platform is US$4,743.05, which is 6.83% higher than the price 24 hours ago.

The market value of the virtual currency is 562 billion U.S. dollars, and the 24-hour transaction volume is 3 billion U.S. dollars.

Many small cryptocurrencies, including Solana, XRP, Cardano, Polkadot, Chainlink, Uniswap, Polygon, and Litecoin, have surged today. The range of cryptocurrencies has still fluctuated significantly in the past 24 hours. The cryptocurrency market may remain volatile in the coming days. 

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