Your weekly overview of what’s happening in the crypto security industry.

A Lady from Was Scammed Into Investing Over $90,000 In Bitcoin Mining 

How often do we come across this kind of stories? This one, in particular, isn’t necessarily related to the crypto market or mining, but may form a negative opinion about cryptocurrencies in general.

In the new Monitorance series, our Head of the Anti-Fraud Department Nikolay Bocharov will cover the most notable events taking place in the field of crypto security.

Getting back to the story – mining equipment was used as bait. However, a brand-new Tesla card, a bunch of MacDonald’s stocks, or a random rockstar’s comb might as well act as the goods offered for purchasing, and their reputation would be damaged just as much. Unfortunately, that’s how the human mind works.  

Poly Network Attackers Returned Millions of Dollars Back

You’ve probably heard about the recent massive crypto hack followed by a miraculous ‘act of grace’. The chances are that the hackers returned the funds not because they ‘wanted to find the platform’s vulnerability’ as they claimed but because the stolen $600 million is crucial for the Poly Network platform. Tracing the stolen funds there is a whole lot easier than in any other bigger network.

Binance Commits to Responsible Trading

Binance launched another security tool carried out as a security fund. Whenever certain assets demonstrate sudden movements, the fund will be used to pay off the negative balance of bankrupt positions. Basically, it means that trading on Binance became even safer than it used to be.

Over 170 Scam Crypto Mining Apps Charge for Non-Existent Services

Security researchers have discovered over 170 Android apps that have scammed tens of thousands of cryptocurrency enthusiasts into paying for non-existent services. Oddly enough, 25 applications were listed on the official Google Play marketplace. 

Summarizing the above, it’s only fair to notice that:

1. Google Play marketplace does not guarantee that the application will not be used for fraudulent purposes against you

2. It always makes perfect sense to evaluate any application sensibly and use the “sufficient level of distrust” method

Anonymous Used Telegram to Secretly Mine Monero

It is likely that the devices used for unauthorized mining had an outdated antivirus software or Windows version or failed to keep up with the latest data protection measures in some other way. Although such precautions do not guarantee absolute safety, they do lower the risk of unauthorized mining significantly. 

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