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Firefox Browser Adds Option to Automatically Block Crypto Mining Scripts

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Mozilla has released an update for its Firefox browser which includes an option to block cryptocurrency mining scripts on websites.

The option is being offered alongside control of cookies and trackers in the “Privacy & Security” tab of the browser, where users can now also choose to tick a box that prevents “cryptominers” from running, Mozilla announced on its blog Tuesday.

Crypto-mining scripts on websites run in the browser, normally without users’ knowledge or consent, using the power of the computer processor to mine cryptocurrency for hackers’ personal gain.

“These scripts slow down your computer, drain your battery and rack up your electric bill,” Mozilla said.

 

The option to block mining scripts has been available in beta since the feature’s initial launch in April, with Mozilla partnering with cybersecurity firm Disconnect for the service.

Mozilla revealed its plan to offer the feature last August, saying its goal was to prevent third-party scripts from hampering the user experience. Web browser Opera also offers miner protection in its smartphone version, while Google’s Chrome has banned miners from its extensions.

Illicit crypto mining, sometimes called crypto-jacking, is fast gaining in popularity with criminals (there are more legitimate uses too). The code that carries out the task of mining can be propagated by malware and placed directly within computer systems, or it can be placed on websites by hackers to mine using victims’ machines through browsers.

A report from Skybox Security last year found that the method now account for 32 percent of all cyberattacks, while ransomware only makes up 8 percent.

In 2017, Skybox found that the situation was almost exactly reversed. While ransomware attacks – in which the data on an individual’s computer is encrypted by malware and only unlocked upon payment of a fee – made up 32 percent of all attacks, cryptojacking represented 7 percent of the total at the time.

 

source:coindesk

 

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Bitmain sues ex staffs who started mining firm, seeks millions in damages

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Bitmain is again involved in a legal battle with former employees who started a new mining company, citing them as violating non-compete agreement.

Chinese mining company, Bitmain is back on the news with the most recent lawsuit battle they are involved in.

The mining giant is reported to sue 3 former employees who started a new mining company, called Poolin.

According to Coindesk, Bitmain is suing Poolin’s co-founders, they are CEO Zhibiao Pan, COO Fa Zhu and CTO Tianzhao Li for allegedly violating non-compete agreement. The lawsuit seeks for $4.3 million damage compensation from each of the defendants.

The lawsuit made by the Beijing-based company was filed to counter the previous lawsuit made by the former employees, on which they seek to be released from the non-compete agreement.

The three co-founders argued that the non-compete agreement no longer bind them since Bitmain failed to pay their compensation on time as agreed.

To recap, the three co-founders left the company around mid-2017, before which they signed a non-compete agreement. According to the agreement, Bitmain is required to pay monthly compensation of $2,780 to Pan for 24 months, while the amount for the two others are not clearly disclosed.

On November 2017, the three former employees launched Poolin as a mining pool for multiple crypto assets, but it wasn’t until July 2018 when they launch a pool service for Bitcoin.

Poolin has since grown into one of the largest Bitcoin mining pools, right below BTC.com owned by Bitmain and Antpool with 26,825 BTC mined so far.

Bitmain’s attorneys argued that the revenues Poolin generated from mining BTC should be considered a profit made by violating the agreement, which should be paid back as a loss to Bitmain.

Quoting their statement, “Based on the agreement, if it’s difficult to calculate all the direct and indirect loss [for Bitmain due to Poolin’s violation], then the loss should be calculated based on the profits made by the violating party.”

Meanwhile, Poolin’s lawyers said in their defense that the transaction fee the company received from mining Bitcoin doesn’t necessarily translate to profits, neither can the mined Bitcoin considered as a loss for BTC.com.

“There are a lot more bitcoin mining pools in this network. It’s not just Poolin v.s. BTC.com. Even if Poolin didn’t operate its bitcoin mining pool, it does not necessarily mean Bitmain will be able to mine those coins,” the lawyers said.

How will the case turn out? Stick with Chepicap for future updates.

Source.chepicap

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Charlie Lee will join Justin Sun’s Buffett lunch

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Justin Sun has announced that another prominent crypto figure will be joining his upcoming lunch with billionaire Warren Buffett. Litecoin founder Charlie Lee will be turning their eagerly anticipated get-together into a three-way.

Sun made the winning bid at a charity auction in order to get the privilege of chowing down with notorious crypto sceptic and very wealthy man Warren Buffett, dropping around $4.6 million. The money goes towards the GLIDE Foundation, which helps out the homeless as well as people who have been victims of domestic violence. 

Sun sent out invitations to a number of crypto figures to join him in meeting Buffett, some of whom declined. However, Charlie Lee agreed to accompany him at this 10th annual Power of One lunch, which is sponsored by eBay and will take place in San Francisco on July 24. The Tron founder describes Lee as his good friend, and claims that a number of other friends will be joining them.

Lee tweeted that he was excited about this opportunity to meet such a legendary financial titan, and a number of observers on crypto Twitter pointed out that he himself was also deserving of legendary status, although this led to some further debate about the LTC founder’s reputation. Some people also suggested other crypto figures who could make an appearance at this upcoming lunch summit.

Source.chepicap

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8 crypto exchanges were shut down in 2019; how does that affect the overall crypto space?

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Keeping aside the market growth and price hike of Bitcoin and Altcoins in 2019, the virtual asset industry had suffered a few major implications in the current year. Crypto exchanges are very important to the long term stability and rapid expansion of crypto assets however, the longevity of these organizations has come under question in recent times.

Source: Twitter

From a recent statistics released by Yassine Elmandjra, a cryptoanalyst at ARKinvest, it was observed that the average lifespan of a cryptocurrency exchange was only 18 months as a significant number of these exchanges were falling prey to crypto hacks, mismanagement, and also Bitcoin theft. It was estimated that around 50 exchanges shut down till date, most notably Cryptopia and Mount Gox, and since the start of 2019, 8 exchanges had shut down in the industry.

The exchanges which were shut down for the year 2019 were Coinome, Coinpulse, Coinnest, Coinroom, Liquid Exchange, QuadrigaCX, Cryptopia and Gate coin.

Whereas the likes of Coinome, Coinpulse fell prey to “less favorable conditions”, major exchanges like Cryptopia could not recover after witnessing a major hack and aftermath, could not maintain their businesses even after cutting losses. The reasons remain on similar grounds for the other exchanges as exchanges are often crushed with the agonizing load of protecting the funds and keeping up with regulations that restrict the overall trading acumen.

Whenever an exchange shuts down or a hack takes place, multiple questions are pledged against the overall security of these crypto asset exchanges, and a cloud of doubt personifies over them. It suggestively also affects the price of Bitcoin, as seen in the past after the fall of Mount Gox.

The topic regarding exchanges being attacked by hackers is a conditional one as Binance suffered to network breach a few weeks where a sum of 7000 BTC were stolen. In this scenario, the theft was not significantly damaging but it raises a concern, as to what limits these exchanges are secured.

Moreover, the adoption of digital currencies is stagnated as potential investors might indicate a reluctance to put forward their capital onto an asset that is regularly under the threat of cybercriminals or bankruptcy faced by their handlers.

Source :ambcrypto

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