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Monero price analysis: Downtrend restricts XMR progression above $271 level

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  • XMR price faces a decline up to $261.4.
  • Monero price analysis shows a downward trend.
  • Support is still secure at $236.5.

The Monero price analysis shows the cryptocurrency is facing immense pressure from the bearish side as a downtrend has been following consistently for the past two weeks. The price underwent a decline even today and has moved down to the $261.37 level. Although there had been instances where the price was uplifted, the overall trend that has been observed is on the bearish side. A further drop in price can be expected in the future as well.

XMR/USD 1-day price chart: XMR faces resistance above $261 as bears exhibit control

The price has receded down to the $261.4 level during the last 24-hours which is an alarming sign. The market value of the Monero coin has decreased quite significantly as the price has been declining constantly since the past week. The price has taken a downturn even today, as the bearish momentum is getting stronger. The moving averages indicator is showing its value at $261.4 level for the day.

The volatility has decreased slightly which means that chances of improvement are coming the cryptocurrency’s way. The upper Bollinger band is now settled at the $294.15 mark whereas the lower Bollinger band is at the $236.5 mark. The Relative Strength Index (RSI) score has dropped down to 48 as well.

Monero price analysis: Minimal progress reported as price moves up to $261.4

The four hours Monero price analysis is dictating a subtle rise in price as the bulls are striving to make a comeback. The price has increased up to $261.37 in the last four hours as the bulls are trying to recover back from the loss. A significant drop had been recorded earlier, but now a slight shift in the trends has been observed. The price is still standing far below the moving average value which is found at $266.6.

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Monero price analysis: Downtrend restricts XMR progression above $271 level 2
XMR/USD 4-hours price chart. Source: TradingView

The SMA 50 curve is still going above the SMA 20 curve which means that the bears are still dominant. The upper value of the Bollinger bands Indicator is at $277.01 whereas their lower value is at $261. The RSI score for the four hours price chart is 34, as it declined drastically as well.

Monero price analysis: Downtrend restricts XMR progression above $271 level 3
XMR/USD technical indicators chart. Source: TradingView

As the price dropped significantly in the past few months, the situation is getting tough for the buyers. The overall indication for the cryptocurrency is bearish, with 12 indicators on the selling position, 10 indicators on the neutral position, and four indicators on the buying position.

The moving averages indicator is confirming the downtrend as well by displaying a strong bearish signal. There are 11 indicators on the selling position, three indicators on the buying position, and only one indicator on the neutral position. The Oscillators are giving out a neutral hint as there are nine oscillators on neutral position while the remaining two oscillators are on selling and buying positions each.

Monero price analysis conclusion

The Monero price analysis concludes a downtrend in price has been recorded during the past 24-hours as the price has lowered down to the $261.4 level. This came as a huge blow for the buyers as they were unable to rescue XMR from the bearish pressure. The price might go down than its current position as well as the four hours chart is displaying red candlesticks as well.

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Monero multisignature wallet code compromised

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  • A bug has been identified in the monero multisignature code.
  • Customers’ funds could be at risk if they transact with untrusted parties.
  • The monero team is working to find a solution as soon as possible.

The users and participants of the Monero ecosystem have been alerted to inconsistencies in the network. According to binaryFate, a Monero developer, several vulnerabilities have been identified in implementing Monero multi-signature wallets. 

The vulnerabilities have not affected the organized principles behind the system. The threat has compromised the wallet code implementing multisigs. The vulnerability was first released through the vulnerability response process. Key developers and MRL contributors have been informed about this issue. 

There have been ongoing discussions on it. The team decided it was better to inform the public for security purposes. The community has received the news well, praising the network’s transparency.

Monero vulnerability interferes with multisignature creation and signing
Monero multisignature wallet can form, sign, and submit transactions as a group. The number of signatures needed to sign a transaction varies depending on the type of wallet. The figure may be less or equal to the number of copayers of the wallet. The current threat can interfere with multisignature wallet formation. Additionally, it can affect multisignature transaction signing. The bug can cause funds to be stolen by one of the signing parties.

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Customers are urged to stay away from multisignature transactions if possible. The team reassured people to stay calm as the solution would come on board soon.

Still, if the multisignature parties trust each other, they can perform transactions. It is worth noting that funds are not at risk when they stay intact. If the wallet-creation process is not abused, then all is well. The team expects to come up with a solution within the week. They expect to give customers feedback.

There are trillions of dollars invested in blockchain-based cryptos. According to reports, the market is estimated to be worth over $3 trillion. There are vulnerabilities associated with blockchain, but they are not as widely recognized. Blockchain is often touted as safe and unhackable. But there are many threats associated with digital assets.

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Understanding Multisig wallets
Multisignature wallets (multisig) came about to increase security. They prevent crypto wallets from being tampered with by hackers. They work with a similar concept as bank vaults. The vaults require more than one key to gain access.

Multisigs are not any different. They require more than one key to unlock. More than two private keys are necessary to send a transaction. Therefore, this digital signature form allows users to sign documents as a team. The storage method requires a private key’s unique fingerprint to access the wallet.

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Big enterprises warned of a new Monero malware targeting networks

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  • The Tor2Mine spreads extremely fast across systems that can’t be eliminated by patching or cleaning one system.
  • The miner malware continually attempts to reinfect other systems on the network even if the “command-and-control server for the miner has been blocked or goes offline”.

The crypto space has been subject to a lot of malware attacks and a new Monero-miner crypto-malware is targeting big enterprise networks. Cyber security firm Sophos has recently released the details about the new variant of the Tor2Mine malware.

As per the latest report, the new variant of the Tor2Mine crypto-miner is affecting company networks big time for the mining of privacy coin Monero (XMR). The intrusions by previous variants were limited in scope, however, Sophos notes that the latest variant goes further.

In a detailed explanation, Sophos threat researcher Sean Gallagher said: “All of the miners we’ve seen recently are Monero miners”. The researcher explains that the new variant of Tor2Mine crypto-miner malware exploits the holes in network security.

It specifically targets systems with limited security features, involving some antivirus and anti-malware software. After installing on a server or a computer, the malware hunts for other systems to install its crypto miner for maximum profits. The official blog post from Sophos reads:

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Tor2Mine uses a PowerShell script that attempts to disable malware protection, execute a miner payload and harvest Windows credentials. Using those credentials, Tor2Mine can spread itself, and will continue to re-infect other systems on the compromised network if not completely eradicated and malware protection is not present.

The fast spread of Tor2Mine makes it difficult to remove

One of the biggest concerns with Tor2Mine is it difficult to catch says Gallagher. “Once it has established a foothold on a network, it is difficult to root out without the assistance of endpoint protection software and other anti-malware measures,” he added.

Gallagher further added that Tor2Mine spreads laterally from the initial point of compromise. Thus, it can’t be eliminated just by patching or cleaning one system. The miner continually attempts to reinfect other systems on the network. This happens even if the “command-and-control server for the miner has been blocked or goes offline”.

Mining malware applications usually generate far less revenue than other attacks. Thus, they usually tend to spread fast to attack as many systems as possible to make the most profit.

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Gallagher says that one must identify some key traits to find out if they are victims of the attack. For e.g. there’s unusually heavy use of the processing power, reduced performance, or higher than usual electricity bills.

Privacy coin Monero (XMR) has been a good target for attackers and cybercriminals. This is because the Monero wallet addresses and transactions are difficult to trace. This is because Monero uses ring signatures and stealth addresses. This completely hides the identities of the sender and the receiver.

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Someone could be mining monero (XRM) on your company’s computer

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Okay… We already know: your blockchain is unassailable. But you still need to update your antivirus software. If not, this monomer miner (XMR) could snap up your network.

In a new report published by cybersecurity firm Sophos, which has more than 500,000 companies as its customers, it claims that a new variant of the crypto miner Tor2Mine is infecting computer networks to mine XMR, a popular privacy cryptocurrency known to be difficult to track.

“All the miners we’ve discovered recently are monero miners,” Sean Gallagher, a threat researcher at Sophos and author of the report, said in a telephone interview with Decrypt.

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According to Gallagher, malware looks for holes in a network’s security, often in the form of systems that have not had their security features (including antivirus or anti-malware software) updated or patched.

When installed on a server or computer, malware will look for other systems to install its crypto miner to realize maximum profits.

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Hacks remain a major concern for projects from Decentralized Autonomous Organizations (or DAOs) and Decentralized Finance (or DeFi), which are more vulnerable to more than intrusions into autonomous contracts.

This Thursday (2), BadgerDAO was hacked and lost $120 million in a breach of its interface, according to cybersecurity company PeckShield.

“Once a foothold is established on a network, it’s difficult to eliminate it without the assistance of software with protection parameters and other anti-malware measures,” said Gallagher.

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Monero and Esperanto

“Since it spreads laterally and away from the compromised starting point, it cannot be eliminated just by fixing and cleaning a system. The miner will continue to try to reinfect other systems on the network, even after the command and control server for the miner has been blocked or shut down.”

In other words, Tor2Mine quickly spreads to all systems on a network, installing the crypto miner wherever it can, meaning it’s not easy to remove.

By generating far less revenue than other attacks such as ransomware, mining malware applications need to infect as many systems as possible to make the intrusion worthwhile.

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Gallagher told Decrypt that one sign that a system is infected is unusually high processing power usage, reduced performance, and higher-than-normal electricity bills. It’s like you’re mining crypto yourself.

Monero, which means “currency” in Esperanto, has become the favorite of cybercriminals because of its many privacy features that make tracking difficult, unlike bitcoin (BTC) and ether (ETH).

Wallet addresses and transactions on Monero are difficult to track because of the use of “circular signatures” (or “ring signatures”) and untraceable addresses (or “stealth addresses”), which hide the identities of both the sender and the recipient.

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Sophos recommends fixing vulnerabilities in systems exposed to the internet, such as web applications, virtual private network services (or VPNs), and email servers, and installing anti-malware products to make them far less likely to be hacked.

While Sophos develops its own products, Gallagher only suggested one type of protection: “Any antivirus is better than no antivirus.”

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