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Cryptocurrency Theft is on the Rise as Bitcoin Surges to New Highs

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Cryptocurrency Theft

Researchers from Kaspersky Lab have discovered a virus known as CryptoShuffler Trojan that steals cryptocurrencies from unsuspecting users’ wallets.

Cybercriminals have now begun targeting popular digital currencies such as bitcoin (BTC), monero (XMR), ethereum (ETH), DASH, and Zcash (ZEC). The CryptoShuffler virus dwells in a user’s computer memory and monitors their clipboard – a temporary data storage area used for cut and paste functions.

According to the Kaspersky Lab researchers, it is estimated that the cybercriminals have so far made away with more than 23 BTC worth about $172,000 at the current exchange rate. Furthermore, the hackers have stolen several thousand dollars from other wallets. It has taken the Trojan more than a year to steal that amount of money.

This, of course, is not surprising as it comes at a time when the bitcoin price has been soaring in the market. At the time of writing, the price of bitcoin was trading around $7,200.

How CryptoShuffler Works

Cryptocurrency theft began increasing in 2014. In late 2016, cryptocurrency theft was at its peak before it declined and reawakened in June 2017.

A statement released by Kaspersky Lab explained how the virus works,

“As soon as CryptoShuffler spots the address of a cryptocurrency wallet on the clipboard (it’s quite easy to distinguish these addresses by line length and specific characters), it replaces the address with another. As a result, the cryptocurrency transfer does indeed go through, and in the amount specified by the payer, only the recipient is not the pizzeria, but the intruders behind CryptoShuffler.”

Simply put, the CryptoShuffler creates a loophole on the unique multi-digit number with which a user needs to transfer coins to other users.

Most users copy and paste the wallet numbers into the destination address of the software used to make the transaction. Since the virus has been monitoring the user’s computer memory, the Trojan will then replace the user’s wallet and input one that’s owned by the CryptoShuffler creator. As such, the wallet number that ends up on the address line is not the one the user had initially intended to send coins to. The victim, therefore, ends up sending the money to the criminals unless one is keen and able to spot the sudden change in the wallet address.

However, the latter is usually hard to do since wallet addresses and multi-digit numbers in blockchain are difficult to remember.

How Bitcoin Owners Can Protect Themselves from the CryptoShuffler Malware

Most people use bitcoin as an investment. Losing part of your investment capital due to a malware is a hard blow to anyone. The easiest way for you to protect yourself is to double-check the wallet address you have keyed in after copying. Although it is tedious to check the multi-digit numbers, it is the best way to ensure your funds are safe.

The other option users have is to install antivirus’ that detect and eliminate malicious software from your laptop. One such software is the Kaspersky Safe Money Feature that scans for loopholes used by cybercriminals, continuously checks for malware, and protects the clipboard where all your sensitive data is stored during the copy and paste functions.

As cryptocurrencies continue to rise, certain risks will increase with them as Malware Analyst at Kaspersky Lab, Sergey Yunakovsky, notes,

“Cryptocurrency is not a far-off technology anymore. It is getting into our daily lives and actively spreading around the world, becoming more available for users, as well as a more appealing target for criminals. Lately, we’ve observed an increase in malware attacks targeting different types of cryptocurrencies, and we expect this trend to continue. So, users considering cryptocurrency investments at this time need to think about ensuring they have proper protection.”

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Paxful’s #BuiltwithBitcoin Initiative to Fund Rwanda Water Project and Afghan Scholarships

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Paxful Fund Rwanda Water Project

Peer-to-peer bitcoin exchange Paxful has announced a new development in its #BuiltWithBitcoin charitable initiative. The company is launching a Rwandan water tank project that will be spearheaded by AnthemGold, their new initiative member; additional classroom resources for the Rwandan nursery school that was built as the first #BuiltwithBitcoin project, and award more than $15,000 scholarships for female Afghan refugees to pursue their careers in the United States.

Paxful’s scholarship beneficiaries include Susan Naseri who is interested in non-profit work and law; Dunia Azizi, who will pursue a mathematics degree; and Farzana Nawabi, who is working towards a bachelor’s degree in nursing. The beneficiaries were chosen by Zam Zam – a non-profit organization partner for the program – based on the personal essays they wrote describing the hardships encountered while getting an education, migrating to the U.S. and blending into the American society while pursuing their careers and raising families.

Susan Naseri, one of the beneficiaries, said: “As a recipient of the Zam Zam Water scholarship, I’d like to express endless gratitude and appreciation to Paxful and everyone involved in the donation process. Receiving this scholarship is not only an immense honor and privilege; it also eases my financial stress significantly. I’m beyond humbled and thankful for this scholarship; thank you eternally for helping me expand my education and fulfill my dreams.”

Paxful Expansion and Partnership

Paxful Fund Rwanda Water ProjectFor the initial scholarship, winners were given $5,000 paid in two installments each of $2,500. Zam Zam Water will continue running the scholarship as an annual program. In addition, both Paxful and Zam Zam welcomed AnthemGold to the #BuiltwithBitcoin initiative after the virtual currency provider contributed enough bitcoin to construct a 35,000-liter water tank as well as fund the cultivation of more than 80 sustainable community gardens and 30 goats for two villages in Rwanda.

Speaking of the initiative, AnthemGold’s CEO, Anthem Hayek Blanchard said: “I am grateful to participate in a project that builds sustainable and essential projects for communities in need. We hope to use Zam Zam’s knowledge to provide people with the building blocks needed to foster and grow.”

Paxful’s announcement comes after its May announcement regarding its investment expansion in Africa by electing a new African Regional Director and building an incubation hub for blockchain technology in Lagos, Nigeria. The hub is expected to launch in the fourth quarter of 2018 and will be a co-working space that will provide services such as mentorship, advice on ICOs, and individual and corporate blockchain training. Paxful will also be sponsoring various crypto-focused events in Nigeria and plans to hold talks with similar events in Kenya, Ghana, and Cameroon.

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Crypto-Finance Platform Nebeus Enters the Africa Market

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Nebeus
Image by Nebeus

Cryptocurrency users in Kenya, Uganda, Tanzania, Rwanda, South Africa, Nigeria, and Ghana now have full access to the suite of Nebeus services. The “crypto bank” Nebeus enables users to buy and sell cryptocurrencies, enjoy remittance services, and access crypto-collateral loans, among many other services related to crypto-finance.

Opening access to Crypto-Finance services in Africa

Nebeus is a London-based fintech startup that runs a P2P exchange platform, offers crypto-collateral loans and incorporates a user-friendly bitcoin wallet. Nebeus was founded in 2014 with the aim of delivering a cheap, convenient and highly efficient service that catered to the demands and challenges of the evolving cryptocurrency landscape.

The crypto-finance platform will take advantage of local telcos and mobile money to penetrate these new markets, according to a company press release. Mobile banking has enabled African countries to leapfrog many developed nations by tapping into a previously unbanked segment of the population. The success of mobile money platforms, such as MPESA in Kenya, has attracted a number of fintech and blockchain companies to the African market.

The pay-in and pay-out corridors for the trading service include MPESA in Kenya, Airtel mobile money in Uganda, mobile money (Vodacom, Airtel, Tigo) for Tanzania, mobile money (MTN) Cameroon, Mobile Money (MTN) for Nigeria and MasterCard, Verve (Cards) and online banking for Nigeria. The established network of local payment partners will provide access to crypto-services for a population of over 400 million people.

Nebeus also aims to play a greater role in serving the African remittance market, which is estimated to receive billions of dollars annually. The company’s objective is to become the focal provider for this section of the African economy.

Alex Lempka, Nebeus’ Director of Communications, said: “Cryptocurrencies have a potential to make a significant impact on developing countries in many ways by providing a bridge into the global economy. Nebeus is looking forward to playing a major role in that by providing necessary infrastructure for all participants”.

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Golix Relaunches ICO and Expands Into Kenya, Uganda and South Africa

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Golix Launches ICO

Zimbabwe’s digital currency exchange, Golix is relaunching its token sale, which was planned for mid-May but abandoned after the Reserve Bank of Zimbabwe issued a cryptocurrency ban which was later overturned by the Harare High Court.

The exchange, which has been operational for three years, has also announced that it has launched its services in Kenya, South Africa, and Uganda as from Friday 1 June 2018.

“As part of our strategy starting from Friday 1 June, people in Kenya, South Africa, and Uganda will be able to start trading from Golix. This is one of our plans to be the leading exchange in Africa, which inspired by the vision to provide financial autonomy in the continent, ” said Golix’s Head of Growth, Panashe Tapera.

Out of 54 countries in Africa, only three have local cryptocurrency exchanges while the rest are still to realise the potential held by the blockchain technology.

Golix has set its target to avail its services across the entire African continent to address the cryptocurrency infrastructure shortage which has slowed down the adoption of digital currencies.

Golix Lead of Special Projects, William Chui, stated that the token sale was an initiative they set afoot to enable instant remittances and international payments through cryptocurrencies.

The Token Sale

“Since from onset our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realise this agenda. People from respective different countries will be able to buy the GLX token from the exchange using their fiat currencies. The GLX token will be used to buy other Altcoins in the exchange, all this will be done at zero transactions fee.

“The GLX token will also be used to facilitate remittances and international payments at lesser fees, compared to current banking methods. This cascade immensely towards contribution of GDP growth in African countries,” said Chui.

The GLX token, an Ethereum ERC20 token, will be available for purchase from Friday 1 June 2018 10 AM UTM/GMT on the Golix token sale website, tokensale.golix.com.

Potential buyers can use bitcoin (BTC) and ether (ETH) to buy the GLX token, which has been priced at $0.05612.

1,274,240, 097 tokens will be availed but only 637,120,049 are going to be sold during the token sale and the public will only be able to buy half of the tokens.

*Disclaimer: This post is informational only. Readers should do their own due diligence before taking any actions related to the mentioned company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

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