Connect with us

News

Hackers Are Targeting Cellphone Owners in South Africa to Mine Crypto

Published

on

Hackers are Targeting Cellphone Owners

Hackers are targeting cellphone owners in South Africa to illegally mine cryptocurrencies by installing malware on their victims’ devices, according to Riaan Badenhorst, managing director at Kaspersky Lab Africa.

Crypto Mining Malware is on the Rise

In 2018, crypto mining malware grew 4,000 percent globally according to US-based cyber security company McAfee as hackers shifted the focus from digital tokens to crypto mining due to the former’s price decline.

“[…| New crypto mining malware samples grew a stunning 629 percent to more than 2.9 million samples in Q1 2018. This trend continued in Q2 as total samples grew by 86 percent with more than 2.5 million new samples. By the end of the third quarter of [2018], it jumped to 4 million,” McAfee Labs observed.

How Hackers Mine Cryptocurrencies from Mobile Phones

Hackers are Targeting Cellphones

Badenhorst noted that crypto-related crimes have surged in South Africa as hackers turn to cell phones and personal computers to illegally mine cryptocurrencies, according to a report by Business Insider.

A hacker will usually access a victim’s computer or cell phone through malicious links on email or websites. When clicked, these links then infect the device. For example, a way hackers are able to use someone’s phone to mine cryptocurrencies is through channels like Slack and Telegram where they provide malicious links that allegedly solve crypto issues.

A cell phone that is malware infected will be slow and owners will note increased energy use, overheating, and a surge in data usage.

With crypto mining malware, it takes a long time for victims to notice that their devices are infected while it also takes a long time for the hacker to make money. In contrast, crypto mining ransomware, which was popular in 2017, is easily noticed by the victim but the hacker makes more money in less time.

Staying Safe from Crypto Mining Attacks

Badenhorst advises anyone who suspects that their device has been attacked to update their software regularly and to avoid downloading software or clicking links from unknown sources.

You can also protect your personal devices by using an antivirus, securing your router with a strong password, and never ignoring your devices’ security updates.

Additionally, cellphone and computer owners can use browsers such as Opera, which protect them from crypto mining malware.

News

Join Us for a Live Telegram AMA with Cryptolocally on Monday, May 17

Published

on

Telegram AMA with Cryptolocally

Join us on Monday, May 17, at 2pm EAT (12pm WAT) for a Live Telegram AMA (Ask Me Anything) with Cryptolocally’s co-founder Hugo Campanella. 

Cryptolocally is a fast-growing peer-to-peer crypto exchange that has entered the African market with the intention to provide more crypto on- and off-ramps as well as DeFi earnings opportunities to Africa’s crypto community.

Join us in our Telegram Community to ask Cryptolocally any question you’d like on Monday! 

Continue Reading

News

Weekly Roundup: Bitcoin Drops Below $50,000, Paxful Billboards Hit Lagos

Published

on

Bitcoin chart

In this week’s news roundup, we will cover the recent drop in the price of bitcoin, Paxful’s new advertising in Lagos, and the upcoming CryptoLocally AMA that we will host on our Telegram group.

Bitcoin Drops Below $50,000 After Elon Musk’s Energy Tweet

In an interesting twist of events, Tesla has stopped accepting bitcoin for car purchases. As a result of the announcement and the company’s reasoning, the price of bitcoin dropped below $50,000. Tesla’s stock also fell by about 1.3 percent in after-hours trading, according to an article on MarketWatch.

Bitcoin took a hit after Elon Musk tweeted his concerns over the effects of bitcoin mining on the environment. The tweet read: “Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

 

The announcement that the company was going to start accepting bitcoin payments in February affected the market positively. However, several critics did not support Tesla’s decision to embrace bitcoin, citing that the decision went against the company’s goal to safeguard the environment. This rising criticism could have pushed Tesla to its new decision.

“Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk observed.

Tesla will, however, not sell the bitcoin it had invested. Also, the company will start accepting bitcoin as payment again when mining shifts to cleaner energy. 

Paxful Billboards and Bumper Stickers Hit Lagos

The rising adoption of bitcoin in Nigeria has motivated Paxful to deploy new advertising tools to attract new customers. These tools include bumper stickers and billboards.

According to the P2P platform, there are one million crypto users in Nigeria and 1.1 million monthly trades. Moreover, $100 is spent on each transaction on average, and about $65 million worth of trades are completed each month.

Paxful is also giving away $20 worth of bitcoin to lucky traders and their favourite trade partners this Eid Al-Fitr. To participate in this giveaway, you should have an ID verified account. Participants can enter the giveaway on any of the Paxful social media accounts. Simply enter both your usernames and tag a Paxful user in the comments section. The giveaway will close on May 14 at 11:59 PM EST. Paxful will announce the winners on the blog.

CryptoLocally to Hold AMA on Bitcoin Africa’s Telegram Group

CryptoLocallyCryptoLocally and BitcoinAfrica.io have partnered to hold a Telegram Ask Me Anything (AMA) session on Monday at 2 PM East African Time (GMT +3 hours). The purpose of the AMA is to help crypto users and enthusiasts in Africa to learn more about CryptoLocally.

If you are looking for a P2P platform, join us on Monday for a friendly and informative session with CryptoLocally. Group members will have a chance to ask questions as well. Use this invite link https://t.me/BitcoinAfricaioCo to join our Telegram group ahead of the Monday AMA.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

Continue Reading

News

Weekly Roundup: Bitzlato Adds Lemonade Finance, NFT Initiative AFEN Partners with Quidax

Published

on

nft initiative

In this week’s news roundup, we will cover the new partnership between Bitzlato and Lemonade Finance and other top crypto stories.

Bitzlato Adds Lemonade Finance

Bitzlato, a peer-to-peer (P2P) crypto exchange and a new entrant in the African market, has added Lemonade Finance as a payment method. The partnership will enable users to buy and sell crypto on the platform at zero fees.

Furthermore, Nigerian users can now send Naira to MPesa at zero cost. They can also send local currency to users in Ghana and other countries at no cost.

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross-border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrency trading,” said Mike Lunov, the CEO of Bitzlato.

Lemonade Finance is a payment platform that facilitates borderless payments within and outside Africa.

NFT Initiative AFEN Partners with Quidax

AFEN Partners with QuidaxThe first government-backed NFT initiative in Africa, AFEN, has partnered with crypto exchange Quidax. The collaboration will allow AFEN to list its token on the exchange.

The AFEN initiative wants to use blockchain technology to revolutionise opportunities in Africa with a focus on arts, education, and real estate. AFEN is using Binance Smart Chain (BSC) for its project.

“We will have the exclusive right to mint legacy African arts upon the launch of our NFT marketplace, adding value to Africa’s art. The $Afen token will be used for transactions on the NFT marketplace. We will release a new roadmap that will include the development stages of its NFT platform as well as extensive tokenomics,” the company recently said.

Crypto Demand on PayPal Exceeds Expectations

According to PayPal CEO Dan Schulman, the demand for crypto on the platform has exceeded their expectations. The payment platform announced the buy and sell crypto service in October 2020. The service became available in November 2020.

“Demand on the crypto side has been multiple-fold to what we initially expected. There is a lot of excitement,” he told TIME Magazine.

He also said that in ten years, the use of cash and credit cards will go down because financial transactions will be taking place through smartphones.

“When all of those things start to happen, then central banks need to rethink monetary policy as well because you cannot just issue more paper money into the system because people are not using paper money,” Schulman explained.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

Continue Reading

Popular Posts