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Parallax RAT Targeting Cryptocurrency Firms with Sophisticated Injection Techniques

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Parallax RAT Targeting Cryptocurrency Firms with Sophisticated Injection Techniques

Mar 01, 2023Ravie LakshmananCryptocurrency / Cyber Assault

Cryptocurrency corporations are being focused as a part of a brand new marketing campaign that delivers a distant entry trojan known as Parallax RAT.

The malware “makes use of injection strategies to cover inside official processes, making it tough to detect,” Uptycs stated in a brand new report. “As soon as it has been efficiently injected, attackers can work together with their sufferer by way of Home windows Notepad that doubtless serves as a communication channel.”

Parallax RAT grants attackers distant entry to sufferer machines. It comes with options to add and obtain information in addition to document keystrokes and display captures.

It has been put to make use of since early 2020 and was beforehand delivered by way of COVID-19-themed lures. In February 2022, Proofpoint detailed a cybercrime menace actor dubbed TA2541 concentrating on aviation, aerospace, transportation, manufacturing, and protection industries utilizing completely different RATs, together with Parallax.

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The primary payload is a Visible C++ malware that employs the method hollowing method to inject Parallax RAT right into a official Home windows element known as pipanel.exe.

Parallax RAT, apart from gathering system metadata, can also be able to accessing information saved within the clipboard and even remotely rebooting or shutting down the compromised machine.

One notable side of the assaults is using the Notepad utility to provoke conversations with the victims and instructing them to connect with an actor-controlled Telegram channel.

Uptycs’ evaluation of the Telegram chat reveals that the menace actor has an curiosity in crypto corporations corresponding to funding corporations, exchanges, and pockets service suppliers.

The modus operandi entails looking public sources like DNSdumpster for figuring out mail servers belonging to the focused corporations by way of their mail exchanger (MX) data and sending phishing emails bearing the Parallax RAT malware.

The event comes as Telegram is more and more turning into a hub for legal actions, enabling menace actors to prepare their operations, distribute malware, and facilitate the sale of stolen information, and different unlawful items partially owing to the platform’s lax moderation efforts.

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“One motive why Telegram is enticing to cybercriminals is its alleged built-in encryption and the flexibility to create channels and huge, non-public teams,” KELA disclosed in an exhaustive evaluation printed final month.

“These options make it tough for legislation enforcement and safety researchers to watch and observe legal exercise on the platform. As well as, cybercriminals usually use coded language and various spellings to speak on Telegram, making it much more difficult to decipher their conversations.”

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Crypto Scam App Disguised as WalletConnect Steals $70K in Five-Month Campaign

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Crypto Scam App Disguised as WalletConnect Steals K in Five-Month Campaign

Sep 28, 2024Ravie LakshmananCryptocurrency / Mobile Security

Cybersecurity researchers have discovered a malicious Android app on the Google Play Store that enabled the threat actors behind it to steal approximately $70,000 in cryptocurrency from victims over a period of nearly five months.

The dodgy app, identified by Check Point, masqueraded as the legitimate WalletConnect open-source protocol to trick unsuspecting users into downloading it.

“Fake reviews and consistent branding helped the app achieve over 10,000 downloads by ranking high in search results,” the cybersecurity company said in an analysis, adding it’s the first time a cryptocurrency drainer has exclusively targeted mobile device users.

Over 150 users are estimated to have fallen victim to the scam, although it’s believed that not all users who downloaded the app were impacted by the cryptocurrency drainer.

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The campaign involved distributing a deceptive app that went by several names such as “Mestox Calculator,” “WalletConnect – DeFi & NFTs,” and “WalletConnect – Airdrop Wallet” (co.median.android.rxqnqb).

While the app is no longer available for download from the official app marketplace, data from SensorTower shows that it was popular in Nigeria, Portugal, and Ukraine, and linked to a developer named UNS LIS.

The developer has also been associated with another Android app called “Uniswap DeFI” (com.lis.uniswapconverter) that remained active on the Play Store for about a month between May and June 2023. It’s currently not known if the app had any malicious functionality.

Crypto Scam App

However, both apps can be downloaded from third-party app store sources, once again highlighting the risks posed by downloading APK files from other marketplaces.

Once installed, the fake WallConnect app is designed to redirect users to a bogus website based on their IP address and User-Agent string, and if so, redirect them a second time to another site that mimics Web3Inbox.

Users who don’t meet the required criteria, including those who visit the URL from a desktop web browser, are taken to a legitimate website to evade detection, effectively allowing the threat actors to bypass the app review process in the Play Store.

Besides taking steps to prevent analysis and debugging, the core component of the malware is a cryptocurrency drainer known as MS Drainer, which prompts users to connect their wallet and sign several transactions to verify their wallet.

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Crypto Scam App

The information entered by the victim in each step is transmitted to a command-and-control server (cakeserver[.]online) that, in turn, sends back a response containing instructions to trigger malicious transactions on the device and transfer the funds to a wallet address belonging to the attackers.

“Similar to the theft of native cryptocurrency, the malicious app first tricks the user into signing a transaction in their wallet,” Check Point researchers said.

“Through this transaction, the victim grants permission for the attacker’s address 0xf721d710e7C27323CC0AeE847bA01147b0fb8dBF (the ‘Address’ field in the configuration) to transfer the maximum amount of the specified asset (if allowed by its smart contract).”

In the next step, the tokens from the victim’s wallet are transferred to a different wallet (0xfac247a19Cc49dbA87130336d3fd8dc8b6b944e1) controlled by the attackers.

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This also means that if the victim does not revoke the permission to withdraw tokens from their wallet, the attackers can keep withdrawing the digital assets as soon as they appear without requiring any further action.

Check Point said it also identified another malicious app exhibiting similar features “Walletconnect | Web3Inbox” (co.median.android.kaebpq) that was previously available on Google Play Store in February 2024. It attracted more than 5,000 downloads.

“This incident highlights the growing sophistication of cybercriminal tactics, particularly in the realm of decentralized finance, where users often rely on third-party tools and protocols to manage their digital assets,” the company noted.

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“The malicious app did not rely on traditional attack vectors like permissions or keylogging. Instead, it used smart contracts and deep links to silently drain assets once users were tricked into using the app.”

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Cryptocurrency Prices on September 28: BTC Tops $66K, Altcoins Mirror Bullishness

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Cryptocurrency Prices on September 28: BTC Tops K, Altcoins Mirror Bullishness

The cryptocurrency prices on Saturday ignited substantial investor optimism across the globe. Bitcoin (BTC) price gained to cross the $66K level today, while Ethereum (ETH), Solana (SOL), and XRP mirrored an upward trajectory. Simultaneously, Pepe Coin (PEPE) led the broader market gains, soaring nearly 20%.

Meanwhile, the global crypto market cap jumped 2.43% over the past day to $2.33 trillion. However, the total market volume witnessed an 8.26% decline in value to $78.21 billion today. Here’s a brief collection of some of the top cryptocurrencies by market cap and their price run on September 28.

Cryptocurrency Prices Today: BTC, ETH, SOL, & XRP Pump

BTC price topped the $66K level today, whereas ETH neared $2,700. Simultaneously, SOL and XRP prices gained 1-3% in the past 24 hours. Whereas, PEPE, NOT, and FLOKI emerged among the day’s top gainers. Let’s take a closer look at the crypto prices today.

Bitcoin Price Today

BTC price gained 1.5% at the time of reporting and is currently trading at $66,093. The coin’s intraday low and high were recorded as $65,107.12 and $66,255.53, respectively. Today’s rising price action falls in line with the broader market trend. Also, it’s worth mentioning that spot Bitcoin ETFs recorded $494.45 million worth of inflows as of September 27, aligning with the pumping price action. However, Bitcoin’s dominance from yesterday slipped 0.20% to 56.13%. Besides, the flagship crypto’s market cap rested at $1.31 trillion today.

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Ethereum Price Today

ETH price chart illustrated a nearly 2% increase in value to reach $2,691 today. The coin’s intraday low and high were recorded as $2,637.98 and $2,728.07, respectively. Notably, even spot Ethereum ETFs registered $58.65 million worth of inflows as of September 27, per Soso Value data. Ethereum’s market cap rested at $323.92 billion today. Whale Alert data for the past day indicated increased whale activity, adding to the intrigue surrounding the asset’s price movements.

Solana Price Today

The crypto SOL witnessed a 2% jump in price today and is currently trading at $158. The coin’s 24-hour low and peak were recorded as $155.68 and $160.98, respectively. Solana’s market cap rested at $74.38 billion today. A recent CoinGape Media report reveals that the coin’s price gained against the backdrop of bullish on-chain data for SOL.

XRP Price Today

Simultaneously, XRP price witnessed a 1% increase in value to reach $0.5904 today. The coin’s intraday low and high were recorded as $0.5853 and $0.597, respectively. XRP’s market cap rested at $33.38 billion today.

Meme Coins Performances Today

On the other hand, Dogecoin (DOGE) price gained nearly 6% in the past 24 hours to reach $0.1259. Similarly, Shiba Inu (SHIB) price soared roughly 10% in the past 24 hours to reach $0.00002097. Meanwhile, PEPE and FLOKI surfed along the day’s top gainers.

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Top Cryptocurrency Gainers Prices Today

Pepe Coin

PEPE price surged by a whopping 20% in the past 24 hours and is currently trading at $0.00001135. The coin’s 24-hour low and high were $0.000009646 and $0.0000115, respectively.

Notcoin

NOT price mirrored a bullish sentiment, gaining nearly 16% to $0.00988 today. The crypto’s intraday low and high were $0.008649 and $0.01063, respectively.

FLOKI

FLOKI price noted a 10% uptick in value to reach $0.0001709 today. The coin’s 24-hour low and high were $0.0001571 and $0.0001763, respectively.

Top Cryptocurrency Losers Prices Today

Popcat

POPCAT price slipped over 5% to rest at $0.9436 today. Its 24-hour low and high were $0.9169 and $1.08, respectively.

eCash

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XEC price waned nearly 4% over the past day to reach $0.00003823. The coin’s intraday low and high were $0.00003779 and $0.00003941, respectively.

Sei

SEI price noted a 3% decrease in value to reach $0.4566 today. The coin’s intraday low and high were $0.4545 and $0.4796, respectively.

Besides, the hourly time frame charts sparked further speculations over the cryptocurrency prices today. BTC waned 0.04%, while ETH gained 0.02%, igniting uncertain investor sentiments across the broader market.

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Coingape Staff

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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How the Fed's Rate Cuts Could Shave Millions in Stablecoin Issuer Income

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How the Fed's Rate Cuts Could Shave Millions in Stablecoin Issuer Income

Key Takeaways

  • The Federal Reserve’s recent decision to cut interest rates will lead to lower revenue for stablecoin issuers, according to a new cryptocurrency industry report.
  • Issuers of stablecoins have held U.S. Treasurys as a way to earn a return on the reserves backing the digital assets they issue.
  • Stablecoin providers hold nearly $125 billion of U.S. Treasurys, and each 50 bps rate cut is expected to lead to a $625 million drop in annual interest income derived from these assets.
  • If rates continue to fall, as expected, stablecoin providers may need to look into alternative reserves to back their digital assets, a crypto industry executive forecast.

Stablecoin issuers could be looking at lower income as the Federal Reserve (Fed) kicked off its first rate cut cycle since 2020.

Each 50 basis point cut by the Fed could lead to a $625 million drop in total annual interest income for stablecoin issuers, according to a new report from digital asset data provider CCData.

Those hits could quickly add up as the Fed itself expects cuts totaling 50 basis points by the end of this year, and another 100 basis points by the end of next year.

Why Would A Rate Cut Affect Stablecoins?

Stablecoins are cryptocurrencies whose value is pegged to another cryptocurrency. Some of the most popular stablecoins have their value pegged to the U.S. dollar and keep a reserve in cash or equivalent investments—often U.S. Treasurys—to maintain that peg.

Centralized stablecoin providers, such as Tether (USDTUSD) and Circle (USDCUSD), have relied heavily on their holdings of U.S. Treasurys earning interest over the past few years as high interest rates drove up Treasury yields.

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U.S. Treasurys make up the vast majority of reserves held by stablecoin issuers, at just over 80%. This amounts to holdings of nearly $125 billion worth of Treasurys.

Tether, the largest stablecoin by market cap, alone holds $93.2 billion worth of U.S. debt, which accounted for much of that digital asset company’s $5.2 billion of profits in the first half of 2024, the CCData report said.

Bitcoin.com Director of Engineering Andrei Terentiev speculated on social media that lower interest rates could eventually push stablecoin providers and other financial institutions into riskier assets in an effort to earn a return on their reserves.

“With lower yields on safer assets, institutions often shift their focus toward ‘risk-on’ assets,” Terentiev posted on the platform X. “Think stocks, crypto, and other investments that offer higher potential returns but come with greater risk,” he wrote.

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