Cloudflare CEO Concerned about Growth of Ransomware Attacks in the Crypto Space

Cloudflare CEO Concerned about Growth of Ransomware Attacks in the Crypto Space

In an interview on CNBC’s ‘Mad Money,’ hosted by Jim Cramer, Cloudflare CEO Matthew Prince called out crypto exchanges stating these firms “are becoming a popular target for cybercriminals.” According to Prince, cryptocurrency exchanges need to focus more on securing customers’ funds to prevent the rising cases of hacks and ransomware attacks.

Explaining the rising number of hacks on cryptocurrency exchanges, Prince said that money is the primary motivation, similar to bank robbers choosing banks.

“The old adage is, Why do bank robbers rob banks? It’s because it’s where the money is.”

“One of the biggest places that cyber attackers are going after right now is the various cryptocurrency exchanges and other cryptocurrency parts of the universe.”

Over the course of the year, the cryptocurrency ecosystem attracted attention to the rising number of ransomware attacks. Chainanalysis reported over $81 million in ransom was paid by victims by May 2021. Notably, the Colonial Pipeline hack in May raised concerns in the industry. The hackers disrupted fuel supply to some parts of the US East Coast, demanding a $5 million ransom – payable in BTC.

In June, Russian ransomware group REvil infiltrated over 200 companies across the globe via software supplier Kaseya, using its technology management software to spread the ransomware via the cloud. The hackers encrypted one of Kaseya’s tools with infected files, paralyzing hundreds of companies. The hackers then demanded a $70 million ransom, paid in BTC, to negotiate about decrypting the files.

These ransomware attacks have caused considerable debate in the crypto security space and the role that blockchain-based digital currencies play in the rising ransomware attacks. Despite the increasing ransom attacks, some crypto analysts believe blockchains actually help authorities track and arrest hackers easier due to the public nature of Bitcoin’s transactions, which are broadcasted on the network.

San Francisco-based Cloudflare is a web security infrastructure provider that protects companies from online attacks. Its key proposition service provides security to companies to prevent distributed denial of service (DDoS) attacks, which are common on crypto exchanges.

O0n the question if Prince would hold his cryptocurrencies on an exchange protected by Cloudflare, he said, “the company is giving a front-row seat to [its consumers] to prevent the evolving cyber threats they face. The company stays ahead of the curve through innovations that prevent any new forms of ransomware and hack attacks from affecting them.

“We’re proud of the fact that we’ve kept the cryptocurrency customers that are ours secure and safe and helped augment the additional protections that they have in place.”

“I’d feel safe using any of the cryptocurrency exchanges that use Cloudflare today.”

Apart from technically dealing with hackers, the US government is also fighting the rising cases of ransomware attacks. In June, the U.S. President’s national security advisor called on the G7 countries to unite and fight against the consistent ransomware attacks on national sites.

In a briefing from the White House press, Jake Sullivan, selected as Joe Biden’s national security advisor, called on the regulation of the cryptocurrency ecosystem as it represents “the core of how these ransomware attacks are carried out.”

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Author: Lujan Odera

US Treasury Secretary Mnuchin: Companies Left Libra Association Due To Compliance Issues

Steven Mnuchin, the U. S. Treasury Secretary, has recently been interviewed by CNBC’s Squawk Box. During the interview, he talked about how some companies are abandoning the Libra Association as they are concerned with regulatory problems.

According to him, the project is really not “up to par” with the current laws for Anti-Money Laundering of the United States. This would prompt the government to take action against them, so they have understood that it was not a good idea to side with Libra before the project was really up to par with what was expected.

Recently, PayPal, Mastercard, eBay, Stripe, Visa and other major companies have all announced that they would drop from the Libra Association, which would govern Facebook’s upcoming stablecoin. Most of the companies decided to back away from the Libra as the G7 working group reported that Libra was a major potential threat to international stability.

When PayPal left the association, people from the company affirmed that the company “remained supportive” of Libra but that it would not be a part of it anymore. That is the general consensus now. Most companies don’t really want to burn the bridges, but they noticed that backing the Libra is possibly not the greatest idea right now.

The anti-Libra stance, however, is not taken by everybody. The CEO of Coinbase, Brian Armstrong, has recently criticized the senators of the country for asking companies to leave the project (which they did). According to him, this is “un-American”.

Right now, Facebook is fighting to keep its partners on its team and to convince the regulators that it can provide a good service, but the situation is far from certain.

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Author: James W

CNBC’s Ran NeuNer Calls Facebook CEO An “Unelected Dictator” Only to Bash GlobalCoin Project

CNBC’s Ran NeuNer Calls Facebook CEO An “Unelected Dictator” Only to Bash GlobalCoin Project

It looks like CNBC’s Ran NeuNer, a prominent comentator on the crypto economy, has finally decided to agree with a large part of the crypto community: Facebook’s GlobalCoin project can certainly be a very dangerous move for the world.

Facebook’s GlobalCoin project received over $10 million USD in investments from high-profile backers such as PayPal, Uber, Visa and Mastercard, so we have all the big ones betting on it. Why is NeuNer so worried now?

While a lot of people are excited about the new project, some diehard crypto fans are concerned about the lack of decentralization in the project for a long time.

NeuNer Changed His Mind About The Project Recently

NeuNer, who is the host of the CNBC crypto show called Crypto Trader, was initially very excited about the project. He was not the only one. Even within the crypto community, a lot of people got hyped because this was a big project and they thought that it could put crypto on the mainstream forever.

He originally affirmed that the idea that a single company could enable 2 billion people to make transactions across borders using low transaction fees was amazing and it could cause the “most exciting financial revolution” the world has ever seen.

Fortunately, someone probably talked to him and explained just how bad Facebook and its CEO Mark Zuckerberg can be. Soon, he understood that it was, in fact, very dangerous for people to trust Facebook so blindly as he did.

He later affirmed that the project was, indeed, scary. According to him, the idea of a company with the largest user base of the whole world being able to launch its token and allow transactions was not so fun anymore when you remember that Zuckerberg is in charge.

NeuNer affirmed that Facebook will have more users on its platform that USD has, so he believed that Zuckerberg had the power to become an unelected dictator. He is unrestrained, has made several bad decisions before and has full control over his board of directors.

With a man like this in charge, GlobalCoin could be maybe even too powerful and very centralized in a single figure who cannot even share the power with his own colleagues. And some people still believe that GlobalCoin will help Bitcoin.

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Author: Gabriel Machado