Trojans targeting crypto exchanges and cryptomining malware among top cyber threats in Switzerland

Maria Nikolova

Cryptominer malware “Monerominer” is the sixth most significant malware in Switzerland for the first half of 2018.

The 27th semi-annual report of the Reporting and Analysis Centre for Information Assurance (MELANI) was published today, addressing the most important cyber incidents of the first half of 2018 in Switzerland and abroad.

In the first half of 2018, there were numerous infections with criminal software (crimeware) in Switzerland, the report says.

As in previous years, the majority of cyber incidents in Switzerland were due to the “Downadup” malware (also known as “Conficker”). This worm has been around for over ten years and is spread via a security vulnerability in Windows operating systems that was discovered in 2008. The corresponding patch has also been available since 2008. The second place goes to “Gamut” – a spam malware which appeared to be responsible for 37% of the international spam volume in the last quarter of 2017. The “Gamut botnet” mainly sends job offer spams for the purpose of money mule recruitment. In third place is “Gamarue” – also known as “Andromeda”. This is a downloader that can download additional malware. In fourth and fifth place follow the malware “Spambot” and “Stealrat”. These two are also responsible for sending spam.

The sixth place is for cryptominer malware “Monerominer” and the ninth place is for e-banking Trojan “Gozi”. Currently, Gozi seems to be targeting not only e-banking systems, but also offline payment software and cryptocurrency exchanges. Interest in these modern targets seems to be a major trend for the near future, the report says.

The e-banking Trojan “Dridex” is also widespread in Switzerland. It is a computer worm that first appeared in 2012 under the name “Cridex”. In July 2016, “Dridex” expanded the modus operandi to offline payment systems. Since 2016, Dridex has also been targeting crypto currency exchanges. This year the number of targets in the configuration files has increased.

At present, Switzerland has no regulations regarding the buying and selling of virtual currency units or their use as a means of paying for goods and services. Put otherwise, no special approval is required for these activities. This applies to everyone who pays with a virtual currency or buys units of it as well as to all those who accept payments in a virtual currency or sell units of it. This does not mean, however, that there are no risks in using or investing in virtual currencies given that they are subject to significant price fluctuation and there may be uncertainties regarding the currency issuer. Currently, it remains unclear whether claims to virtual currencies can be asserted under civil law.

In July this year, the Swiss Financial Market Supervisory Authority (FINMA) said it had commenced enforcement proceedings against envion AG. FINMA explained it possessed evidence that the company may have violated financial market law in relation to an initial coin offering (ICO).

The proceedings focus on possible breaches of banking law resulting from what is suspected to be unauthorised acceptance of public deposits in connection with the ICO for the EVN token. Investigations carried out by FINMA to date indicate that, in the context of its ICO, envion AG accepted funds amounting to approximately one hundred million francs from more than 30,000 investors in return for issuing EVN tokens in a bond-like form.

Read this next

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

Digital Assets

TRON approves Wintermute to mint, burn USDD stablecoin

TRON Reserve DAO has welcomed crypto market-making giant Wintermute as the ninth member and whitelisted institution to mint Tron network’s stablecoin, Decentralized USD (USDD).

Metaverse Gaming NFT

Nas Academy and Invisible College introduce innovative model for Web3 education

Singapore-based online learning platform, Nas Academy is joining forces with Invisible College to teach people everything they need to know about the Web3.