Technology

YouTube Caught Out by Coin-mining Adverts

Published

6 years ago

January 30, 2018

Samed Olukoya

YouTube Caught Out by Coin-mining Adverts

YouTube has been briefly caught out by adverts that sought to mine valuable crypto-coins using visitors’ computers.

The malicious adverts were spotted by security firm Trend Micro, which watches crypto-cash malware.

The adverts included computer code that helped them mine the Monero crypto-currency, the British Broadcasting Commission reported on Monday.

The rapid rise in the value of crypto-coins has prompted many cyber-crime gangs to try and cash in by using innocent machines to generate the cash.

The gangs are keen to get malicious code on lots of computers because most crypto-currencies rely on large networks of machines to verify transactions and generate new coins. The more machines working for them, the more coins they can extract.

Chaoying Liu and Joseph Chen from Trend Micro said the first sign of the campaign was a sudden tripling of the number of malicious coin-mining scripts the company caught.

Investigating the increase, the pair found a lot of advertisements that contained code for a well-known miner called Coinhive.

“Attackers abused Google’s DoubleClick, which develops and provides internet ad serving services, for traffic distribution,” said the researchers.

On victims’ machines, when the mining script was triggered it would use 80 per cent of the computer’s processing power to generate coins.

Trend Micro said it passed on its findings to Google who said it been “actively monitoring” this type of malware campaign.

“In this case, the ads were blocked in less than two hours and the malicious actors were quickly removed from our platforms,” it said in a statement.

Security researcher Chris Boyd, from anti-virus maker Malwarebytes, said the rapidly rising value of crypto-currencies such as Bitcoin had proved irresistible to many cyber-criminals.

“Coin-mining has proven to be quite the craze,” he said.

It had become so popular because it involved less work than was required by many other scams, he added.

“If you are into scams and malware and hijacks, you are always looking for the path of least resistance,” he said.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States

Africa’s Leading Payments Tech Firm Facilitates Faster, Affordable, and Secure Transfers between the U.S. and Africa

Published

3 hours ago

December 8, 2023

Investors King

In a significant move towards advancing financial connectivity between Africa and the United States, Flutterwave, Africa’s premier payments technology company, has proudly announced its acquisition of money transfer licenses for 13 key U.S. states.

This strategic expansion aims to expedite, streamline, and secure the transfer of money from the U.S. to Africa and back.

The states covered by the newly acquired licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.

These additions, combined with Flutterwave’s existing partnerships and licenses, now empower the company to serve customers seamlessly across 29 states in the U.S.

Money transfer licenses, issued by state regulators, play a pivotal role in enabling financial technology companies like Flutterwave to engage in the transmission of money.

The acquisition of these licenses fortifies Flutterwave’s commitment to regulatory compliance, safety, and the soundness of its services.

Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave, emphasized the significance of this milestone.

“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust among regulators, partners, and customers,” stated Cheng.

“We’re growing and are committed to servicing customer needs in as many geographies as possible, particularly with a significant African diaspora.”

Flutterwave’s popular solutions, such as the Send App, are set to benefit greatly from this expansion.

The Send App facilitates easy and secure money transfers between the U.S. and Africa, catering to both individual users and enterprises that rely on Flutterwave for global last-mile payouts.

“Sending money between the U.S. and Africa has been challenging for the African diaspora. These licenses pave the way for Flutterwave to make the Send App available to the African diaspora in the U.S., offering a super user-friendly money remittance experience,” explained Olugbenga Agboola, Founder and CEO at Flutterwave.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities. These licenses move us one step closer to our vision, and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”

Flutterwave remains steadfast in its commitment to providing accessible remittance services across the U.S. and has outlined plans for further expansion of licensing coverage in the near future.

This ambitious endeavor reflects the company’s dedication to fostering financial inclusion and creating a seamless financial bridge between continents.

E-commerce

Alibaba Faces Rare Downgrade as PDD Surpasses It in Market Value

Published

7 days ago

December 1, 2023

Investors King

Alibaba Group Holding Ltd. received an unusual downgrade from Wall Street on the same day it ceded its position as China’s most valuable e-commerce company to one of its primary competitors.

Morgan Stanley downgraded Alibaba’s American depositary receipts (ADRs) from overweight to equal-weight, concurrently lowering the price target from $110 to $90.

This marks the first downgrade for Alibaba’s US-listed shares since late June, according to Bloomberg data.

Analysts at Morgan Stanley, including Eddy Wang and Gary Yu, expressed concerns about Alibaba’s slower-than-expected turnaround and the uncertainty introduced by the decision to withdraw the spinoff of its cloud business.

In a report dated Thursday, they stated, “brings uncertainty to the value-unlocking from reorganization.”

Simultaneously, Morgan Stanley named PDD Holdings Inc. as its top pick in China’s e-commerce sector, citing its favorable positioning amid the growing trend of consumer price sensitivity.

PDD, an eight-year-old upstart recognized for its successful Temu marketplace, closed Thursday trading in the US with a market capitalization of approximately $196 billion, surpassing Alibaba’s value for the first time.

PDD has experienced a remarkable 80% surge in value this year, while Alibaba has faced a 15% decline in US trading.

Although Alibaba has been a dominant force in China’s online shopping landscape for over a decade, PDD has managed to attract customers with competitive pricing and expand its reach globally.

Morgan Stanley’s move to downgrade Alibaba and elevate PDD underscores the shifting dynamics within China’s e-commerce sector.

Despite this downgrade, brokers remain predominantly bullish on Alibaba, with 44 buy ratings and eight hold recommendations for its ADRs. In comparison, PDD has 52 buy ratings and three holds.

Startups

Bolt Expels Over 5,000 Drivers in Kenya to Enhance Safety Measures

Published

1 week ago

November 30, 2023

Investors King

Estonian ride-hailing giant Bolt has taken decisive action in Kenya by removing more than 5,000 drivers from its platform over the past six months.

This move comes as part of Bolt’s commitment to bolstering safety and ensuring compliance among its driver partners.

The company, operating in over 15 towns and cities in Kenya, has earmarked KES 20 million ($130,000) for investments in safety-related practices.

The decision to expel drivers follows recent safety concerns raised by the National Transport and Safety Authority (NTSA).

Bolt faced scrutiny and was asked to outline its strategy for addressing safety issues, including instances of physical assault on passengers and unauthorized sale of driver accounts.

The NTSA’s directive was a prerequisite for Bolt’s annual license renewal.

Linda Ndungu, Bolt Kenya’s Country Manager, emphasized the company’s commitment to user trust and safety.

Ndungu stated, “We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride.”

To enhance safety measures, Bolt is implementing internal measures such as random driver selfie checks, providing training for both riders and drivers, and enforcing strict compliance with swift consequences for violations.

Bolt has also introduced improved reporting tools to facilitate the reporting of safety concerns.

Bolt’s move is a response to recent driver dissatisfaction, attributed in part to commission rates exceeding the government’s recommended 18%, including booking fees.

The company aims to address these challenges and reinforce its commitment to safety and compliance within its platform.