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Cyberattack Momentarily Pauses Trading at Bitfinex Crypto Exchange

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DDoS attacks have become common in recent days. There have been many digital currency exchanges that have been targeted by hackers over the years in these short attacks that make the networks unavailable momentarily. The latest victim of the attack has been Bitfinex, which is among the leading exchanges in the world.

The attack forced the exchange to be closed briefly on Tuesday during the morning hours. The attack was typical of previously recorded attacks in other exchanges and the objective was to disrupt the services. DDoS attacks are known to be quite potent and capable of shutting down even the strongest systems.

Bitfinex Confirmed the Veracity of the Attack

The communication team at Bitfinex came out to clarify the issue after users reported issues with the system. A message from the company’s website indicated that the attack was indeed carried out on one of the company’s service providers, which resulted in a service outage for a while. Several users had already noted the system was behaving in a slow and passive manner.

The statement from the company explained that the issues observed were as reported due to the overloading caused in the systems by the said attack. The attack had ramifications on the markets as the price of Bitcoin fell by 2%.

The financial markets like forex, stock, and even crypto rely a lot on the news coming out from the media. Media channels that carry crypto trading information can momentarily influence what is going on in the markets as the recent attack has shown.

Even though the recent attack has had an effect on the market, they will be reversed in due course especially since services at the exchange have gone back to normal. As of 11 a.m. ET, Bitfinex was said to have restored its normal operations. The company also assured users that they were doing everything to follow up on the situation. Earlier news from the company was however conflicting since the attack was not mentioned. The company had instead chosen to claim that a planned maintenance was ongoing.

Regarding the extent of the attack, only trading operations were affected the most. As Bitfinex has revealed, the user data for its clients was not compromised nor exposed to risk. There has not been any major attack that compromised clients’ funds in recent history.

Bitfinex has been on the market for over five years now. The company has had an interesting journey since it was established in Hong Kong. Over the years, the company has had a fair share of challenges and successes. In overall, its successes have been more profound as it occupies a formidable position in the market today.

When it was founded, its main goal was to act as a peer-to-peer exchange for bitcoin, the largest cryptocurrency at the time. As time went by and the market diversified, the currency exchange platform also grew and accommodated other cryptocurrencies as well. The history of attacks on this exchange and others is quite familiar to crypto traders. Last year, another major attacked that targeted various exchanges also hit Bitfinex.

Attacks on Exchanges are Common

One of the few major attacks that resulted in the loss of bitcoin was the famous attack of August 2016 where over 100,000 bitcoin were lost.

Security is often a major challenge for all digital financial platforms. There have been many efforts done over the years to overcome security challenges and there has definitely been an improvement in this area. The attackers on the system are however always bolder as time passes. This year, attackers stole crypto units of a minor digital currency to the tune of nearly $500 million in value. This happened on a well-known Japanese exchange, Coincheck. Youbit, a South Korean exchange that has a substantial number of users also lost nearly 20% of its digital assets after a successful attack on the system was performed.

There are indeed many more cases recorded over the world as attacks on exchange platforms are rampant. One of the most famous attacks was in 2014 when Mt. Gox, the Tokyo-based exchange was successfully attacked with profound losses. Assets of over 700,000 users were lost in the process and the exchange came tumbling down. This attack was major because the exchange was at the top of the market at that time.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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3 2020 Developments That Could Make Your Life Easier

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There are many systems under development right now that could eventually make your life easier – but below, we’re going to look at 3 of them. We could be using these developments a lot sooner than you think! 

5G

Why do we need 5G when we have 4G – 4G is fast enough, right? People are worried about the health implications, but everybody seems willing to look past that to get more speed. More speed could really help businesses. Also, while 5G is generally operating from the same infrastructure as before, mass adoption will cause issues for data centers. This could make the situation both better and worse in some respects. 

Virtual Reality 

Virtual reality is already being used by many people, but it could actually be put to good use soon. When it comes to simple things like shopping, you could make your life so much easier and more enjoyable. Whether you’re shopping for furniture or clothes, virtual reality could mean checking out the fit easily. Try on clothes in the comfort of your home without even ordering them first. See what a sofa looks like before you buy. The options are endless! 

Artificial Intelligence 

We’re still going to need human intelligence, but AI can have a huge impact in our personal and working lives. In work alone it could mean enhanced automation with no need to do tedious tasks. Then, there’s next gen disaster response. It’s the technology of the future!

With these developments in mind, what are some of the most important developments in human history? Check out the infographic to find out!


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Technology Advances And How We Can Embrace Them

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Smart home

When it comes to the world as we know it, there is one denying that technology has advanced at an alarming rate. So much so, that we can find that more of us are starting to see these influences being incorporated into our lives. Whether you embrace it or not. Of course, there are technophobes out there, especially the older generation, who can find the latest technology a little harder to grasp. But these advances can really help us when it comes to living our lives. Here are some of the advances and how we can embrace them each day.

Wearable technology

The changes in what we wear have become more noticeable as more of us will be wearing some form of wearable technology. It could be in the form of a watch that tracks our heart rate or exercises. It might be that some people who are older will have wearable technology to remind them to take medication or to feel safe. Such as a button that can be pressed isn they feel unwell or need some form of assistance. 

Technology on our devices

The technology that we all use personally each day has changed dramatically, we only have to look at our smartphones or laptops to see that. They are more advanced than ever before, and with that some of them can become a little more like virtual assistants. Whether that be using Apple, Android or other devices. However, we can find that there may be situations where technology can let us down, such as mac os Catalina could not be verified or we find that certain models are not updated. Another issue we can have is older technology not keeping up with the latest downloads and software updates that are required. 

The smart home

Our homes are advancing more and more, and with that it means with things like Amazon Alexa or Google Home, we have more control over what we do through our voice and commands. Whether you want to control your heating, or even things like lights, these devices in your home are making it possible with simple demands. While it may seem lazy, these devices can help to transform your home. Even enabling you to switch the heating on or lights before you arrive home, for example. 

Lifestyle changes that technology can help us embrace

Finally, technology has changed so much that we can find ourselves in a position where we are able to embrace lifestyle changes that to different technology allowing business to track things. Smartphone apps can enable us to stay on track with our spending and budgets, even do our banking online. We can then perform lifestyle changes because of the wearable technology that we can use, such as tracking exercises, the amount of calories we burn and our heart rates. 

Let’s hope this has given you an indiviation of some of the more daily technology advances we are in contact with and how we can embrace them.

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For Enea Angelo Trevisan and Ealixir, better than solving the problem of cyberbullying is preventing it

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bully cyberbully

One of the most commentated news regarding Instagram for the past weeks was their investigation on whether to ban likes counter on the platform or not, but mostly from the perspective of marketing strategy. It turns out that the social media platform is actually considering this new feature as a means to avoid a much bigger problem: cyberbullying.

A recent studied carried by Pew Research Center showed that fifty-nine percent of teens reported to have experienced at least one of six types of abusive online behavior, cyberbullying included. Another concerning fact brought by the study shows that 16% of these teens were already subject of physical threat of some kind due to incidents in social media.

In addition to that, a report published by the Journal of Abnormal Psychology has highlighted the popularity of smartphones among teenagers – a statistic that only grew during the past seven years. “More U.S. adolescents and young adults in the late 2010s, versus the mid-2000s, experienced serious psychological distress, major depression or suicidal thoughts, and more attempted suicide,” stresses the study’s lead author, Jean Twenge, who also wrote the book iGen, in which he ponders about the influence of smartphones in teenage and child mental health.

Besides hiding how many likes a photo has received, Instagram is also considering another feature: a “nudge” alert that is activated while the user is still writing a comment that is flagged as potentially aggressive. According to the head of Instagram, Adam Mosseri, this could give an extra incentive for people to think twice before committing to an attack.

“Of all the obnoxious activities that can be carried out on the web, cyberbully is in my opinion the worst”, says Ealixir’s CEO and founder Enea Angelo Trevisan. “Cyberbullying targets those who cannot defend themselves: often minors or minorities. This is why one of our priorities as a company is to invest our technology in the fight against this plague.” In that sense, Ealixir gives support to individuals by making an early detection of offensive and troublesome contents, so they can be immediately erased and monitored to avoid further reloading. 

For Trevisan, the case for cyberbullying starts in schools, and this is the reason why Ealixir is also responsible for organizing sessions with children, so they can be warned about the dangers of the internet. “At this young age, kids think of internet as a huge playground. We teach them not to trust strangers and to think about the consequences of their virtual actions, exactly like in real life,” he explains.

Moreover, families also need to be aware of their children’s presence on the internet – they should not underestimate the possibilities and dangers of giving a smartphone to a child or a teen. “This is due to the fact that older generations were born and raised without the web, so they struggle to identify with their children. With Ealixir, we try and fill in this gap most of all through prevention, but also actively by deleting offensive contents and/or preventing harassment.

Besides monitoring and removing offensive contents published online, Ealixir also gives support to families and individuals who found themselves victims of cyberbullying by offering contact with specialized lawyers that can handle a case with expertise in the court. However, as much as in the case for health, prevention is the best scenario when coming to cyberbullying too, so internet literacy becomes an important competence to be learned by children for a healthier future of the web.

Sources: https://www.theladders.com/career-advice/how-instagram-plans-to-take-a-stand-against-cyberbullying

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