New BHUNT Malware Targeting the Crypto Wallet of Indians
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BHUNT Malware Targeting the Crypto Wallet:
News:
Recently,
the Cyber Cell of Delhi Police has caught some cryptocurrency-related scams,
according to the allegation that some people stole cryptocurrency from a Delhi
businessman and transferred that amount to the wallet 'Al-Qassam Brigade', the
military wing of the Palestinian organization Hamas. The cryptocurrencies
transferred include Bitcoin, Ethereum, and other e-wallet currencies.
Such scams
have come to the fore in places like Giza, Egypt, Ramallah, and Palestine from
where funds were used for acts like terror funding and child pornography. In
addition, a new report has revealed that cybercriminals are now stealing
cryptocurrency wallet contents, passwords, and security data related to crypto
wallets on users' computers. The name of a new malware 'BHUNT' associated with
this has come to the fore.
The recently
held UN Security Council meeting was based on the threats, trends of terrorist
financing, and the implementation of Security Council Resolution 2462. In this
meeting, India urged the member countries to strengthen counter-financing
structures in line with international standards to prevent terrorism.
India
clarified that new financial and payment technologies, including
cryptocurrencies and digital crowdsourcing, are enabling terrorist groups to
collect and transfer funds. According to India, the misuse of blockchain
technology, virtual/cryptocurrency, prepaid phone cards, etc. has hindered
efforts to stop terrorism financing.
The spread
of fake charities and fake non-profit organizations has increased the risk
during the COVID pandemic. According to information, terrorist organizations
use cryptocurrencies to trade drugs, weapons, and other items on the black
market. For example, 'Fund the Islamic Struggle Without Living a Trace' is a
dark website used to transfer bitcoins to jihadists.
It is
reported that the planners of the Jakarta terrorist attacks in 2016 used
bitcoins as virtual payments to transfer money for weapons and terrorist
activities.
- Why rich people do is Investment?
What is this cryptocurrency?
Cryptocurrency
is a digital currency that is secured by cryptography, which makes it almost
impossible to copy. Many cryptocurrencies are powered by decentralized networks
based on blockchain technology, using an extensive network of computers. A
defining characteristic of cryptocurrencies is that they are generally not
issued by any central authority, making them theoretically immune to government
interference or manipulation.
Bitcoin is
the most popular and valuable cryptocurrency with a current value of around 26
million bitcoins. It was invented by Satoshi Nakamoto and presented to the
world through a white paper in 2008. Thousands of cryptocurrencies exist in the
market today in which Ethereum, Litecoin, Bitcoin Cash, Dogecoin, etc are some
other prominent names. Click here to know more about cryptocurrency.
How does BHUNT malware steal money from crypto wallets?
According to
Bit defender, a cyber security firm, 'BHUNT' is a crypto-wallet stealing malware. A crypto-wallet is a type of digital wallet in which a cryptocurrency digital
form is kept secure and it can be accessed by the user using a private key or a
secure password, can only be opened by using. BHUNT malware enters a computer
while a user installs pirated software and attacks crypto-wallets such as
Bitcoin, Litecoin, Exodus, Electrum, Atomic, Jaxx, and Ethereum.
However,
computer wallets are considered more secure than web and mobile wallets because
they store their data in their internal memory without keeping them with any
third party. But the thing to know here is that malware like BHUNT is packed
with pirated software that is downloaded using torrents or other websites.
Once malware
is installed on a computer, it can transfer wallet funds of users to other
wallets and can also steal other personal data stored on the infected computer.
How is cryptocurrency in India?
At present,
there is no law regarding cryptocurrency in India (The Cryptocurrency and
Regulation of Official Digital Currency Bill, 2021 is in progress.)
An inter-ministerial committee set up by the government has suggested a ban on private cryptocurrencies. WazirX, CoinDCX, CoinSwitch, Kuber, etc. are some of the cryptocurrency companies in India.
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