Raccoon might not be the cheapest option on the market but the malware had gained popularity among cybercriminals for its ability to target at least 60 applications, many of which are browsers we use today.

The Raccoon infostealer, also known as Racealer, has attracted a following in underground forums thanks to the aggressive marketing of its wide range of capabilities, use of bulletproof hosting and an easy-to-use backend. The malware is offered at a price of $200 a month and was first spotted by researchers from cybersecurity firm Cybereason in 2019.

While more expensive than other standalone, bareboned offerings, Raccoon's subscription-based model -- which includes technical support, bug fixes, and updates at a relatively cheap Malware-As-A-Service (MaaS) price point -- as well as its overall capabilities have made it a worthwhile investment for cybercriminals seeking to steal data and cryptocurrency.

A new analysis of the malware from Cyberark notes that many infostealers aren't generally sophisticated and use the same variety of techniques to steal information. However, in Raccoon's case, the C++ malware is able to steal data from 35 browsers and 60 overall applications.

According to Cyberark, Raccoon is generally delivered through phishing campaigns and exploit kits. Fraudulent emails sent to would-be victims contain Microsoft Office document attachments with malicious macros, whereas the exploit kits are usually hosted on websites.

Victims are profiled for any potential browser-based vulnerabilities and based on this analysis, they are redirected to the appropriate exploit kit.

See also:This easy-to-use information-stealing trojan malware is quickly gaining popularity among cybercriminals

The command-and-control (C2) server, necessary for the transfer of stolen information as well as for remote malware configuration updates, has its address hidden via several layers of encryption.

Raccoon is able to steal financial information, online credentials, PC data -- such as operating system types and versions, the language in use, and installed application lists -- cryptocurrency wallets, and browser information including cookies, history logs, and autofill content.

The malware targets a wide variety of popular Mozilla and Chromium browsers: Google Chrome, Google Chrome (Chrome SxS), Chromium, Xpom, Comodo Dragon, Amigo, Orbitum, Bromium, Nichrome, RockMelt, 360Browser, Vivaldi, Opera, Sputnik, Kometa, Uran, QIP Surf, Epic Privacy, CocCoc, CentBrowser, 7Star, Elements, TorBro, Suhba, Safer Browser, Mustang, Superbird, Chedot, Torch, Internet Explorer, Microsoft Edge, Firefox, WaterFox, SeaMonkey, and PaleMoon.

In addition, Raccoon attempts to compromise ThunderBird, Outlook, and Foxmail email clients.

Cyberark says the same procedure is in play for each target application. The malware will grab the application files containing sensitive data and copy it to a temp folder, perform routines to extract and decrypt information, write this content to a separate text file, and then send it off to a C2.

CNET:How schools are using kids' phones to track and surveil them

"In order to extract and decrypt the credentials from the applications, Raccoon downloads the specific DLLs for the applications," the researchers say. "The config JSON contains a URL from where the malware will download those libraries."

Cryptocurrency, too, is at risk. Raccoon will seek out Electrum, Ethereum, Exodus, Jaxx, Monero, and Bither wallets by scanning for their default application folders, and will also attempt to grab their wallet credentials.

Once Raccoon has stolen the data it requires, this information is compiled into a .zip archive file and sent to the C2. It may also act as a dropper for additional malware payloads.

TechRepublic:RSA president: Hackers have broken into our brains and created the wrong security story

The malware continues to be supported by a team and development is ongoing. Recently, Raccoon was also given the ability to steal FTP server credentials from FileZilla, UI errors were resolved, and the authors also created an option to encrypt custom malware builds from the UI for download as a DLL.

"Even though Raccoon is not the most sophisticated tool available, it is still very popular among cybercriminals and will likely continue to be," the researchers say. "What used to be reserved for more sophisticated attackers is now possible even for novice players who can buy stealers like Raccoon and use them to get their hands on an organization's sensitive data."

Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0

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Raccoon malware targets massive range of browsers to steal your data and cryptocurrency - ZDNet

The worlds longest-running television series is giving its viewers the low-down on cryptocurrency. In Frinkcoin, episode 13 of season 31 of The Simpsons, airing on Sunday, the animated show dedicates over 80 seconds to educate its viewers on the basics of virtual coins.

The scene begins with Professor Frink introducing cryptocurrency to Lisa Simpson by turning on the TV so that TVs most beloved scientist, Jim Parsons, can explain how digital tokens work.

Parsons discussion is reminiscent of educational shows for kids during the early 2000s. It comes with an animated book bursting into song to describe how a distributed ledger works.

Im a consensus of shared and synchronized digital data spread across multiple platforms from Shanghai to Grenada. Each day Im closer to being the cash of the future. Not in your wallet, Im in your computer.

While the book is belting it out, the show shifts into a scene where Parsons hits the jackpot and the slot machine pushes out Bitcoin. It also features a clip where the book is relaxing on a Caribbean island.

Parsons then takes over to point out the connection between the ledger and the blockchain.

When you use the currency, the transaction is recorded in the ledger. And when one ledger book gets filled up, we add to a chain of previous books. Thats the blockchain.

While cryptocurrency is a space thats chock-full of technical jargon, the show manages to deliver an explanation that appeals to the average Joe.

The Simpsons, which draws an average of over 4 million viewers, gives mass exposure to the one minute and twenty-second clip on cryptocurrencies. You can watch the entire scene below.

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Featured Image: Shutterstock/sirikorn thamniyom

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The Simpsons Just Gave Cryptocurrency Massive Mainstream Exposure - The Daily Hodl

25 February 2020

BakerHostetler

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Since Friday, Feb. 14, 2020, decentralized lending protocol bZxwas twice exploited by attackers using a combination of methodsinvolving flash loans and price manipulations to profit oncryptocurrency swaps, resulting in total losses of approximately$954,000. The first attack took place on Feb. 14 and resulted inthe attacker pocketing 1,193 ETH (approximately $318,000) after abug in the bZx's smart contract code failed to run standardsafety checks that should have prevented a highly leveragedposition on ETH/BTC trading pairs. The second attack took placedays later, resulting in losses of 2,388 ETH (approximately$636,000), perpetrated, in part, via oracle manipulation on theprice of synthetic USD Coin stablecoins.

Last week, the IOTA Foundation shut down the entire IOTAcryptocurrency network after hackers exploited a vulnerability inTrinity, the mobile and desktop wallet app developed by the IOTAFoundation, and stole approximately $1.6 million from at least 10high-value IOTA accounts. IOTA announced this week that it hadreleased a "safe" version of Trinity in response.

Earlier this week, crypto exchange FCoin notified users that itwas unable to process withdrawal requests, as it revealed a nearly$130 million shortage of assets, a result of system problems and"decision errors" made by exchange leadership. Theexchange's novel yet controversial model, called"trans-fee mining," designed to incentivize trading byissuing exchange tokens, made FCoin one of the largest exchanges byvolume.

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The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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Manipulation, Hacks And System Errors Lead To Losses For Cryptocurrency Users And Exchanges - Technology - United States - Mondaq News Alerts

Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed Enrolled Agent shared some of his opinions and insights regarding crypto audits and what triggers them, as well as an example from a client.

Also read: Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out of Business

The IRS announcement that thousands of tax warning letters would be issued to United States crypto holders last summer elicited calls for greater clarification and guidelines, but it hasnt stopped the Internal Revenue Service audit train from steaming forward. The presence of a new crypto question on 2019s Schedule 1 form has individuals concerned about reporting their crypto assets correctly more than ever, and according to experts, this is for good reason.

That is massive says Enrolled Agent Clinton Donnelly of Donnelly Tax Law. This question in the 2019 return it forces every taxpayer in the United States to make a decision whether or not theyre going to be honest or not on this question, because its a yes or no and when you sign the tax return its in small print, it says under penalty of perjury I have reviewed this return and its true, complete and correct, so failing to check the box is incomplete. He emphasizes:

Its a yes or no its kind of like coming out of the closets Anybody who was a trader in 19, well, they were probably a trader in 17 as well.

Donnelly went on to explain that by reporting crypto gains in light of the new question, many crypto holders will inadvertently reveal that they first acquired their digital assets years back, which calls their previous years returns into suspicion and makes an IRS investigation more likely.

Donnellys service has so far seen two cryptocurrency audits with its clients, and the tax professional is interested in learning more about what triggers an IRS investigation. One client claimed to have never received the 2019 warning letters, but was audited all the same. According to Donnelly, the focus of the IRS is not so much on the methods by which capital gains are reported, but that all inputs and outputs are accounted for, and that the AML (anti-money laundering) narrative remains in central focus.

I think people sense that the government views crypto traders as possibly engaging in some sort of crime, Donnelly notes. We shouldnt feel that way, but we do. He cites a recent Chainalysis report showing the darknets share of crypto usage is less than 1% of the total. The tax expert went on:

I would say most of these questions, as you read them, fall into the category of anti-money laundering My suspicion is that if the IRS wanted to crack down on every American that traded cryptos they could do it, but the backlash from voters back to congress would snap the IRS in the face and they would be sent packing So I think as long as they stay on the money laundering theme, then they look above board.

Donnelly also shared a non-confidential snippet of a clients IRS audit letter for a 2017 return relating to just under $40,000 in crypto gains. This client claims to have never received the warning letters from the agency.

Donnelly emphasized throughout our conversation that it is not so much the various means by which a crypto holder reports gains using different tax tools can and often does result in slightly different numbers but that the IRS wants to verify total asset amounts add up, with all inputs and outputs accounted for. Especially where cash is concerned. The image of the form above lays out in detail what types of specific information the agency wants to know.

Donnelly further detailed that high frequency traders are sometimes concerned when seeing large proceeds calculated for their trades on 1099-K forms from crypto exchanges, but that costs are not yet factored into these amounts. This can make some traders understandably hesitant to file, but audits are less likely if the proceeds amount is reported fully.

Half the court cases in tax court are because the IRS didnt do the procedure right, the due process, if you will, Donnelly details, but theres this form called the FBAR form that form is not a tax form, its not a part of the tax laws. The IRS administers it, but its not a part of the tax laws. Its part of the Bank Secrecy Act, Title 18. He goes on:

Prosecutors love the FBAR form because they can say you didnt file it, you should have, whammo, heres the penalty and we can assess it right now. Theres no due process defense on that.

The FBAR form has to do with assets held in foreign bank accounts, and must be filed by U.S. taxpayers if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported. The FBAR brings Fincen (Financial Crimes Enforcement Network) into the tax action, and has to do directly with combating money laundering, so Donnelly suspects this may be part of the reason the AML narrative has become the focus of crypto tax reporting. It is also a frightening prospect for crypto traders utilizing overseas exchanges and accounts.

The penalty for the anti-money laundering form this is FBAR is $10,000, plus $10,000 for every foreign account that youve never reported, Donnelly elaborates. If you never filed the FBAR, you just told the IRS all the exchanges you were on you just incriminated yourself. They say ah, well youre on Huobi, Kucoin, Binance, you got five of em. Thats $50,000 plus the $10,000 I originally smacked you with for not filing a form. You didnt do this in 17, you didnt do it in 18, you didnt do it in 16 either, so I can just add these penalties up. Before you know it youre up to $200, $300,000 and they can get worse if they want to be hostile about it. He concludes:

The IRS controls the narrative. Were not going after crypto traders, were going after people that are violating the anti-money laundering laws Its implicitly dirty, right? to be caught for money laundering.

Donnelly says his mission is to help people file what he calls a bulletproof tax return, as the penalties for simple mistakes and omissions can be so egregious, and so few tax advisors know how to help their clients when it comes to crypto.

News.Bitcoin.com also regularly publishes articles on available tax tools and software which may make the job of reporting easier for bitcoiners. Of course, when dealing with unpredictable and potentially dangerous groups like the IRS, individuals should exercise due diligence and research thoroughly before pursuing any course of action. Not surprisingly, the permissionless, peer-to-peer money designed to fight financial censorship that is bitcoin, has fast become a prime target for the very groups of middlemen, banks, politicians and other third parties it makes largely unnecessary.

What do you think of Donnellys views on crypto tax audits? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Cryptotaxaudit.com, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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How the IRS Audits Cryptocurrency Tax Returns - Filing Expert Shares Example, Insights on AML Focus - Bitcoin News

In the last three days, the cryptocurrency market has experienced a minor reversal of sorts, with more than $31 billion wiped from the total market capitalization of all cryptocurrencies in the last three days.

Much of this loss can be attributed to the recent bearish momentum seen by Bitcoin (BTC), which fell from over $10,300 on February 15 down to briefly touch below $9,500 today as more than $14 billion was wiped off its market cap. Bitcoin has since recovered slightly and currently sits at just south of $9,600.

Other major cryptocurrencies are also experiencing similar, if not greater losses. As it stands, every cryptocurrency in the top ten by market capitalization is in the red today, with Bitcoin Cash (BCH) and XRP currently performing the worst after losing between 7-8% apiece. Likewise, Ethereum (ETH) and EOS are down around 4% each.

Although it is currently unclear why the market has taken a bearish turn, recent performance issues seen by Binance may have contributed to a change in investor sentiment. Nonetheless, despite its recent losses, the global cryptocurrency market is still up by almost 14% in the last month, and almost 17% in the last three months. As such, there is still some leeway before this adverse market movement can be considered a long-term change in market dynamics.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin touches $9,500 as $31 billion wiped off cryptocurrency markets - Yahoo Finance