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ethereum

YouTube Hack

Have you ever visited or watched a video on the Website YouTube? I’m sure most of us have at some point. Last week it was discovered that hackers have used the video streaming giant to mine cryptocurrency on users computers. Just recently the company started implementing more advertisements into its videos, as it has always had advertisements before and between videos, and it seems hackers took advantage of this. How was the YouTube hack discovered? While users were watching ads on YouTube, it automatically triggered anti-virus software on some computers. This raised a big red flag for some and they automatically contacted the company.

On investigating, the company discovered the adverts contained a mining code called CoinHive. CoinHive acted as a malware attack and secretly used up to 80% of the video watcher’s central processing computer units to mine various cryptocurrencies. The primary reason for using someone else’s computer to mine is due to the fact that it takes a lot of computing power to mine cryptocurrency. The hackers were trying to steal the power from other to mine the digital currency on their behalf.

The Largest Exchange Hack in Crypto History

Once Google (NASDAQ:GOOGL), the owner of Youtube, discovered this malware the ads were blocked in less than two hours. The anti-virus company Google hired to investigate, Trend Micro, is still in the works of compiling the list of those affected but so far it shows the countries most affected are Japan, Italy, France, Spain, and Taiwan. Trend Micro discovered that Google’s new DoubleClick advertisement caused three times greater increase in the number of people using CoinHive.

As cryptocurrencies gained mainstream momentum, “crypto jacking” has become a huge issue. Back in December, we reported that a Starbucks in Argentina was found mining cryptocurrency from its customer’s laptops. The company has kept it under wraps if it was an employee who hacked into the wifi router to implement the hack or if it was an outside source. However, the threat remains evident as many individuals want to get their hands on cryptocurrency and the electricity to mine is extremely expensive.

Is this YouTube hack just another cryptocurrency hiccup or are crypto hacks becoming something of a trend? Can companies protect themselves against such an unregulated industry? What do you think? Comment in the box below.

EtherDelta Wallet Hack

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Investment Fund Moves to Capitalize on Ethereum Ecosystem

One of Canada’s largest investment funds is hoping to leverage the ethereum ecosystem through a new venture.

Ethereum Capital, a recently incorporated entity formed primarily by Canadian investment group OMERS, is raising $50 million and preparing for a reverse-takeover procedure. When the funding round is completed on Feb. 16, the company will invest the funds in both ether tokens and blockchain startups, according to a press release.

The ultimate goal, the firm said, is to become “the central business and investment hub for the ethereum ecosystem.” To that end, the company will also purchase controlling stakes in companies using ethereum-based tokens.

The company explained it would sell 2 million subscription receipts, valued at $2.50 each, in order to achieve its funding goal.

Once this goal is accomplished, each share of the company, called Ethereum Shares, will be later replaced with a share in Movit Media Corp., which will subsequently take over Ethereum Capital. The company will keep the Ethereum Capital name.

The new firm’s advisors include both traditional investors and representatives from blockchain startups. Notably, Liam Horne, a member of ethereum creator Vitalik Buterin’s L4 Ventures, will serve as an officer of Ethereum Capital’s board.

Joey Krug, a director of Ethereum Capital and co-founder of decentralized oracle startup Augur, said ethereum’s potential is largely untapped, according to a statement.

Krug said:

The Ethereum network is just beginning to demonstrate its potential, with a greater number of transactions and applications being created almost daily. I believe it has the potential to disrupt many existing industries and am excited to advise Ethereum Capital due to its position to capitalize on the most promising of these resulting companies through strategic acquisitions.