Monero Has a Bearish Impact in the Current Scenario Check Software Summaries before Installing Them

By Steven Anderson November 20, 2019 Off
monero wallet

Monero (XMR) has been covering for a price range from $60 to $62.  The token recently traced a falling wedge with a lower-high pattern.  The SMA lines continue to show a negative sign. The symbol is trading with a bearish impact on the current trend.

The price of XMR is reflective of the overall sluggish trend prevalent in the cryptocurrency market.  The coin is touching upon a 50-day SMA value of $58.18.  Technical indicators are positive, and the coin is currently going through selling pressure.  The price decline of more than 5% has pushed the coin below $59.

The current news doing the rounds is about the Monero project to have been hacked to deliver for a currency stealing malware.  The malware has been delivered to those users who were downloading the wallet software.

The details of the attack came into light when one of the users stated that the “cryptographic hash for a command-line interface wallet downloaded from the site didn’t match the hash listed on the page.”

It was later found out that the mismatch was not due to an error; instead, it was an attack that was strategically planned to GetMonero users to get infected with malware.  The findings were further confirmed by site officials.

The site officials later stated, “It’s strongly recommended to anyone who downloaded the CLI wallet from this website between Monday 18th, 2:30 AM UTC and 4:30 PM UTC, to check the hashes of their binaries. If they don’t match the official ones, delete the files and download them again. Do not run the compromised binaries for any reason.”

When the malicious Linux Binary was analyzed, a few new functions were found apart from the legitimate one.  A user opened the function to create a new wallet.  The wallet seed was sent.  This is the cryptographic secret that was used to access wallet funds.  Then the malware sent the funds to the servers, which were located at the node.

This incident serves to remind users that they need to check the summaries before installing the software. While Monero has stated that they have removed the compromised files, at least one of the users reported losing funds.  The user said, “I can confirm that the malicious binary is stealing coins. Roughly 9 hours after I ran the binary, a single transaction drained the wallet of all $7000.”

So, Monero as a private digital currency stays checked on its secure, private, untraceable and fungible promise.