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Why the PewDiePie Printer Hack is a Warning for Crypto Investors

Why the pewdiepie printer hack is a warning for crypto investors

Why the PewDiePie Printer Hack is a Warning for Crypto Investors


Pewdiepie printer hack crypto bitcoin
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A few days ago, a bored hacker known as TheHackerGiraffe achieved widespread notoriety for exploiting vulnerabilities in security protocols for internet-connected devices and thus hacking into 50,000 exposed printers as part of the “Save PewDiePie” campaign. At a time when PewDiePie — the world’s most famous YouTube channel with more than 19 billion views over five years — is set to be upstaged by Indian music production channel T-series, the lessons learned from the hack could have major implications beyond the world of casual hacking and gamer culture.

In a Twitter thread, TheHackerGiraffe explained that while looking at ways to canvass support for PewDiePie (without the streamer’s knowledge or permission), he decided to carry out a guerilla printing campaign using vulnerable internet-connected printers. What happened next could potentially hold great significance both for internet user habits and for cryptocurrency holders and investors.

Hacking Printers Using Shodan

According to the hacker, he decided to search for vulnerable printers on Shodan, a search engine built specifically to find internet-connected devices. This search, to his amazement, turned up 800,000 results. Taking a sample of 50,000 printers from the list running on a specific port, what he did next was locate a tool that would allow him to connect with printers on that port and print. He found one such tool called PRET, and in the thread, he described his shock at discovering what PRET would allow him do.

He said:

“PRET had the scariest of features. Ability to access files, damage the printer, access the internal network; things that could really cause damage. So I had to do this, to at least help organisations and people that can protect themselves.”

The result was that with less than 30 minutes of relatively low-level hacking, he was able to commandeer 50,000 printers and use them to print a message in support of PewDiePie.

Implications for Crypto Holders

The major takeaway from the incident from a cryptocurrency security standpoint is that printing bitcoin wallet recovery seeds from a networked printer may be an incredibly risky activity. Though not the case in this specific incident, the process of hacking an internet-connected printer could involve stealing files stored on the printer’s internal memory, which may include past or pending print jobs. Theoretically, this could give a hacker access to a user’s bitcoin wallet if the recovery seed print file was present on the device’s memory.

It also reinforces the importance of good security practices when dealing with digital copies of paper wallets. Such copies should ideally not be saved on networked devices including printers, mobile phones, and computers because that potentially exposes them to hackers. In the event that paper wallets are printed, this should ideally be done on a non-networked printer which preferably has never been connected to a network previously and does not retain copies of print jobs on its internal memory.

Featured Image from Wikimedia Commons

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Published at Wed, 05 Dec 2018 00:21:42 +0000

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Litecoin Has Outperformed Bitcoin in 2017, 8,000% Increase in Price

Litecoin has outperformed bitcoin in 2017, demonstrating a staggering 8,000 percent increase in price. While it still remains as the fifth largest cryptocurrency behind bitcoin Cash and Ripple, it has solidified itself as a leading digital currency.

Since January 1, the price of Litecoin has surged from $3.63 to $302, as its market cap increased from below $177 million to $16.4 billion. The market valuation of Litecoin is currently larger than that of bitcoin in the beginning of 2017.

Potential Factors Behind Rally

Over the past 12 months, the bitcoin dominance index has decreased from above 80 percent to 56 percent. Several analysts have attributed the decrease in the bitcoin dominance index to the migration of users from bitcoin to alternative cryptocurrencies (altcoins) such as Litecoin and Ethereum that have significantly lower transaction fees than bitcoin.

At the time of reporting, the median transaction fee of Litecoin is around $0.065, while Ethereum’s remain above $0.5. Due the high transaction fees of bitcoin, many users have started to utilize Litecoin to process cheaper and small transactions.

bitcoin Fees, a bitcoin transaction fee prediction platform developed by Earn.com (formerly 21 Inc) show that the fastest and cheapest transaction fee is 430 satoshis per byte, or 97,180 satoshis for median-size transaction. That is, a recommended fee of around $18.

When the size of the bitcoin mempool is below 50 million bytes or is relatively low, transactions can still be confirmed by miners with lower fees. But, when the size of the bitcoin mempool is larger than a hundred million bytes, without high fees, it is difficult to have transactions confirmed within 24 hours.

More users have begun to utilize Litecoin and other alternatives like Ethereum to process small transactions with cheaper fees, while relying on bitcoin as a robust store of value and safe haven asset.

Still, Litecoin creator and former Coinbase director of engineering Charlie Lee emphasized that it could take at least five years for general consumers to utilize bitcoin and litecoin in the real world.

“I think we’re still maybe five years away before people actually start using bitcoin and litecoin in real world use as a currency,” said Lee.

Where Does Litecoin Price Go in 2018

In consideration of the recent surge in the price of litecoin, Lee stated that he would be satisfied if the litecoin price stays in the $300 region by the end of 2018. That is a rather conservative prediction from Lee, as litecoin has increased by more than 83-fold year-to-date.

“I would be happy if litecoin stays at around $300 by the end of next year. It’s still very surprising how much it has grown this year. I never like to speculate on prices because I’m always wrong. If I tell you it’s going to go up and it doesn’t, you’ll be upset,” said Lee.

If more users continue to utilize litecoin for cheaper transactions and small payments, the user base and market valuation of litecoin will likely increase at a rapid rate throughout 2018.

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