This article originally appeared on Bitcoin Magazine.

The Pirate Bay (TPB) has resumed its cryptojacking activities. The P2P file-sharing platform launched another browser script that hijacks unused CPU power of site users to mine cryptocurrency. TPB launched a similar browser script in September 2017 but discontinued it after vociferous protests from site users.

TPB is Running the Crypto Loot Web Miner

According to reports, the platform is running the web miner script called crypto loot. In a post on the TPB forum from June 2018, a user on the platform first reported the presence of the mining script on the TBP platform.

TPB appears to have set a new throttle value of 0.9 (90 percent throttle) for this latest coin mining script. Some users are reporting significant CPU utilization leading to overheating of their computers while browsing the site. When TPB tried to mine coins on its users’ computers last year, the script was throttled between 60 to 80 percent.

One possible explanation for the increased utilization of users’ CPU might be TBP’s need for increased revenue. These days, people tend to enable adblockers on the browsers. Thus, revenue from banner ads has declined significantly. Besides, P2P file sharing sites aren’t exactly cash cows for mainstream online advertising.

Platform Moderator Doesn’t Think it’s a Significant Issue

As expected, the development hasn’t gone down well with some site users. Many of them take exception to the fact that there isn’t an option to opt-out of their computing resources being forcefully used to mine cryptocurrency. Others decry the fact that the website administrators did not announce the fact that they had resumed running a web miner.

One of the super moderators of the TPB online forum, Sid, expressed disappointment at the development. Sid, however, opined that it wasn’t much of a problem, saying:

[Sic] Yeah, yeah, whatever. The time it takes to download a torrent is completely and utterly irrelevant. All you require from TPB is a magnet link. Open the site. Find a torrent. Click the magnet link. Close the site. End of miner. If you are ever on TPB for more than 5 minutes or so you’re doing it wrong. And if you’re ever on TPB without an ad blocker you’re doing it doubly wrong.

The Scourge of Cryptojacking

Cryptojacking isn’t exclusive to P2P file-sharing sites. In fact, the practice has surpassed virtual currency-based ransomware as the preferred attack mode of cryptocurrency hackers. At the center of the cryptojacking universe is Coinhive and the script it provides that enables people to commandeer the CPU of others to mine cryptocurrency.

There are hundreds of thousands of infected websites and users have to take precautions to safeguard their computers. So far, the practical means of protection include browser extensions like NoScript or ScriptBlock.

What do you think about The Pirate Bay resuming its cryptojacking activities? Keep the conversation going in the comment section below.

Images courtesy of Pirates-forum.org, Shutterstock

The post The Pirate Bay Resumes Cryptojacking But Should it Even be an Issue? appeared first on Bitcoinist.com.

Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations.

Also read: Azerbaijan to Tax Crypto Incomes and Profits

The Internal Revenue Service Is on the Hunt for People Who Used Bitcoin to Evade Taxes

The J5 include the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Dutch Fiscale Inlichtingen- en Opsporingsdienst (FIOD), the British HM Revenue and Customs (HMRC), and the American Internal Revenue Service Criminal Investigation (IRS-CI).

“We are convinced that offshore structures and financial instruments, where used to commit tax crime and money laundering, are detrimental to the economic, fiscal, and social interests of our countries,” the IRS posted in a statement on their homepage. “We will work together to investigate those who enable transnational tax crime and money laundering and those who benefit from it. We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology,” they added.

The group met for the first time last week and developed new plans to identify and pursue cybercriminals and those who enable transnational tax crimes, and who enable and assist money laundering. Further updates on J5 initiatives will be announced in late 2018.

Bitcoin has presented millions of individuals around the world with a unique opportunity to generate a massive amount of revenue through intelligent investing.

The IRS determined that Bitcoin would be treated as property, with losses or gains treated as either capital loss or capital gains for taxation purposes. The IRS reportedly revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns.

What do you think about the IRS joining 5 nations to crack Bitcoin tax evasion? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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The post Five Nations Join Efforts to Punish Transnational Bitcoin Tax Crime appeared first on Bitcoin News.

When it’s time to blow some of your crypto-profits on a new toy, the possibilities are seemingly endless. But for those more interested in old toys the choice has perhaps been a bit more limited. Until now that is. Ford Mustang rebuilder Classic Recreations has started accepting payments in cryptocurrency.

(War Of) The World(s)

The company, based in Oklahoma, claims to be the first custom car builder to accept cryptocurrency as payment. And this isn’t just a token, ‘Oh. I’ve heard about this thing called Bitcoin. Why don’t we jump on that bandwagon.’ acceptance.

Classic Recreations accepts payments in Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Docademic – but specify that they are not limiting payments to these currencies, so if you rock up with a bucket-load of some other altcoin, then I’d imagine they’ll still be willing to do business.

Owner Jason Engels sees this as an opportunity to expand the customer base and “connect with consumers from anywhere in the world.” He adds:

Cryptocurrencies have come a long way and continue to solidify themselves as a legitimate currency on the global market.

Back to the Future (II)

Classic Recreations specializes in restoring and enhancing vintage Mustangs. Ford has also licensed them to build brand new versions of certain Mustang models, which are hard to acquire original versions of. The company refers to these models as ‘continuation models’ rather than replicas.

You could almost say that Classic Recreations are bringing these restored and recreated models from the past, right back to the future.

Gone in Sixty Seconds

These cars don’t have prices, but the ‘investments’ start at $149,000 for the cheapest model – a rebuilt and updated Shelby GT 350CR. That’s cheaper than a brand new entry-level Lambo.

The top of the range version of the Shelby G.T.500, the 900CR, starts from $249,000, so your money will likely still be completely gone in sixty seconds.

Bullitt

If only that Steve McQueen film had been called “Bullish” I’d have been able to finish on a great pun. Something referring to the fact that classic cars, even replicas (or continuations), are also a great investment vehicle [ahem]. So if you aren’t feeling that ‘bullish’ about crypto then perhaps this could be the way to go.

If only.

What do you think of Classic Recreations? Would you buy a vehicle with cryptocurrency? Which crypto would you use? Let us know in the comments below.

Images courtesy of Shutterstock, Classic Recreations

The post Classic Cars for Cryptocurrency – Mustang Madness appeared first on Bitcoinist.com.

A recent internet security report from an independent cybersecurity firm has highlighted the growing threat of crypto-mining malware. Its findings highlight that in the first quarter of 2018 almost all common Linux downloader malware variants recorded were designed to deliver a cryptocurrency miner on Linux devices.

Malicious Cryptocurrency Mining on the Rise

According to the latest report from WatchGuard Technologies, the threat of malicious cryptocurrency miners is increasing and may emerge as a leading form of malware attack in the near future. This form of attack is expected to be in the top 10 list of cyber threats by the end of the year.

According to WatchGuard Technologies CTO Corey Nachreiner:

Though we only publish this report at the end of each quarter, our Threat Lab team looks at our malware results daily. During early Q2, our daily data shows various ‘Coinminers’ continually appearing on our top 25 list. While it’s too early to say if they will break the top 10 for Q2, we expect them to continue to grow in popularity over the next few quarters.

The report notes the detection of 98.8% of malware that uses a script which downloads and runs a Linux-based crypto miner. It also offers insight into the nature of crypto-miner attacks, called cryptojacking, giving detail on how a script forces Linux devices to download and run a Monero miner which ends up eating up the device’s processing power.

The report based its findings on threat intelligence gathered from a network of nearly 40,000 active threat management appliances deployed around the world.

Protect Yourself – Even If You Are on Linux

Cryptojacking has been repeatedly cited as a growing cause of concern in the cybersecurity space, something often attributed to the latent reward tied to this form of cyber attacks.

Widespread cases like the recent Drupalgeddon 2  – an attack on sites running the Drupal content management system – and the 8,500 percent increase in cryptojacking noted in 2017 have differentiated it as a major area of focus for people and entities managing cybersecurity risks.

All internet users have to take some form of preventive measures, including devotees of the Linux operating system which has a firmer reputation than operating systems like Windows when it comes to cybersecurity.

WatchGuard recommends that everyone consider installing an anti-mining browser extension like No Coin, just to be safe.

Have you been a victim of crypto-mining malware on Linux? What security measures have you put in place? Let us know in the comments below.

Images Courtesy of AdobeStock, Shutterstock

The post New Cybersecurity Report Notes Rising Cases of Cryptojacking Attacks on Linux Devices appeared first on Bitcoinist.com.