{"id":821487,"date":"2025-01-21T05:12:02","date_gmt":"2025-01-21T11:12:02","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/21\/digital-currency-adoption-on-the-rise-macos-malware-sparks-frenzy\/"},"modified":"2025-01-21T05:12:02","modified_gmt":"2025-01-21T11:12:02","slug":"digital-currency-adoption-on-the-rise-macos-malware-sparks-frenzy","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/21\/digital-currency-adoption-on-the-rise-macos-malware-sparks-frenzy\/","title":{"rendered":"Digital currency adoption on the rise; MacOS malware sparks frenzy"},"content":{"rendered":"
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  7. Digital currency adoption on the rise; MacOS malware sparks frenzy<\/li>\n<\/ol>\n<\/div>\n

    Adoption rates for digital currencies are at an all-time high, outperforming mobile phone and Internet adoption figures by a country mile.<\/p>\n

    According to a new BlackRock report<\/a>, global digital asset users have surpassed 300 million and show little to no signs of slowing down. The report states that the technology\u2019s meteoric rise to mainstream acceptance has outpaced the adoption rates of other emerging technologies since the turn of the century.<\/p>\n

    Available data indicates that it took mobile phones 21 years to rack up 300 million users while the Internet reached the same number in 15 years. Launched in 2009, digital currency<\/a> users surpassed 300 million in 12 years, a feat driven by a string of factors not limited to cross-border transactions.<\/p>\n

    The report highlighted several demographic patterns with digital asset adoption rates, noting that Gen Z and younger Millennials are likelier to adopt the asset class. BlackRock\u2019s analysts argue that GenX and Baby Boomers are at the lower end of the spectrum in terms of digital currency adoption<\/a>.<\/p>\n

    Macroeconomic trends have also contributed to the soaring adoption rates for digital assets, with investors pointing to inflation<\/a> and a string of financial ecosystem concerns as reasons for their popularity.<\/p>\n

    \u201cCertain trends such as inflation fears, global political division, and banking and fiscal concerns have increased bitcoin\u2019s resonance as a decentralized asset,\u201d read the report.<\/p>\n

    The growing digitization of finance<\/a> is also considered a \u201cneedle-moving\u201d trend for digital assets, underscored by traditional financial institutions turning their sights toward the asset class. A number of investment banks are testing the waters with blockchain technology for settlements, while others are leaning on stablecoins for cross-border transactions<\/a>.<\/p>\n

    By regional distribution, Asia and Africa have topped the charts for digital asset adoption levels in recent years, outperforming<\/a> North America and Europe. While speculative use cases continue to dominate utility, there is a growing trend of enterprise and institutional adoption for digital currencies and the underlying technology.<\/p>\n

    Ramping up adoption levels<\/strong><\/p>\n

    BlackRock is eyeing a \u201cgolden age\u201d for digital currency adoption, flowing from the approval <\/a>of exchange-traded funds (ETFs) in the United States and other jurisdictions. The investment giant has since rolled out the iShares BTC ETF (IBIT), designed to \u201cmake exposure to bitcoin easier.\u201d<\/p>\n

    Investors can access exposure via traditional brokerage accounts while eliminating the complex procedures of opening new accounts at digital currency exchanges. With a total market capitalization of around $3 trillion<\/a>, experts predict a spike in asset valuation in the coming years as mainstream investors flock into the ecosystem.<\/p>\n

    Apple malware causes chaos<\/strong><\/p>\n

    In other news, an Apple (NASDAQ: AAPL<\/a>) security researcher has disclosed that reports of new MacOS malware may have been overblown in recent weeks, sparking unjustified fears among device users.<\/p>\n

    DoubleYou CEO Patrick Wardle disclosed<\/a> that the new malware strain did not pose a direct threat to Apple users\u2019 digital currency wallets, noting that media hype may be behind the frenzy.<\/p>\n

    The malware, dubbed Banshee, came to the limelight last week following a detailed report by cybersecurity firm Check Point. Although Check Point\u2019s report<\/a> did not contain streaks of sensationalism and stuck to the technicals, mainstream media reporting appears to have stoked the embers of dire \u201cdangers to users.\u201d<\/p>\n

    Both Forbes and the New York Post warned users of \u201creal and present dangers\u201d associated with Banshee, adding that the malware may adversely affect nearly 100 million Apple users.<\/p>\n

    According to Check Point\u2019s original report, Banshee operates as a \u201cstealer-as-a-service\u201d malware with a focus on digital asset wallets<\/a> and browser details. While seemingly operating as a standard run-in-the-mill malware, Banshee goes on to mimic Apple\u2019s encryption algorithm.<\/p>\n

    The clever mimicry of XProtect allowed the malware to go undetected for nearly two months after a series of updates, allowing it to evade standard security tools. Banshee\u2019s primary modus operandi revolved around hostile GitHub repositories and phishing platforms.<\/p>\n

    Despite the impressive security evasion techniques employed by Banshee creators, Wardle says the malware lacked the advanced theft capabilities required to pose significant threats.<\/p>\n

    \u201cXOR is the most basic type of obfuscation,\u201d said Wardle. \u201cThe fact that Banshee used the same approach as Apple\u2019s is irrelevant.\u201d<\/p>\n

    The former National Security Agency (NSA) official argued that new macOS versions offer advanced protection from Banshee and other malware of the same mold. He argues that there is \u201cessentially no risk\u201d to Mac users, adding that misinformation by mainstream media can trigger an effect of fear.<\/p>\n

    Tightening the screws<\/strong><\/p>\n

    While digital currency scams<\/a> have reached an all-time high<\/a> in recent years, Wardle strongly advocates basic security practices rather than combating specific malware types. By adopting a fundamentalist approach, users can have a first line of defense against zero-day exploits and other dire threats.<\/p>\n

    The introduction of artificial intelligence (AI)-based systems<\/a> is also expected to stifle the operations of bad actors in the digital currency ecosystem. As security standards teeter toward their pinnacle, there are grave concerns about a hard tradeoff between usability and the protection of assets, particularly with decentralized finance<\/a> (DeFi).<\/p>\n

    Watch: Certihash Sentinel Node\u2014Improving cybersecurity with blockchain<\/p>\n