Between October 2020 and May 2021, cyber attacks aimed at stealing bitcoin grew by 192%, according to cybersecurity firm Barracuda Networks.
Analysts at Barracuda Networks reported that the most common attacks were phishing and extortion of cryptocurrencies, as well as the emergence of fake trading applications. Often times, scammers send e-mails to victims claiming to be from well-known companies, impersonating their employees.
From October 2020 to May 2021, the number of cryptocurrency scams using these tactics increased by 192%. According to Fleming Shi, CTO of Barracuda Networks, cybercriminals previously impersonated financial institutions in order to obtain user banking data. In recent months, they have begun to use similar actions to steal bitcoin.
Such a surge in fraud in the cryptocurrency industry is closely related to the rise in the bitcoin rate, which has grown by almost 400% over the specified period. The bull market began amid institutional investor interest in bitcoin, when MicroStrategy began investing in bitcoin and continues to do so to this day, despite the correction. Along with the growing interest in bitcoin and cryptocurrency trading, attackers also began to actively “wield” in this industry.
Barracuda urged users to be careful not to click on suspicious links. In addition, it makes sense to back up your data, which can also help protect cryptoassets from hackers.
The Barracuda Networks report follows a high-profile ransomware attack on the Colonial Pipeline operator of the US fuel system. The hacker attack caused it to malfunction, which led to a shortage of fuel. The company was forced to pay hackers $ 5 million in hard-to-trace cryptocurrency.
The US Congress fears that the company’s decision to pay the ransom to criminals has set a precedent that will further “untie the hands” of hackers. In the future, they may target more critical infrastructures. Following a number of other similar incidents, the US Department of Justice announced that investigating cyberattacks will be given the same priority as terrorism.
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