• Latest
  • Trending
As Bitcoin price surged, it fueled rise cyberattacks, researchers say

As Bitcoin price surged, it fueled rise cyberattacks, researchers say

July 3, 2021
Bitcoin Price Today Rises Near $48,000; Ether, Cardano Slightly Up, Know Crypto Rates

Bitcoin Price Today Rises Near $48,000; Ether, Cardano Slightly Up, Know Crypto Rates

January 5, 2022
BitYard Integrates 80+ Chainlink Price Feeds for Enhanced Price Accuracy and Stability – Press release Bitcoin News

BitYard Integrates 80+ Chainlink Price Feeds for Enhanced Price Accuracy and Stability – Press release Bitcoin News

December 20, 2021
Here’s what global CEO’s think about cryptocurrency

Millennial millionaires plan to make more cryptocurrency investments in 2022: Survey

December 20, 2021
Tesla Motors, Inc. (NASDAQ:TSLA), Dogecoin – United States Dollar (CRYPTO:$DOGE) – Elon Musk Says This Is How Much He Would Pay In Taxes This Year

Tesla Motors, Inc. (NASDAQ:TSLA), Dogecoin – United States Dollar (CRYPTO:$DOGE) – Elon Musk Says This Is How Much He Would Pay In Taxes This Year

December 20, 2021
Former Argentina President Calls Ethereum Most Innovative Technology

Former Argentina President Calls Ethereum Most Innovative Technology

December 20, 2021
DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

December 20, 2021
Need to Explain #Litecoin at #Thanksgiving? – Latest Tweet by Litecoin

@LinkSemper – Latest Tweet by Litecoin

December 20, 2021
BREAKOUT COMNG SOON! – RIPPLE XRP PRICE PREDICTION! – RIPPLE XRP 2021 – RIPPLE ANALYSIS

BREAKOUT COMNG SOON! – RIPPLE XRP PRICE PREDICTION! – RIPPLE XRP 2021 – RIPPLE ANALYSIS

December 20, 2021
An LTC Move Back to $150 Should Support ETH and XRP

An LTC Move Back to $150 Should Support ETH and XRP

December 20, 2021
Avalanche eyes 60% rally as AVAX price breaks out of bull flag

Avalanche eyes 60% rally as AVAX price breaks out of bull flag

December 20, 2021
Travel Co Travala.com Accepts Bitcoin Payments

Travel Co Travala.com Accepts Bitcoin Payments

December 20, 2021
Puerto Rico plans to combat corruption with blockchain

Puerto Rico plans to combat corruption with blockchain

December 20, 2021
Whales Control 94% of All ADA Supply | Only 10% of Wealthiest Cardano Addresses

Whales Control 94% of All ADA Supply | Only 10% of Wealthiest Cardano Addresses

December 20, 2021
Breaking down Resistance at $48,500 Remains Key for the Bitcoin (BTC) Bulls

Breaking down Resistance at $48,500 Remains Key for the Bitcoin (BTC) Bulls

December 20, 2021
City employees could see cryptocurrency payroll conversion options next year, first in nation

City employees could see cryptocurrency payroll conversion options next year, first in nation

December 20, 2021
Thursday, June 30, 2022
The Crypto Dirt
  • Home
  • Cryptocurrency
  • Blockchain
  • DeFi
  • NFT
  • Bitcoin
  • Ethereum
  • Altcoins
    • Cardano
    • XRP
    • Litecoin
    • Chainlink
  • Shit Coins
    • Dogecoin
  • Exchanges
No Result
View All Result
No Result
View All Result

As Bitcoin price surged, it fueled rise cyberattacks, researchers say

by TheCryptoDirt.com
July 3, 2021
in Bitcoin
0

[ad_1]

Michael Saylor and Defiance ETF CIO Sylvia Jablonski focus on the crypto house on ‘Making Cash with Charles Payne’

The fast rise within the value of Bitcoin is a driving power behind an increase in cybercrime, based on new analysis.

YOU MAY ALSO LIKE

Travel Co Travala.com Accepts Bitcoin Payments

Celebrities that rode the crypto wave in 2021

As the worth of Bitcoin surged nearly 400% between October 2020 and Could 2021, the variety of cyberattacks rose 192%, based on Barracuda Networks, which gives services and products that shield towards malicious software program assaults.

Cryptocurrency has lengthy been a favourite for cybercriminals. And Bitcoin traditionally is the go-to forex. 

Colonial Pipeline, which operates a crucial pipeline for refined oil merchandise, paid ransomware extortionists roughly 75 Bitcoin, or about $4.4 million on the time of the transaction, to recuperate stolen knowledge – although nearly all of that ransom was later recovered by the Justice Department.

The fast rise within the value of Bitcoin is a driving power behind an increase in cybercrime, based on new analysis.

MUSK GIVES DOGECOIN PRICE BOOST WITH LATEST GODFATHER-INSPIRED TWEET

And a serious meat provider, JBS, mentioned that it paid $11 million in Bitcoin to hackers on account of a ransomware assault.

The rise in cyberattacks cited by Barracuda analysis concerned fraudulent e mail or “impersonation,” which has at all times been an efficient instrument for hackers.

“As a substitute of impersonating common banks, hackers at the moment are impersonating digital wallets and crypto-related apps with pretend safety alerts to steal login credentials,” Barracuda mentioned in a press release. 

“Cryptocurrency appears to be an ideal forex for prison exercise — it’s unregulated, troublesome to hint, and rising in worth. All of this offered criminals with further motivation to assault,” based on Barracuda.

One other development taking part in into criminals’ fingers is work at home.

“Extra knowledge is now created and saved in collaboration apps, and extra info is uncovered, creating extra targets and potential worth for criminals,” Barracuda mentioned.

And nowadays you don’t must be a pc genius to launch a ransomware assault. Ransomware-as-a-service – which lets you basically rent somebody to hold out an assault for you — is a red-hot enterprise on the darkish internet.

FEDS ACCELERATING CRYPTO WORLD CRACKDOWN

“In 2019 ransom calls for ranged from a number of thousand {dollars} to $2 million on the high finish. By mid-2021 most calls for had been within the hundreds of thousands, with a major quantity over $20 million,” based on Barracuda.

However Bitcoin is not the one recreation on the town. Criminals are turning to different cryptocurrencies too as gangs are uncovered via their use of Bitcoin, based on Digital Shadows. The latest instance of this being the seizure of $2.3 million in Bitcoin by the Justice Division from the Darkside ransomware group. 

“Bitcoin has typically been mislabelled as an nameless digital forex, however the actuality could be very a lot the alternative,” Digital Shadows mentioned in a weblog publish. 

Cryptocurrency has lengthy been a favourite for cybercriminals. And Bitcoin traditionally is the go-to forex.  (Reuters)

“Anonymity has by no means been a attribute of the forex or the blockchain it’s constructed on,” the publish continues. “The forex’s public ledger data each single transaction broadcasted throughout the community, ensuing within the skill to hint all cash from their originating supply to their closing vacation spot.”

As an example, the REvil ransomware group in 2020 declared they had been switching fee operations away from Bitcoin and Ethereum in favor of Monero, Digital Shadows mentioned.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

“Given the elevated crackdown of Bitcoin by police authorities, we must always anticipate that cybercriminals will flip to different sorts of cryptocurrencies as they request for extra ransomware funds,” Barracuda’s CEO, BJ Jenkins, advised FOX Enterprise.

“One instance of such cryptocurrency is Monero, which is more durable to hint with stronger privateness and anonymity by design. Nonetheless, at this level, it’s nonetheless an obscure cryptocurrency in comparison with Bitcoin by buying and selling quantity and availability, so within the quick time period, it’s doubtless going to be a fee choice as a substitute of substitute for Bitcoin,” Jenkins mentioned.

[ad_2]

Source link

Tags: BitcoincyberattacksfueledpriceresearchersRiseSurged
ShareTweetShare

Search

No Result
View All Result
  • Privacy & Policy
  • About Us

© 2021 The Crypto Dirt  

No Result
View All Result
  • About Us
  • About Us
  • Attribution
  • Contact
  • Contact Us
  • Exchanges
  • Home
  • NFT
  • Privacy & Policy
  • Shit Coins

© 2021 The Crypto Dirt