Bitcoin Cyberattacks Surged 200% Throughout 2020 Bull Run: Report

Bitcoin Cyberattacks Surged 200% During 2020 Bull Run: Report

In short

  • The quantity of Bitcoin cyber-attacks has surged by nearly 200% over the previous eight months.
  • Spear-phishing, extortion and Bitcoin pockets impersonations are among the many most favored techniques utilized by hackers.

The quantity of Bitcoin-related cyberattacks has surged nearly 200% over the previous eight months, because the introduction of the latest crypto bull run.

In accordance with a report by safety agency Barracuda Networks, the amount of Bitcoin-related phishing impersonations and enterprise electronic mail compromise assaults surged by as a lot as 192% between October 2020 and Could 2021.

The analysts say that the surge in cyberattacks intently correlates with the value of Bitcoin, which elevated by nearly 400% throughout the identical time interval because the latest crypto bull run kicked off.

The bull run happened towards a backdrop of institutional investor curiosity in Bitcoin, with corporations together with MicroStrategy and Tesla asserting that they might add Bitcoin to their company treasuries. With Bitcoin within the headlines, retail curiosity surged—as did cyber assaults focusing on traders’ Bitcoin stashes.

Picture: Barracuda

In accordance with Fleming Shi, CTO for Barracuda Networks, beforehand attackers largely impersonated monetary establishments, focusing on customers’ banking credentials. In latest months, they’ve modified their strategies, utilizing comparable techniques to steal precious Bitcoin.

The analysts say that one of many hackers’ favourite techniques is to impersonate Bitcoin wallets or different crypto-related apps with pretend safety alerts to steal login credentials.

Different go-to methods for cybercriminals are spear-phishing–a way of focusing on particular people inside a company that seems to be from a trusted supply–in addition to extortion assaults, the place attackers declare to be in possession of a compromising video or info. They threaten to make this info public if the sufferer doesn’t pay a ransom in Bitcoin.

A method for corporations to withstand such threats, based on Barracuda, is “to coach customers and staff to acknowledge the newest techniques utilized by hackers,” in addition to to again up their information and insure themselves towards the surging quantity of ransomware assaults.

The report follows a lot of latest high-profile ransomware assaults, together with these towards gasoline pipeline agency Colonial Pipeline and the meat processing firm JBS.

Within the wake of those incidents, the US Division of Justice introduced that ransomware can be prioritized alongside the identical strains as terrorism.

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