Cashing in on crypto
Cybercriminals are rubbing their hands over the possibilities of making money on booming cryptocurrencies platforms, warns Digital Shadows in its new The Gold Rush report.
“Essentially, with more cryptocurrencies in circulation, and with more users adopting them, the opportunities for cybercriminal activity increase,” the study says. “The growing interest in cryptocurrencies means that account takeovers, mining fraud, and initial coin offering scams are all opportunities for cybercriminals to profit.”
Criminals are already mining their own businesses. Bitcoin has become so energy intensive to mine that malicious actors have turned to stealing computing power to mine their own currencies. One popular method for mining cryptocurrencies is cryptojacking, with attackers secretly use mobile devices to mine currencies.
As in the California Gold Rush when criminals counterfeited the precious metal, cybercriminals are also taking advantage of the interest in new and emerging cryptocurrencies by creating their own fictitious coins and performing exit scams.
Image: Digital Shadows