Cryptocurrency users, exchanges and investors suffered $4.5 billion in crypto-related losses resulting from thefts, hacks, and fraud, a CipherTrace report reveals. Cryptocurrency crime losses The lion’s share of those losses stem from the staggering growth of Ponzi schemes, exit scams, and misappropriation of funds crimes, the value of which rose 533 percent year over year….

Although exchanges, wallets and other cryptocurrency custody services are strengthening their defenses, attackers continue to innovate and outpace even the current state of the cybersecurity art, according to CipherTrace. Even Binance, the world’s number-one cryptocurrency exchange, lost tens of millions of crypto assets to a cyberattack perpetrated by sophisticated hackers using a lethal cocktail of…

Increasing security measures are driving cybercriminals to alter their techniques

Increased security measures and awareness are driving cybercriminals to alter their techniques in search of a better return on investment (ROI). As a result, two major shifts occured, including decreased reliance on malware and a decline in ransomware, as criminals increased their use of other cybercrime techniques with the potential for greater ROI, according to…

Is blockchain compatible with privacy?

Coming up on the tenth anniversary of Satoshi Nakamoto’s paper, do we really need yet another take on Bitcoin? Well, I think so. Today, I am going to focus on an aspect of this technology that needs more discussion — privacy. The bedrock of blockchain — that every transaction is added into the history and…

Move Over, Ransomware: Why Cybercriminals Are Shifting Their Focus to Cryptojacking

According to the 2018 IBM X-Force Threat Intelligence Index, the frequency and sophistication of malicious cryptocurrency mining, also called “cryptojacking,” has increased drastically in the past year. This mining is changing malicious actors’ priorities: While they had previously targeted companies’ data and financial assets, they are now seeking to extract value from organizations’ computing resources….

Cryptocurrency Fraud: In the Midst of a Gold Rush, Beware of Scammers

Bitcoin is the pioneer and obvious leader in the cryptocurrency market. But in 2017 alternative coins, or “altcoins,” began to transform the market. Nearly 1,500 cryptocurrencies are currently in circulation, and new altcoins emerge every week with Monero, Zcash and Ethereum among the top challengers to Bitcoin. But beware. Much like opportunists who devised various…

Man stole bitcoin by phishing individuals on the dark web

Michael Richo, a 35-year-old from Connecticut, had the brilliant idea of stealing bitcoin from people involved in illegal deals through dark web marketplaces. Perhaps he thought that he would be safe from law enforcement if he stuck to robbing potential criminals but, as it turns out, he was wrong. Richo’s modus operandi was as follows:…