$1.1 Billion in Cryptocurrency Theft Since December 2017

According to many experts in the cybersecurity field and to statistics as well, Bitcoin is no longer be the most preferable cryptocurrency used by cybercriminals in their operations. Bitcoin’s high profile and lack of complete anonymity has made cybercriminals turn to other alternatives, known as altcoins. As a result, many things in the crypto / cybercrime world have been changing steadily.

One of the biggest changes is that cybercrime groups have been seeking payment methods in more stable cryptocurrencies. According to Carbon Black, “although bitcoin is still the lead cryptocurrency for legitimate cyber transactions, cybercriminals are moving to alternative and more profitable currencies, such as monero, which is used in 44 percent of all attacks”.

Carbon Black’s research revealed that cybercriminals are “shying away” from Bitcoin when conducting illegal activities or receiving payments. As to why this shift is happening – associated fees are too high, transactions take too long to process and criminals fear losing their ill-gotten gains, the research team pointed out. As we have written several times already, Monero is one of the most preferable cryptocurrency in cybercrime for two reasons – it is impossible to trace and it offers low transaction fees.

Among the other cryptocurrencies that malicious actors prefer are Litecoin, Dash, Bitcoin Cash, Ethereum and Zcash, according to threat intelligence company Recorded Future.

$1.1 Billion in Cryptocurrency-Related Thefts

Statistics reveal that there is at least $1.1 billion in crypto-related theft since December 2017, stolen via malware, phishing attacks and malvertising. Primary target for cybercriminals, however, are cryptocurrency exchanges. Successful heists on exchanges may lead to the theft of hundreds if not millions of dollars.

The threats hanging over cryptocurrency exchanges vary. There have been DDoS attacks on exchanges such as Bitfinex. (Read more...)

*** This is a Security Bloggers Network syndicated blog from How to, Technology and PC Security Forum authored by Milena Dimitrova. Read the original post at: https://sensorstechforum.com/1-1-billion-dollars-cryptocurrency-theft/