Cryptocurrencies, which are generally considered to be of interest to computer experts or people who want to make quick money, have become a popular payment method. The latest report by Kaspersky Lab showed that one in ten (13%) people buy something with cryptocurrency. However, cybercriminals targeting cryptocurrency exchanges and repurposing old threats to attack investors are also following this trend. As cybercriminals use sophisticated methods to access these funds, people risk losing their savings stored in this unprotected technology.
The number of businesses that accept payments with cryptocurrencies is increasing day by day. Various retail stores and restaurants have also started to receive payments in this way. As prices continue to drop, even some leading sports clubs are choosing to cooperate with cryptocurrency exchanges. People’s interest in using cryptocurrencies for investment and spending increases the risk of them being stolen from cryptocurrency wallets, unsecured exchanges and ICOs. There were also high-profile cases where a total of $530 million worth of digital currency was stolen.
Threat groups can use a variety of methods to steal money from cryptocurrency wallets, cryptocurrency exchanges and ICOs. High-profile cases, such as the theft of 120,000 bitcoins from segregated client wallets at Bitfinex four and a half years ago, and the loss of $530 million in the attack on Coinhack in 2018, demonstrate the distrust of these trading centers and how easily cybercriminals can access them and cause irreparable damage. . When all the money in a cryptocurrency trading center is stolen, the center shuts down completely and investors get nothing.
ICOs are also particularly risky because those who set them up often have no cybersecurity background or experience. It is not possible for them to protect the funds and intervene effectively when an incident occurs. The cryptocurrency market is still not regulated and no risk assessment is done.
Vitaly Mzokov, Head of the Verification Division of Kaspersky Lab Development Center, said, “Even though cryptocurrency prices have fallen, consumers are showing great interest in digital transactions. In our research, we found that a surprising 13% of people use cryptocurrencies as a payment method. However, since these online transactions are not mature yet, they also carry some great dangers.
Consumers can face devastating financial consequences if funds are not secured. Attacks by threat groups are getting more and more sophisticated. Cryptocurrency exchanges and ICOs, the main target, do not take cybersecurity measures, making it easy for cybercriminals to steal money. There is no substitute for caution. If something looks suspicious, don’t invest in it.” said.
Those who invest in cryptocurrencies but do not store money in cryptocurrency trading centers for security reasons may encounter the following difficulties and inconveniences:
Kaspersky Lab recommends the following for those who want to continue using cryptocurrencies for investment and payment:
Kaspersky Lab is actively working to secure the future of cryptocurrencies and ICOs. The company had conducted a cybersecurity audit to make sure Merkeleon, an Austria-based provider of cryptocurrency trading software, was protected from potential threats.
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