100,000 cryptocurrency thefts have been blocked since the beginning of the year by Kaspersky

    2018/07/11 15:53 Joey huang Created with Sketch.

Kaspersky Lab, a Russian anti-virus software and cyber security provider, analyzed the main patterns and trends of cryptocurrency attacks in a report released yesterday. The company said that since the beginning of the year, they have successfully blocked more than 100,000 cryptocurrency thefts, helping users stay away from fake cryptocurrency wallets and exchanges.


The cybersecurity company pointed out that cybercriminals have taken advantage of the enthusiasm of the cryptocurrency market. Both experienced traders and novice traders have become targets for cybercriminals. Kaspersky Lab experts tracked 1,000 Ethereum wallets, the study found that holders of these wallets lost more than 21,000 Ethereum ($10 million) due to fraudulent activity. This figure does not include funds that criminals directly stole from victims’ wallets.

ICO investors have always been one of the primary goals of cryptocurrency criminals. Kaspersky said that obtaining data like the email addresses of potential investors of these projects is easy for cybercriminals. Once they have access to this information, they can pretend to be a startup team and send fraudulent emails to investors before the ICO begins. Usually these emails tell the victim the details of the token sale and let them transfer the currency to the criminal's address. This method is a type of phishing attack.

Another method of phishing attacks is to create fake ICO project websites and promote relevant information in social media, email, and search engines like Google.

Not only that, criminals sometimes mislead victims. They promise high returns or allow them to exchange coins for free currency. The most common approach is to deceive investors by registering fake celebrity accounts on social media platforms. Elon Musk (SpaceX and Tesla CEO) and Pavel Durov (Telegram founder) have previously been taken advantage of.

The fraud methods mentioned by Kaspersky Lab in the report are basically carried out through simple and old-fashioned social engineering. The success of cybercriminals depends on their ingenious use of "humanity."

In March of this year, Kaspersky also issued a warning that hackers are deploying more sophisticated tools that cause computers to "infect" malware and use it for cryptocurrency mining.

    Adapted from: CoinTime Author: Nino Executive editor: Nino
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