Cryptocurrencies security is a growing problem

Security experts have said that unfortunately this year there will be an increase in fraud targeting the cryptocurrencies, in addition to the use of other cryptocurrencies with more privacy as the first transition currency, by cybercriminals. Likewise, cryptojacking practices will become widespread, either through DDoS attacks or ransomware. And the operators of the latter will consolidate and use advanced exploits to attack victims.

Financial cyberthreats are increasingly dangerous as they affect the economic well-being of victims, whether they are individuals or organizations. The drastic changes in 2020 have inevitably affected the way financial cybercriminals operate. Although not all tactics, techniques and procedures have been influenced by the change in our current work and life habits, we cannot underestimate its impact.

Special technical capabilities to monitor, de-anonymize and seize Bitcoin accounts will cause a change in the methods used by many cybercriminals to demand payment. It is likely that other more private coins, such as Monero, will be used as the first transitional currency, with the funds later being converted into other cryptocurrencies, including Bitcoin, to cover the tracks of criminals.

What types of attacks on Cryptocurrencies we have

▸Theft at bitcoin ATM

One way to steal bitcoins is by BTC ATMs, which in addition to allowing you to extract fiat money allow you to buy and sell cryptocurrencies. So someone could “use the machines to sell bitcoins and, after receiving the cash payment, cancel the sale.” Although this sounds “too obvious to work”, in Canada it happened that US $ 200,000 was taken from 45 ATMs in a short period of time.

▸Theft of wallet keys

A danger for our cryptocurrencies is in the security of our wallets due to their keys, which are usually made up of a phrase with twelve simple words.

▸Hacks to exchanges

In the exchanges, hackers target the cryptocurrencies they have stored and not their fiat money because the latter is risky, since to escape with the funds they would have to collect them quickly before the bank can freeze the accounts

Also check:
Implement security measures for your Bitcoins wallet
The Dangers of Cryptojacking and how it affects users

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