As Cryptocurrencies become more popular, so does its malware industry. Carbon Black, a cybersecurity firm has reported that the sector is now worth around $6.7 and will continue to expand.
Cases of Cryptocurrency attacks have been on the rise in recent times. This year alone, about $1.1 billion worth Cryptocurrencies have been hacked. Although the malware industry may appear small at a value of $6.7 million, it has adverse effects on the Crypto business. After an incidence of an attack on any Cryptocurrency is reported, they lose their values tremendously.
Why Cryptocurrencies Are Attractive To Hackers
Cryptocurrency has been the most important invention for scammers. The anonymous nature of the currencies allows the scammers to receive money from their victims irrespective of their location. Moreover, they reduce the contact between scammers with their victims. The Cryptocurrencies have enabled the twisting of old scams.
Cryptojacking has become a popular type of attack among scammers. This is mainly because it provides them with a constant income. They don’t have to keep attacking. The popularity of the attack has so been driven by the fact that it doesn’t need technical experience.
Accessibility Of Attack Tools
Carbon Black’s Rick McElroy laments how easy it has become for almost everyone to commit a cybercrime. Attacking software are readily available online at an average price of $224. This has made cybercrimes such as Ransomware available to many people and not just a reserve for nefarious groups.
Some of the attacking software companies provide their customers with even customer care service. Those without experience can request for tips on how to use them. This has further enhanced the popularity of the software and expansion of the malware industry.
When using these tools, experienced attackers are better than their inexperienced counterparts and have higher success rates. McElroy blames the increasing number of the attackers to countries that teach coding without offering opportunities to the students. Some scammers engage in these activities for not-so-serious reasons such as raising money for rent.
Although the activities of many petty attackers are inconsequential, they have so much time at their disposal to master the craft. Some scammers have succeeded in raising a lot of cash. The CoinCheck attack, for instance, was worth $500 million. Such success stories act as an incentive for engaging in such activities.
Bitcoin Not A Popular Payment Method Among Attackers
Although Bitcoin is the most popular Cryptocurrency, only 10% of the attacks use it. Ethereum is also not commonly used with an 11% popularity. This shows how the attackers and Cryptocurrency users are different in their use of the currencies.
Monero beats the other Cryptocurrencies when it comes to popularity among attackers. Almost 44% of all attacks are done in this currency. The Crypto has higher privacy features than the other currencies. The currency also has semi-untraceability features. Its charges are also lower than those charged by most of the other Cryptocurrencies.
The use of Cryptocurrencies in the malware industry is not restricted to the above currencies. The attackers are also embracing the other privacy coins. The Cryptocurrency malware industry is changing rapidly as indicated by the constant change of coin preferences by the attackers.