Cryptocurrencies Linked to Six Cyber Crimes

Cryptocurrencies Linked to Six Cyber Crimes

As the new and efficient cybersecurity regulations are being developed to tackle the increasing number of cybercrimes, the hackers and other cyber criminals are getting one step further. Blockchain technology has brought digital currency in the limelight. Cybercriminals are using crypto jacking method to takeover another computer user’s browser and use it to mine cryptocurrency. They have developed special software to solve math problems and they easily received a certain number of Bitcoins/cryptocurrencies. This software enables users to clone popular websites and start spam campaigning.

Cyber criminals also transact mining frauds by using botnets, collections of internet connected devices. These devices can be PCs, servers and mobiles. They can be controlled by malware. The beauty of these transactions is that the user does not get any indication about these infections.

Sudden Rise of Cryptocurrencies

Bitcoin’s popularity has brought a new breed of cybercriminals on the field. They are looking for more opportunities in the unregulated and unsecured world of digital currencies. Here, they want to target people, business houses, exchanges to make easy money. These transactions are very much private and anonymous. Nobody can find out about the owner of the wallet, even if it has seen the light. These cryptocurrencies are transferred through the cryptocurrency exchanges and they get disappeared into a network.

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Here are some of cyber-crime activities that have prompted the rise of cryptocurrencies:

1. Cryptojacking

Javascript has been used for this new cyber-crime method. It is named as Cryptojacking. As soon as a visitor opens the website, his/her computer starts to mine cryptocurrencies automatically. This process uses the processing power of the CPU and the remains unaware of it. Coinhive script makes the process easy. It mines the digital currency called Monero.

2. Ransomware

ransomware charge bitcoin money

Ransomware is a malware that encrypts all the files in the computer. A key is required to decrypt the files, and a ransom amount in the form of cryptocurrency is paid to get that key. The attacker gets disappears with the payment and it becomes just impossible to track him/her down. This malware brought many organizations as well as hospitals to standstill.

3. Ponzi Schemes

These schemes can be explained as “get rich quick” schemes. They offer guaranteed high returns on the investment made. They make people fool and take away their well-earned money. BitConnect, OneCash, DavorCoin, OneCoin are the names of some of these schemes.

4. Hackers hacks Exchanges too

Cyber criminals do not leave the cryptocurrency exchanges also. Some exchanges have cracked under pressure and had to declare insolvency, while some of them fought back valiantly to defend their funds successfully.

5. Drug and Weapon Trade

The internet has been a very useful discovery for everyone, but, cybercriminals are set to give it a bad name. Some websites have been involved in drug and weapon trade and some have gone to the extent to the sale of endangered animals and human organs. The payment method is, of course, cryptocurrency.

6. Frauds though Initial Coin Offering

ICO is a new and easy method of raising funds. It should be IPO, but, ICOs attract more investors as investors do not need to be accredited. The procedure adopted is simple. Just start to raise funds and after some time, they just shut down it and disappear with the raised amount. The investors get nothing and have no power in their hands.

Final Touch

The usage of Blockchain domains for malicious infrastructure will continue in the future also. It will gain popularity. To curb or shut the Blockchain may not be feasible.

People must try to gain as much knowledge about this field as possible before getting their hands in it. There are some websites that provide enough knowledge to the newcomer. However, keep yourself updated of the latest happenings, is also good idea.

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Vishwadeep Mathur is a technical writer with Systweak. He covers new technology. He is a lifetime learner and is an avid reader. He enjoys exploring new places and culture.

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