Cryptocurrency threats have followed prices, dropping dramatically after the market crash in May, suggests a recent report released by a major internet security firm. Detections have fallen by almost a quarter, but Russia remains the worst affected country, with the United States also ranking in the top three.
ESET: 1 in 10 crypto threats detected in Russia
Software threats in the crypto space, especially mining malware, are quite dependent on how the cryptocurrency market evolves, cybersecurity firm ESET concluded in its Threat Report Q2 2021. However, the decline in the ‘Cybercrime activity around cryptocurrencies’ doesn’t mean it’s all quiet,’ note the study’s authors, covering the second third of the year, and add:
Cryptocurrency investment scams, in which crooks lure their unsuspecting victims to bogus investment websites or posing as government authorities and even celebrities, are more popular than ever.
Victims have lost at least $ 80 million to this type of scam in just a few months since October 2020, the U.S. Federal Trade Commission said in May. Meanwhile, a single crypto Ponzi scheme in Russia, Finiko, has received more than half of the $ 800 million in crypto funds sent from Eastern Europe to fraudulent addresses, the analyst firm has revealed. blockchain Chainalysis in a preview of its latest cryptocurrency geography report.
Nonetheless, ESET’s detections of all crypto-related threats in Q2, 2021 fell 23.6%. At the same time, some countries remain deeply affected by the phenomenon. In particular, the Russian Federation continues to lead the rankings, accounting for 10% of all cases. Russia is followed by Peru with 6.8%, while the United States ranks third with 5.3%, the report said.
âOver the past few months, we have seen that while cryptominer detection rates fluctuate with cryptocurrency prices, cryptostealer detections do not appear to be affected by the same factors,â said JiÅÃ KropÃ¡Ä, head of laboratories. threat detection department at ESET, based in Slovakia. Cryptominers, like prices, are influenced by government regulations and major investments in specific coins, he explained.
Cryptovolvers, however, are not so dependent on the volatile market, KropÃ¡Ä added. “There is no reason for cybercriminals to abandon them if a coin loses value, because they represent a reliable tool, generating profits as well as opportunities for blackmail,” said the chief executive of ESET.
The European cybersecurity firm also said it continues to monitor cryptojacking domains during the reporting period. “By the very nature of this business – running cryptomining software in the background of compromised websites – the most visited cryptojacking domains remain portals with adult content, free streaming websites, torrent sites. and forums, âESET said.
Do you agree with ESET that crypto threats in cyberspace are influenced by cryptocurrency prices? Let us know what you think in the comments section below.
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