Crypto News : Crypto Crash Rattles Cybercriminals, Pushing Them Past Ransomware

Crypto Crash Rattles Cybercriminals, Pushing Them Past Ransomware

Despite the continued decline in cryptocurrency prices, fraudsters still need the money to launch ransomware attacks.

Why Is It Important

According to some experts, value declines may be driving cybercriminals away from ransomware and toward other types of cybercrimes like stealing real money.

Security analysts claim that despite bitcoin, ether, and other digital tokens continuing to be the money of choice for cybercriminals to lock down business computer systems, the cryptocurrency crash is sweeping the ransomware industry.

The value of cryptocurrencies has decreased recently due to rising prices, financial shocks brought on by the conflict in the Ukraine, and the decline of global stock markets.

It has lost many hundreds of billions of dollars’ worth over that time, which is starting to be referred to as “crypto winter.” Over $200 billion worth of value was eventually exhausted from the massive crypto market.

Security experts claim that the broad crash has forced cybercriminals to reevaluate their ransom demands and forced some of the companies that handle their illicit gains, such dark net crypto exchanges, out of business.

Additionally, it is hastening a trend away from cryptocurrency and toward crimes like malware attacks and business phishing schemes that target genuine “dollars.”

According to Mark Lance, vice chairman of cyber protection and ransomware dealmaker at GuidePoint Security, data hijacking requests are frequently based on US dollar amounts, so attackers just make calculations and want higher amounts of cryptocurrency.

Despite the fact that the bailouts haven’t changed much in terms of dollars, this makes the demand for bitcoins appear to be higher.

Because ransomware attacks aren’t as unique as they once were, according to Lance, many of them go undiscovered these days.

Many ransomware attacks won’t garner much attention unless they threaten the same kind of consumer fines as the one that made headlines last year. produced by Colonial Pipeline.

Ransomware is still very common and is still bringing in a lot of money, according to Lance.

Enterprise doesn’t do well with mostly dubious crypto exchanges that serve amateur cybercriminals. Many of these businesses are experiencing the cold of the crypto winter.

Reason: Online crooks behave like many traders. They panic and invest as quickly as they can in the event that asset values start to decline in the hopes of limiting their losses.

Dov Lerner, who oversees Cybersixgill’s security analysis, said: “It is like what we see when there are bank runs.”

Despite the fact that the exchanges have “just disappeared,” he claims that the individuals behind them are still engaged in cybercrime.

According to some analysts, the crypto winter has entirely slowed down ransomware attacks.

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According to Sherrod DeGrippo, vice chairman of risk analysis at Proofpoint, an email security company, thieves once could demand a payment of $1 million to $3 million after smashing a business laptop system.

He said, “However I believe these heydays may also be finished,” pointing out that thieves aren’t enjoying the same success they formerly had.

He makes the point that numerous institutions, including the US Government, have recently strengthened their ransomware defences, driving hackers to take alternative methods.

Your company has experienced an increase in phishing attacks that deceive company executives into sending real money to criminals or making fake payments, as well as attacks utilising remote banking Trojans, malware meant to steal credentials or access financial accounts.

Even the variety of credit card numbers has increased recently.

Criminals get away with any of these offences using regular foreign currency rather than cryptocurrency.

Criminals also favour Trojans since the software may be installed on computers and slowly suck out money over time.

For instance, an attacker can trick a company into repeatedly paying a fake invoice, or a banking Trojan might gradually gain access to financial accounts without the company’s knowledge.

According to DeGrippo, “getting wages, pensions, and retirement from a corporation creates a tremendous payday.” It is much more powerful, quieter, and user-friendly than ransomware.

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