Crypto-related cyber attacks are soaring just as quick as Bitcoin’s rise to prominence, according to a new report from digital security firm Barracuda Networks.
Barracuda CTO Fleming Shi says the firm has witnessed a strong surge in the number of cyberattacks in a six-month period, around the time when Bitcoin’s (BTC) bull market kicked into high gear.
“Barracuda researchers recently analyzed phishing impersonations and business email compromise attacks sent between October 2020 and May 2021 and found that the volume of cryptocurrency-related attacks closely follows the growing price of Bitcoin. The price of Bitcoin increased by almost 400% between October 2020 and April 2021, and impersonation attacks grew 192% in the same period of time.”
Source: Barracuda Networks
Shi says that hackers are getting more clever with their techniques, often finding ways to impersonate crypto wallets or similar apps that snag users’ log-in details.
“Hackers impersonated digital wallets and other cryptocurrency-related apps with fraudulent security alerts to steal