Crypto-Related Cyber Attacks Rise Along With Bitcoin’s Surge in Price: Report

Crypto-Related Cyber Attacks Rise Along With Bitcoin’s Surge in Price: Report


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.

 

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“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

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