Don’t read this Kaspersky report if you’re prone to paranoia. The cybersecurity experts and antivirus manufacturers released its annual “Cyberthreats on financial institutions” paper and two items are about cryptocurrencies. Be prepared to be scared. The report begins with an evaluation of last year’s predictions and they were only wrong about one, and not by much. Plus, this year’s cyberthreats sound very much like a possibility. You’re able to prepare for it because you read this article.
Read Related Reading: Hackers Secure $16 Mn In BTC Via Bitcoin Wallet Exploit| Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit
Both State-sponsored and Cybercriminals will target Cryptocurrencies
Kaspersky first paints the scene and presents the most frightening threat.
“The cryptocurrency business continues to grow, and people continue to invest their money in this market because it’s a digital asset and all transactions occur online. The anonymity it offers is another advantage. These are attractive aspects that cybercrime groups will be unable to resist.”
Then, Kaspersky causes our skin to crawl.
“And not only cybercrime groups but also state-sponsored groups who have already started targeting this industry.”
The honeypot will grow and criminals will increasingly be attracted by cryptocurrencies. We can handle that much. The state-sponsored organizations are a natural progression. They could not possibly target cryptocurrency. And they’re going to use much more sophisticated methods to get at you. You can take this as an example
— Louisa Alexa (@LouisaAlexa) November 24, 2021
The people behind Pokémon GO recently partnered with Bitcoin rewards card Fold App to make a Bitcoin-themed Pokémon GO clone that pays in BTC. While we are not sure if this Twitter user is correct, the entire enterprise sounds suspicious. Even more, given the Kaspersky prediction.
NewsBTC is not aware of any details about Niantic Labs, the Fold App, or anything else. Make your own research.
Source: BTC/USD tradingview.com| Source: BTC/USD on TradingView.com
Making Fake Devices with Backdoors
Kaspersky forces us to rethink security strategies once again:
“While some people consider it risky to invest in cryptocurrencies, those who do realize that their wallet is the weakest link. Though most infostealers could easily access a local wallet, it is much more difficult to hack a cloud-based wallet. There are also risks of funds being stolen. There are also hardware-based cryptocurrency wallets. But the question is, are there sufficiently reliable and transparent security assessments to prove that they are safe?”
Their prediction is however much more alarming:
“In the scramble for cryptocurrency investment opportunities, we believe that cybercriminals will take advantage of fabricating and selling rogue devices with backdoors, followed by social engineering campaigns and other methods to steal victims’ financial assets.”
Already there are horror stories of software wallets that fail to work and end up causing loss of funds. Fake hardware wallets are the next frontier. After the Ledger hack this year, there have been reports that Ledger wallets with strange looksThe Internet was taken over by them. But, the Internet could be overthrown by a criminal with a superior-looking device.
And if Kaspersky says it will happen…
Related reading: DeFi Hack: Vee finance loses $35M to hackers after mainnet launch| DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch
Kaspersky Finds Even More Cyberthreats
The “Cyberthreats on financial institutions” contains a few more items that aren’t fully related to cryptocurrencies, but may be of interest to all of you. They predict “an exponential growth in infostealers,” and a rise in ransomware from “small regionally derived groups.” Plus, data breaches in Open Banking, Mobile Banking Trojans, and identify risk in remote workers using company equipment for entertainment purposes. You should read the entire article to be ready for anything.
Featured image: Vickygharat, Pixabay Charts by TradingView| Charts by TradingView