Cryptocurrencies have grown popular of late and attracted an increasing number of thieves looking to capitalize on the crypto frenzy to lure naive investors and unvigilant users. According to cybersecurity firm Carbon Black, the illicit, dark web economy for cryptocurrency-related malware development and sales now represents a US$6.7 million economy.
A research[1] conducted by the firm found that an estimated 12,000 dark web marketplaces are selling approximately 34,000 offerings related to crypto theft. These malware offerings range widely in price, from as low as US$1.04, to as high as US$1,000 per offering.
“It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware,” Carbon Black Security strategist Rick McElroy told[2] CNBC. “It’s not always these large nefarious groups, it’s in anybody’s hands.”
Cryptocurrency-stealer malware is the preferred method among crypto-targeting cybercriminals, the research found. These exploit a target’s endpoint and drains the targeted cryptocurrency wallet. Funds are quickly and covertly redirected to the criminal’s wallet, leaving the original owner with nothing.
Another popular method is covert-mining malware which uses a user’s Graphics Processing Units (GPUs) to mine cryptocurrency on behalf of the cybercriminal. Similar to stealer malware offerings, mined cryptocurrencies are directed to the wallets of the malign actors.
Carbon Black claims that cryptocurrency exchanges are the most vulnerable target for cybercriminals, representing 27% of all reported incidents. This is followed by cryptocurrency attacks targeting businesses with 21%, cryptocurrency attacks targeting users with 14%, then finally cryptocurrency attacks targeting government resources with 7%.
Although Bitcoin is still the lead cryptocurrency for legitimate cyber transactions, cybercriminals are moving to alternative and more profitable currencies, such as Monero, which is used in 44% of all attacks.
Second on the list for popular cryptocurrencies among cybercriminals is Ethereum, which comes in at
