The unauthorized use of another one’s hardware to mine cryptocurrency, known as cryptojacking, has recently become the biggest cyber threat in many parts of the world, according to recent reports from Bloomberg.
The latest crypto news shows a research from the cyber security research firm Kaspersky Lab where cryptojacking overtook ransomware as the biggest and fastest rising cybersecurity threat especially in countries like the Middle East, Turkey and Africa.
The data from Kaspersky also showed that “crypto mining attacks have risen almost fourfold in the region from $3.5 million in 2017 to $13 million this year.” The cybersecurity company also claimed that cryptojacking incidents are “likely to continue given the increased use of digital currencies.”
Aside from PC, smartphone users are also targeted by unauthorized mining software. These kinds of attacks have risen by 9.5%. The Senior Security Researcher at Kaspersky named Fabio Assolini, told Bloomberg the following:
“The [Middle East, Turkey, Africa] region is becoming more appealing to cyber-criminals, with financial and malicious cryptomining attacks taking center stage.”
He also claimed that such attacks are becoming more popular since they are “less noticeable” than ransomware.
“Last year we asked what tips the scales for cybercriminals? Today, this is no longer a question. Miners will keep spreading across the globe, attracting more people,” Assolini stated.
Cryptojacking is not the only way in which cybercriminals use cryptocurrency, but definitely the most popular one.
Ex-CEO Of Crypto Startup AriseBank Pleaded Guilty Of Defrauding Investors For $4.2 Million
“We will not tolerate flagrant deception of investors – virtual or otherwise.”This kind of a plea deal Rice agreed to with Cox is one of the first of its kinds in the US Federal Court that includes crypto companies. Rice pleaded guilty on security fraud charges after he admitted that he lied potential investors into investing hundreds of dollars. Rice was found guilty of scamming investors into buying his AriseCoin cryptocurrency which claimed to bring ‘’no-risk returns.’’ Investors placed their money right into Rice’s scam net and invested more than $4,250,000 in BTC, ETH, and LTC, into the ICO that was supposed to provide them with the AriseCoin. He also claimed that he raised $600 million in an ICO which later turned out to be false. The US Attorney’s Office stated:
“Mr. Rice quietly converted investor funds for his own personal use, spending the money on hotels, food, transportation, a family law attorney, and even a guardian ad litem – facts he failed to disclose to investors.’’AriseBank was named as the best-decentralized bank by Rice and he claimed that the crypto bank will provide the customers ‘’FDIC-insured accounts and transactions’’ which the United States Securities and Exchange Commission turned out to be false. He also claimed that his bank supports Visa card payments and that the platform supports hundreds of virtual currencies. AriseBank was not authorized for providing banking services in the state of Texas. Rice is now obliged to repay the investors who lost their money and he is also facing twenty years in prison if he gets sentenced in July. Initially, he was facing up to 120 years in federal prison.
QuadrigaCX Co-Founder Was Involved In Criminal Activities In The Past
Boston Legal System Damaged After BTC Ransomware Attack
“CPCS’s computer systems have been attacked and are not working properly. We are still representing clients. In addition, there is no evidence that confidential information from clients has been released as a result of these attacks.”Initially, the attack happened on February 27. The organization believed that paying the ransom means a waste of money so they decided to restore the systems manually. Two weeks after, the entire justice system in Boston can feel the damaging effects. The agency cannot really say how long the delay will last or when they will get back online. In the meantime, people working in the agency cannot use their email or enter the agency’s website. Ransomware attacks became popular in 2015. The attackers mainly targeted police agencies that end up paying the ransom. The public infrastructure is always a target of ransomware attackers since the offer public services and cannot end up being crippled because the people are the ones who pay the higher price. The public defenders didn’t say how much money the attackers demanded. However, the cost to unlock a computer could start from $100 up to thousands of dollars. The attackers usually target victims individually but law enforcement agencies or other government agencies are not excluded. Last year, a couple of Dutch hackers were sentenced to community service after attacking more than 1,000 computer systems and gathering over $11,000.
Thieves Steal $200k Worth Of Bitcoin (BTC) Across 7 Canadian Cities
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