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Scams with Cryptocurrencies

Cryptocurrencies have proved a very profitable business for many people. Sadly, a good part of those beneficiaries are scammers.

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Cryptocurrencies have proved a very profitable business for many people. Sadly, a good part of those beneficiaries are scammers. Cryptocurrencies have become the priority target of all types of computer attacks, and this trend is increasing.

Theft and cryptocurrency scam has become a tremendously profitable activity for hackers.

According to a report prepared by Cipher Trace, in the eight months elapsed in 2019, scammers operating in this sector have achieved $ 4.260 million, an unprecedented record compared to other years.

The methods are tremendously varied. From elaborate pyramid scams, such as the Korean Plus Token app, which defrauded its users a total of 2,900 million dollars in cryptocurrencies, to robberies perpetrated by hackers to users and exchanges equal to a value of 227 million dollars .

Among the cryptocurrencies preferred by hackers and scammers, Bitcoin stands out. BTC is the main means of payment that hackers demand in ransomware attacks, and it is also the preferred currency when buying on the Deep Web. Up to 76% of Deep Web transactions were made with BTC, followed by Monero, with only 4% of the total.

There is no doubt that the emergence of billions of dollars in digital money has spurred all thieves in cyberspace. Cryptojacking – the “kidnapping” of the processing power of a computer to mine cryptocurrencies – is also on the rise in recent years.

That much of these digital currencies are impossible to track is an addition to its appeal to cybercriminals. At the user level it is very important to never share the keys, check the computers for malware and use protection measures such as two-step authentication.

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