Crypto Crimes: A Growing Target of Hacker Gangs in 2020
Financial Investigations ı By Jackie Allen
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Virtual currencies at-risk
The Lazarus Group is just another high-profile indication that cybercrime is hitting the crypto-currency exchanges more often. As virtual currency becomes more widely recognized as mainstream payment, there has been a clear shift to cyber crime. The virtual markets and exchanges appeal to criminals because in hack attacks they are often easier to get in and often have fewer complications than more traditional financial institutions offer. “Criminals aren’t always reliable,” Vallese said. “So there is a great deal of risk involved between the theft and the money reaching a hackers’ accounts. With cryptocurrency, you cut out nearly all the middle-men.” According to the October 2020 Attorney General’s Cyber Digital Task Force, report virtual currency is “particularly attractive, adaptable, and scalable, as a target, for theft.” In 2020, there has been a lot of growth in the crypto marketplace. The COVID-19 techno-pandemic created a growing number of investors in digital coins. This was to offset losses and as a “store of value”. Unfortunately, the more money in the digital exchanges - the more chances for savvy hackers and bad actors to commit cybercrimes.
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