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.
Cybercriminals target virtual currency
According to Finaria.it data, crypto criminals stole $1.9 billion in 2020. In 2018, cryptocurrency crimes hit victims for $1.7 billion. And in 2019 the amount soared by almost 165% year-over-year to $4.5 billion.
Decentralized finance (DeFi) in related hack-attacks and scams cost about $129 million in crypto thefts in 2020.
FBI special agent Justin Vallese, explained the growing threat vector, “Criminals are always looking for less risk and greater reward.” For now, the world of virtual currencies can offer that.
Ransomware theft also on the Rise
According to initial data released by Chainalysis 2021 Crypto Crime Report, ransomware attacks skyrocketed last year. Theft through ransomware was first estimated to be $371 million worth of cryptocurrency. This is a 336% increase over 2019 totals.
