Cybercrooks to ditch BTC as regulation and tracking improves: Kaspersky


Bitcoin (BTC) is predicted to be a less attractive payment option to cybercriminals as regulations and tracking technologies improve, hampering their ability to securely move funds.

Cyber ​​security company Kaspersky on November 22 a report noted that ransomware transactions and payments would rely less on Bitcoin as a transfer of value as an increase in digital asset regulations and tracking technologies will force cybercriminals to turn away from Bitcoin and into other methods.

As reported by Cointelegraph, ransomware payments using crypto topped $600 million in 2021 and some of the biggest heists like the Colonial Pipeline attack required BTC as ransom.

Kaspersky also noted that crypto scams have increased along with the greater adoption of digital assets. However, it said people have become more aware of crypto and are less likely to fall for primitive scams such as Elon Musk deepfake videos promising huge crypto returns.

It predicted that malicious actors will continue to try to steal funds through fake initial token offerings and non-fungible tokens (NFTs) and crypto-based theft such as smart contracts will become more advanced and widespread.

2022 has mostly been a year of bridge exploits with over $2.5 billion already stolen from them, as reported by Cointelegraph.

The report also noted that malware loaders will become hot property on hacker forums because they are harder to detect. Kaspersky predicted that ransomware attackers may shift from destructive financial activity to more politically based demands.

Related: Hackers Storing Stolen Crypto: What’s the Long-Term Solution?

Back to the present, the report noted an exponential growth in 2021 and 2022 of “info stealers” – malicious programs that collect information such as logins.

Crypto attacks and phishing are also on the rise in 2022, as cybercriminals use social engineering to lure their victims.

Cryptojacking involves injecting malware into a system to steal or mine digital assets. Phishing is a technique using targeted emails or messages to lure a victim into revealing personal information or clicking a malicious link.