Over Half of the World’s Cryptocurrency Crimes Happen in the United States

Karan Balwani

August 6, 2018 6:05 pm

Cryptocurrency News

Over Half of the World's Cryptocurrency Crimes Happen in the United States
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Group IB, the international cybersecurity firm reported that the overall rise in hacked accounts has grown by 369% since 2017. The information also revealed that 56% of these scams happen in the United States.

Notably, there isn’t any cryptocurrency exchange that has been immune to these hacks. In fact, the rate at which cryptocurrencies are being hacked is constantly rising.

A large number of these hacks are happening due to weak security and lack of two-factor authentication.

Every top exchange has been hit with these scams, 720 usernames and passwords have been stolen so far. The reports say that there are 50 active botnets which are continuously attacking exchanges as well as individual users. The second worst-hit state of these hacks was the Netherlands which accounted for 21.5% of the affected users.

The most common way that cybercriminals are achieving this is through the use of trojan horse botnets. These malware files appear to be harmless at first but once they are interacted with, they force the computer to become a part of the botnet.

There have been other ways where websites stole computing power from unsuspecting users to mine cryptocurrencies like Monero.

As exchanges continue to ramp up security, hacking tools are keeping up the pace by developing innovative ways to steal cryptocurrencies.

A lot of these incidents took place due to the lack of awareness among users about best security practices. Users need to be mindful of what they share on social media as well as by leaving traces of information that someone possesses cryptocurrency can alert potential hackers.

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