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With the growing popularity of digital resources, more sophisticated means are being developed to obtain ownership of these highly demanded illegal coins. A recent study has put the United States at the center of global cryptocurrency crime. The study also reports that cybercriminals have attacked all major cryptocurrency exchange platforms.
More than half of all cryptocurrency crime originated in the United States
The IB group recently conducted a study on the global cryptocurrency market with a focus on hacking and cybersecurity. According to the study, the United States represents more than half of the cryptocurrency crime in the world.
Of the 50 botnets continually seeking weaknesses on cryptocurrency exchange platforms, half of their malicious traffic comes from the country. The Netherlands represents an additional 21.5 percent.
No Safe Haven
Cryptocurrency exchange hack continues to be a clear and present danger in the industry. According to Group-IB, no member of the first 19 platforms escaped any illegal raid by cybercriminals.
Study details show that around 720 accounts on all major platforms have been compromised. This figure represents an increase of almost 100% compared to the 369 compromised accounts of 2017. More than a third of this number is based in the United States. Russia and China are the first three countries affected.
The 2018 saw a series of attacks against virtual currency trading platforms starting with the devastating change of Coincheck at the start of the year. More than a billion dollars in cryptocurrency has been stolen in the attack. In June, two platforms based on South Korea, Coinrail and Bithumb were also violated.
The poor culture of Internet Security
The poor culture of internet security continues to be at the center of the problem. Commenting on the issue, the director of special projects of Group-IB, Ruslan Yusufov said:
Increase of fraudulent activity and attention of hacker groups towards the crypto-industry, additional functions of malicious software related to cryptocurrencies, as well as the significant amounts of funds already stolen, it signals that the industry is not ready to defend itself and protect its users.
According to the study, users and platforms seem to ignore the need for two-factor authentication (2FA) and the use of complicated passwords. Of the 720 compromised accounts, Group-IB reported that more than 20% of them used passwords of less than eight characters.
Have you set 2FA on your cryptocurrency portfolio? Continue the conversation in the comments section below.
Image courtesy of The Next Web, Shutterstock.
