Cryptocurrency-related cyberattacks have been attempted four times after Bitcoin prices spiked between October and May.

Cryptocurrency-related cyberattacks have been attempted four times after Bitcoin prices spiked between October and May.

Cryptocurrency related attacks grew by 192%

 Since the price of bitcoin has risen by almost 400 percent, the number of attacks related to cryptocurrency has increased by 192 percent from October 2020 to May 2021, the report said on Tuesday.

According to cloud security provider Barracuda Networks, cybercriminals are exploiting opportunities to defraud potential victims and maximize the profits they can generate from their attacks.

“The digital format of cryptocurrencies makes them decentralized in nature, and without any regulation, they have become the currency of choice for cybercriminals,” said Mural Urs, regional manager for Barracuda Networks-India in a statement.

The formation of a million dollar economy of ransomware, cyber ransomware and fraud. These attacks target not only private business, but also critical infrastructure, and therefore increasingly pose a threat to national security, added Urs.

Urs also said that recent high-profile attacks on organizations like the Colonial Pipeline and JBS in the US are likely to spark more interest in government intervention and Bitcoin regulation.

Hackers use bitcoins to get money for extortion attacks when they claim they have videos or compromising information that will be made public if the victim doesn't pay to stay quiet.

Although this scheme has been around for some time now, as the price of bitcoin has skyrocketed, cybercriminals have begun to incorporate it into their corporate email compromise attacks, imitating employees within the organization.

They target and personalize these emails so that their victims buy bitcoins, donate them to fake charities, or even pay a fake merchant account using cryptocurrency.

With the rapidly growing perceived value of bitcoin, ransomware attacks have also become more dangerous than ever.

After all, in 2019, reward requests ranged from a few thousand dollars to $2 million. By mid-2021, the majority of claims were in the millions, with a significant number exceeding $20 million.