Cisco Officials Discuss Cryptocurrency Crime at Conference in Las Vegas
The Black Hat Conference was held in Las Vegas on August 8 which attracted a lot of industry specialists and cybersecurity experts. This conference will go on for 6 days and attracted 17,000 individual.
Cisco Systems is one of the 300 cybersecurity firms that attended the Black Hat Conference. According to Cisco, as more cryptocurrencies are developing, the chances of cybercrime and misuse are increasing as well. At the conference, it was revealed that hackers prefer two types of hacking
- Crypto phishing- sending emails that seem legit but are not.
- Cryptojacking – Cryptocurrencies are being mined using someone else’s computer without their knowledge.
Another common method of crypto hacking is using ransomware, a malicious software that disables a computer/system’s functions and the user is not able to access it until a ransom is paid.
Cisco’s research analysts explained that all efforts made by the company to improve their network security measures and improving their defenses have all proven to be in vain as hackers are continuously developing new ways of attacking cryptocurrency users.
They further added that hackers are making using of Google Ads. Through Google Ads, users are redirected to phishing websites which look similar to crypto exchange websites such as Binance or Block.info and gain access to all personal information disclosed by the users.
Startups and smaller companies are the biggest victims of these attacks because of their insufficient resources for a stronger defense network. According to reports, a downward movement in the market will encourage illegal activities like phishing and the biggest cryptocurrencies at risk are the Altcoins because of their lower market ranks.
Another way of cryptocurrency hackers to influence the market is through pump and dump where they increase the price of one cryptocurrency for a short period and then exchange it for a better or another well-known cryptocurrency before the market collapses.
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