The cryptocurrency market crash made it less attractive to steal cryptocurrencies.
- In the second half of the year, crypto mining malware accounted for the majority of crypto-threats.
- Crypto-malware was the only type of trojan that didn't rise over the era among data thieves.
- Not only has China's crypto crackdown harmed mining, but it has also harmed malware activity.
Here's some good news about cryptocurrency price decreases. The drop in the price of Bitcoin and other cryptocurrencies appears to have coincided with a decrease in crypto-related virus activity on the internet. Crypto and mining-related malware, according to a report by cybersecurity firm ESET, is dependent on the market itself, so as the market declined in the second half of the year, so did their activity.
The research stated that “cryptocurrency dangers lessened due to turmoil in the cryptocoin market,” citing events in China in May as an example. The number of crypto-malware detections fell by 23.6 percent in May, according to the report.
Late last month, China, the world's largest crypto mining hub, placed a new ban on crypto and mining operations, prompting major players like Binance and Huobi to stop allowing Chinese consumers to use their services.
Cryptostealers were the only information-stealing virus that did not increase during the period, according to the research. The infostealers category climbed by 15.7 percent overall, owing to increases in all other subcategories.
“The overall increase in detections is unsurprising - in the age of the internet, information is a valuable commodity that can be readily monetized by hostile actors, whether they are looking for credit card data or undertaking major cyberespionage,” according to the report.
Cryptostealers and infostealers are malware that steal cryptocurrencies and particular types of information from users, such as login information, passwords, and more.
There's still reason to be concerned.
However, the research cautioned that a decrease in malware activity does not mean there is no reason to be concerned. The research stated that “the drop in cybercriminal activity surrounding cryptocurrencies does not indicate that all was calm on this front,” and that bitcoin investment schemes are “more popular than ever.”
“Government laws and public statements involving substantial investments in specific cryptocoins have a significant impact on cryptocurrency values and the popularity of cryptominers,” stated Ji Kropá, ESET Head of Threat Detection Labs. “On the other side, cryptostealers aren't as reliant on the fluctuating cryptocurrency market. There's no reason for cybercriminals to forsake them if the value of a coin dips, because they're a dependable weapon that brings in earnings as well as blackmail opportunities,” he noted.
Cybercriminals and con artists employ these schemes to trick people into visiting bogus investment websites or impersonating government officials and even celebrities in order to steal vital information and cryptocurrency. “The US Federal Trade Commission said that in May that since October 2020, people had lost more than $80 million to these frauds. “The number is quite likely to be considerably higher, because people prefer to underreport being defrauded out of shame,” according to the report.
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ESET Threat Report T2 2021
ESET’s report said , during the second half of the year, Win/Coinminer PUA was the "most detected cryptocurrency threat." It was responsible for nearly half of all cryptominer detections and 49.5 percent of all cryptominer threats. With 13.5 percent and 12.8 percent, respectively, the Win/Coinminer Trojan won the second sport.
Miner trojans discreetly mine cryptocurrency on people's computers, causing them to heat up abnormally and even catch fire. ESET’s data said that, Russia was one of the world's most afflicted countries, followed by Peru and the United States.