$5 wrench attacks appear to be on the rise in the crypto community
Security expert warns that individuals known to work in crypto are susceptible to becoming targets of extortion-related crimes. Normally, the only way to access one's crypto funds is through their private key, which, thanks to advances in cryptography, would take nothing less than an advanced futuristic quantum computer to decipher. That said, mafias and gangs have managed to think outside the box. Instead of wasting their efforts on breaking the underlying cryptography, they've turned their attention to targeting crypto owners, themselves.A $5 wrench attack is when someone finds out you....
Related News
The Bitcoin community has adapted to verbal, criminal and cyber attacks on the currency, an academic paper due for release tomorrow, reveals. The attacks - whether from hackers, fraudsters or government regulators - seem to be strengthening the community, the research Breaking Out of the Bank in Europe - Exploring Collective Emergent Institutional Entrepreneurship Through Bitcoin suggests. The rise in discussion of attacks in the last two years, as well as the increasing number of start-ups like Bitpay, Coinbase and Coinsetter, have collectively increased awareness and improved....
A proposed set of solutions to the often-thought-about physical security of bitcoin storage.
Regarding cryptocurrency cybercrimes and attacks, North Korea is a notable region with increased activities. Many groups are posing high threats through their attack on some crypto protocols. Also, a report in June disclosed that North Korea has 7 million active hackers. Many stolen funds running into millions of dollars have been traced back to the North Korean attacks. Also, most stolen funds are allegedly used for sponsoring different war weapons, suicide bombings, and other crimes. North Korea is notably struggling with some economic sanctions that have drastically limited most....
A majority of the phishing attacks recorded have been conducted on social media platforms that do not have account verification features. As Web3 adoption goes further and more beginners enter the space, hackers are becoming more active, with more phishing attacks being recorded in the latest quarter of 2022 and social media being noted as a major platform of choice for conducting the hacks. In the quarterly report of security firm Certik, the team has found a 170% increase in phishing attacks in the second quarter of 2022. According to the security firm, 106 attacks were recorded in the....
Crypto hacks and scams are nothing new in the crypto space, but every time they happen, they still come as a shock to investors. Most especially the victims of these attacks. Bull markets always seem to come with an increased number of attacks. So with a bull market that has raged on for the better part of a year, 2021 has definitely had its fair share of attacks, despite just entering its ninth month of the year. Related Reading | These attacks have accelerated with the recent crypto surge. Prices have been up across the board and it seems like this has been a cue for the attackers....