The fact that the cryptocurrency industry is going through an unprecedented crisis does not seem to deter cybercriminals, who continue to make billions by targeting crypto-assets. According to data reported by Atlas VPN, on July 5, cybercriminals stole $1.97 billion worth of cryptocurrency in the first half of 2022.
The Ethereum ecosystem suffered the most, with more than $1 billion stolen through around 30 hacks. The biggest robbery was the one involving Ronin, an Ethereum sidechain that was robbed of more than $600 million in Ether and USDC. It should also be noted that the Solana platform was also affected, with hackers having managed to steal more than $383 million worth of cryptocurrencies.
While cryptocurrencies are often touted as a safer method of payment than traditional methods, the scale of cyber theft demonstrates that this is not necessarily the case. The Atlas VPN teams thus identified nearly 80 major hacks during the first quarter of 2022 and 96 for the second, figures that are up sharply compared to the first half of 2021.
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Security “that leaves a lot to be desired”
In its analysis, Atlas VPN is very critical of the security measures in force in the cryptocurrency sector. “The security of cryptocurrency projects leaves a lot to be desired. Until these security issues are addressed, the irreversible and decentralized nature of cryptocurrencies will continue to make crypto companies one of the top targets for cybercriminals,” warns the specialist. in cybersecurity.
This announcement comes as cryptocurrency scams are on the rise, especially on the professional social network LinkedIn. The modus operandi requires several months of work for the scammer. The latter creates a fake profile on LinkedIn and begins to chat with other users of the social network. After gaining the trust of his victims, he offers them to invest in a legitimate cryptocurrency platform, then transfer the funds to a site controlled by the scammer.
The FBI has observed a significant increase in this type of fraud, methods that are reminiscent of what can happen on Facebook, Twitter and other social networks where scammers push users to invest in fake cryptocurrencies. Scammers who leverage LinkedIn to conduct cryptocurrency fraud are a “significant threat” to the platform and its users, the FBI has warned. “This type of fraudulent activity is significant, and there are many potential victims, past and present,” Bureau Special Agent Sean Ragan told CNBC cameras.
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