Before speculation led to the skyrocketing market capitalizations of crypto-currencies over the past year, online crime was a significant driver of the commercial value of Bitcoin, Ethereum and other digital currencies. Dark Web transactions for drugs, payoffs for ransomware attacks and money laundering for a variety of criminal enterprises drove much of the initial value increases of the currencies. Yet, criminals have increasingly targeted the burgeoning ecosystem for virtual currencies, looking to illicitly generate currency through mining, by stealing currency from exchanges and wallets, and by finding new ways to deny service for extortion and revenge. Further reading 7 Security Vendors Raise New Funding in April Wallarm Launches FAST for Security Testing In January, for example, hackers compromised crypto-currency exchange Coincheck, stealing 500 million NEM tokens from the company’s vulnerable wallet. The total value of the haul was about $534 million, according to the most recent estimates.
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