Illegal crypto-mining campaigns are developing further as cybercriminals keep on advancing their assault strategies and malware. One of the fundamental purposes behind the ascent is credited to quickly expanding cryptocurrency rates.

Rampant cryptocurrency scams:

Besides, the presentation of new Digital monetary forms and the legal exchanging of digital currencies have raised doubt about the new dangers presented by crypto mining misuse and cryptographic money scams. As indicated by a certain new report, fake crypto trade phishing URLs saw a flood of more than 500% between March 2020 and May 2021. These phishing URLs were important for the scams that eventually empowered hackers to subtly steal cash. In any case, it seems as though hackers are moving concentration from URLs to malignant applications to deceive clients and procure more benefits.

Malicious Android apps:

Cybersecurity researchers at the Lookout Threat Lab were successful in detecting more than 170 Android applications that were responsible for scamming victims interested in cryptocurrencies.

Categorized by the functionalities found by the security researchers, the malicious Android apps were slated as BitScam and CloudScam.

These malicious apps claimed to assist victims or users in cloud mining which they would be able to perform without the necessity of supplementary goods or services.

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Both the versions offered subscriptions and services to crypto mining that users can enable by paying via the Google Play in-app billing systems.

The only thing that differentiated BitScam from CloudScam was the addition of Bitcoin and Ethereum in payment options.

However, little did the victims know that threat actors were using them as a channel to fly under the radar.

The threat actors were able to at least $350,000 in cryptocurrency funds.

FBI issues security advisory against cryptocurrency scams: 

Regarding the critical attacks, the FBI has issued security warnings regarding the ongoing attacks that are actively targeting crypto-owners and related third-party platforms.

In the security advisory, the FBI provides that the malicious entities are employing multiple strategies in an attempt to take over the victims’ crypto-exchange accounts and subsequently steal their digital currency.

Some of the strategies used by these malicious actors include pretending to be the payment platforms and leveraging SIM swap attacks.

Since the rise of cryptocurrency in the current times, it is hardly surprising to note its usage in increasing cyberattacks, including attacks such as DDoS extortion and ransomware attacks. 

The massive potential of crypto-based cyberattacks on both, businesses and consumers makes it an incredibly critical security boundary to look out for, so as to establish security monitoring and controls in necessary locations.