Cyber Attacks: Cryptocurrency traders lose $44 billion in 12 months

 

The attacks by cyber criminals have cost Crypto platforms about $44 billion between June 2021 and June 2022 as confirmed by Acronis, a global leader in cyber protection.

A mid-year cyber threat report conducted by Acronis’ Cyber Protection Operation Centers made the revelation as the platform aimed to provide an in-depth review of the cyber threat trends which the company’s experts had been tracking.

The statement read in part, “Cyberattacks have contributed to a loss of more than $60bn in DeFi currency since 2012. $44bn of that vanished during the last 12 months.”

Acronis further revealed that cybercriminals focused more on cryptocurrencies and DeFi platforms.

On their mode of operation, it noted that these cyber attacks were set off by exploiting flaws in smart contracts or using malware and phishing attacks to steal recovery phrases and passwords.

By this method, hackers had wormed their way into crypto wallets and exchanges alike constitution damages and losses to the traders and platforms.

Apart from crypto platforms, it was noted that ransomware has continued to be the number one threat to large and medium-sized businesses, including government organisations.

Just recently, a major anti-virus firm, Kaspersky issued warnings on the activity of malware across the globe.

In its recent report, it announced that over 551,000 users of the MS office applications witnessed attacks in the second quarter of 2022.

These attacks are all aimed at getting control over the victims’ computers to view, change, or delete data without their knowledge through remote execution of malicious code.

Further details by Acronis warned that the menace of phishing, malicious emails and websites as well as malware had continued to grow, with about 600 malicious email campaigns across the internet in the first half of 2022.