Financial Cybercrime: Why Cryptocurrency is the Perfect ‘Getaway Car’

Threat Post - 

John Hammond, security researcher with Huntress, discusses how financially motivated cybercrooks use and abuse cryptocurrency.

This is Part I of a two-part series on how cybercrooks embrace and use cryptocurrency. To read Part II, please click here.

It’s no secret: Hackers are out to make money. Over the summer, it seemed there was practically a new ransomware attack every day of the week. Whether it be Colonial Pipeline, JBS, the Massachusetts Steamship, Fujifilms or any other organization in the headlines, cybercrime is in the spotlight more than ever before — and with good reason: cybercrime is a lucrative gig.

We tend to poke fun at the historic television game show Who Wants To Be A Millionaire? Certainly, just about everyone in the world wants to be a millionaire, and threat actors are no exception. In recent reports, cybercrime cost the world over $1 trillion, and it’s predicted to cost the global economy $10.5 trillion by 2025.

Headlines and breaking news reports make this abundantly clear—after seeing Colonial Pipeline pay $4.4 million to ransomware hackers, other cybercrime gangs selling data on the Dark Web, or compromising servers and online websites to add to a botnet.


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