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Hackers Targeting Cryptocurrencies: Reason Explained!

25 Feb, 2021
Hackers Targeting Cryptocurrencies: Reason Explained!

The demand and popularity of cryptocurrency have led black hat hackers to get their hands on it. The illegal activists are using their computing power to mine Bitcoins. As per reports, the hackers have already started with their strategies.

The interest in cryptocurrency has resulted in fewer DDoS (Distributed Denial of Service) attacks.

As per a renowned cyber security firm, Kaspersky’s findings, the number of DDoS attacks in 2020 gradually decreased every quarter. Overall, the

Moreover, if we compare the Q4 of 2019 and 2020, there was a rise of only 10 percent in 2020.

As per the evaluation of DDoS attacks in 2020, in Q4, the numbers were diminished by 31 percent compared to Q3 of 2020. Similarly, the numbers are less compared to Q2. Experts indicate that the fall in DDoS attacks is due to the surge of cryptocurrency rates.

If we talk about cryptocurrencies, throughout 2019, there was low demand for digital currency among the hackers. The trend continued till July 2020, and from August 2020, the offenders turned their way to cryptocurrencies.

Kaspersky Business Development Manager, Alexey Kiselev commented:

"On the one hand, people still highly rely on stable work of online resources, which can make DDoS attacks a common choice for malefactors. However, with a spike in cryptocurrency prices, it may be more profitable for them to infect some devices with miners,"

He further added:

“We see that the total number of DDoS attacks in Q4 remained quite stable. And we can predict that this trend will continue in 2021."

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