Reports Show Hackers Turning To Cryptojacking And DeFi To Siphon Crypto – Fin Tech – United States – Mondaq

Reports Show Hackers Turning To Cryptojacking And DeFi To Siphon Crypto – Fin Tech – United States – Mondaq

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03 August 2022

BakerHostetler

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According to a recent report issued by cybersecurity firm SonicWall, global incidents of cryptojacking hit record highs earlier this year. Cryptojacking refers to a cyberattack in which hackers implant malware on a computer system and then surreptitiously commandeer that system to mine cryptocurrency for the benefit of the hackers. Overall incidents were up 30 percent, with the retail sector suffering from a 63 percent increase and the financial sector witnessing a 269 percent increase in attacks year-to-date. The report suggests that (1) the decline in ransomware attacks, (2) system vulnerability caused by Log4j and (3) the ability of cryptojackers to operate under the radar all contributed to the cybercrime’s rise in popularity.

In similar news, risk-management firm Crystal Blockchain recently released a report detailing the top cryptocurrency security breaches and fraudulent activities over the past decade. According to the report, decentralized finance (DeFi) exchanges have become an increasingly popular target for malicious actors, with over $2.5 billion lost to DeFi-related breaches, scams and hacks in 2022 alone.

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