Hackers and Cryptocurrency
Hackers and cryptocurrency are inextricably linked. Hackers use cryptocurrency to stay untraceable.
Cryptocurrency is a digital means of payment that's becoming increasingly popular. It's an innovative payment method that uses cryptography to secure financial transactions. Although cryptocurrency is seen as a safe and fair means of payment, it's also used by hackers to finance illegal activities. By using cryptocurrency, hackers can carry out their activities relatively anonymously, making it difficult to trace or prosecute them.
When Do Hackers Use Cryptocurrency?
Hackers often use cryptocurrency as a means of payment for their activities, such as ransomware attacks. During ransomware attacks, hackers encrypt computer systems and demand a payment. This payment is almost always in the form of cryptocurrency. After payment is made, the encrypted systems and files are, in many cases, released again. Keep in mind: paying the requested amount is never a guarantee that you'll get your files back.
The payment is often made in the cryptocurrencies Bitcoin or Monero.
Monero is an open-source cryptocurrency that uses a strongly encrypted security system to secure financial transactions. Monero is unique in that it's privacy-focused: transactions are automatically encrypted to prevent them from being intercepted or traced. This makes it a preferred method for hackers seeking anonymity. Monero also gives users the ability to hide transactions, making it an attractive means of payment for hackers who want to conceal their activities.
Bitcoin uses the blockchain, which means transactions can be traced. Still, you can create a kind of smokescreen using so-called "mixers". A mixer splits the initial amount across an enormous number of wallets, or online digital wallets. This makes it difficult to follow the transactions and thus find the person who ultimately cashes out the money. A well-known example of such a mixer is TornadoCash.
Boosting Cyber Security?
Want to prevent malicious hackers from striking? The most common mistake is that organizations think they simply aren't interesting enough for hackers. In recent years, the number of cyber incidents has tripled (Source: ABN AMRO). It's not only corporate organizations that fall victim — SMEs are also facing cybercrime! Don't wait to boost your cyber security. Tozetta is a cyber security specialist driven by ethical hackers. Better than anyone, we know how hackers think and how they manage to get into your organization.