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Hacking and ransomware: cryptocurrency scams explode

Published on March 04, 2021 by Pierre Belhache - 2 mins reading time
Bank watch
The soaring prices of bitcoin and cryptocurrencies for over a year now have attracted pirates and scammers. Faced with a certain lack of precaution on the part of users, promises of fraudulent investments, ransoms and hacks increased in 2020. What you need to know about these scams.

Fraudulent investment promises

On Monday February 22, the price of bitcoin reached a record $58,355, surpassing the price of a kilo of gold at $57,700. Despite a 17% correction to $48,600, bitcoin remains a target for online scammers.

In 2020, 7.3 million people fell victim to fraudulent investment scams, for a total loss of $2.7 billion. Once the investment is made, new cryptocurrency users, lured by high returns following soaring prices, never recoup their stake.

And yet, according to an Ifop survey, 64% of French people who are reluctant to invest in bitcoin and cryptocurrencies cite security concerns. Too uninformed and motivated by a fragile financial situation, they nevertheless end up letting themselves be convinced, without always showing sufficient caution in the face of these well-rehearsed scammers.

Pandemics and piracy

During the pandemic, the generosity of the public was remarkable, and numerous appeals for donations were heard and relayed, draining considerable sums of money.

Scammers jumped at the opportunity, posing as government agencies or associations calling for action against the health crisis. Worldwide, they diverted between $300,000 and $800,000 in bitcoin donations on a daily basis during the 1st quarter of 2020. Sales of pseudo-treatments or vaccines against Covid-19 have also multiplied on the Dark Web.

Ransom demands in bitcoins and cryptocurrencies have increased by 311% compared to 2019, bringing in $350 million for criminals, as Chainalysis reports. Here, it's not people who are kidnapped, but data that is confiscated and returned in exchange for bitcoin payments.

Finally, the trading platforms where cryptocurrencies are bought and sold are also subject to large-scale cyberattacks. Stolen cryptocurrencies are then laundered and converted into currency on dedicated platforms. Those operating between private individuals, which are less secure, are particularly targeted.