Cryptocurrency will face ransomware and botnet attacks in 2021, according to the Sophos Cybersecurity Threat Report.

Sophos, a cybersecurity firm, predicts that ransomware assaults will continue to employ cryptocurrencies. Ransomware assaults accounted for 79 percent of all worldwide cybersecurity breaches in the last year and a half, according to the report. These events, which were reviewed and resolved by Sophos’ fast response team, demonstrate that some of these assaults target crypto investors using phishing websites

The Sophos 2022 Threat Report, which was released over the weekend, attempts to give insight into the security risks and trends that organizations will face in 2022, as well as the threat landscape in 2021, as well as probable future flaws.

Users are shown false bank and cryptocurrency app login pages in order for the virus to obtain their passwords for those services. It not only takes bank account information but also contacts information, which it then exploits to spam the victim’s friends and acquaintances with messages that might lead to further Flubot infections.

The virus is disseminated mostly by SMS text messages and is designed to seem like prominent shipment tracking services from major international package delivery companies such as DHL, FedEx, and UPS. The victim receives SMS warnings including a URL link, as well as the rare SMS posing as a voicemail message with a web link. Sophos also cautions that automated botnet assaults, such as Mirai, have grown in popularity in recent years, becoming the preferred method of delivering crypto-mining software.

Cybercriminals can utilize the pooled processing power of hundreds – or thousands – of machines to mine bitcoin and propagate it to more devices when these bits of malware infect various company assets such as servers and IoT devices.

“Cryptocurrencies are well-suited to the task of dodging sanctions, which may explain why criminals based in places of the world that are still subject to traditional economic penalties only deal in bitcoin. Furthermore, because bitcoin is anonymous, determining where the money ends up can be challenging “According to the research.

“Sophos believes that the illicit use of cryptocurrency, both to evade sanctions and to obfuscate involvement in criminal activity, will continue to grow in 2022,” according to the report. “Ransomware and crypto-jacking are the two most prominent ways that criminals can directly receive cryptocurrency payments from their victims.”

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