There are several different types of digital funds in circulation today including Bitcoin,
Ethereum and Litecoin. While these currencies represent some of the most popular types of
digital currency on the market today, there are many others available — each with its own
set of unique features and benefits for consumers who choose to use them for purchases or
trades both online and offline. Despite the different benefits associated with types of
cryptocurrencies, the rise of digital currency has brought with it a new kind of cybercrime as
digital attacks continue to grow in number and sophistication.
According to Cybersecurity Professor Kevin Curran of Ulster University, “Cybertheft is
becoming the fastest-growing crime in the world.” Cyber criminals are stealing digital funds
by hacking into computers and smart phones to steal private keys, passwords or other
sensitive data. Social engineering has also increased in popularity where digital attackers
deceive, manipulate and influence victims to gain access to their computer systems.
Phishing and CEO fraud are all common examples where attackers commonly use the
phone, email, or direct contact to gain illegal access to systems. Cyber criminals then steal
digital funds before distributing stolen assets throughout the blockchain in the hope that
their identities will remain anonymous and untraceable for authorities to prosecute them.
Now that the value of digital money has been increasing dramatically over the past few
years, it is not surprising that cybercriminals have taken notice. As a result, the amount of
money stolen digitally is now at an all-time high. The BEA report shows that cyber criminals
stole more than $1 billion in cryptocurrency during 2017 alone with that being only type of
digital fund. According to McAfee’s Annual Threats Report which highlights how
cyberattacks have evolved over the past 12 months, it showed that cyber criminals are
stealing digital funds to the tune of $1.5 million per day. The company which is known for its
security software looked at data from more than 1 million computers that used McAfee.
They determined that cybercriminals stole more than $1.5 5illion per day in digital funds as
early as 2017 – just 12 years after its initial inception. The statistic is up from $1 billion in
2016, according to McAfee’s report. “As technology advances and becomes more accessible for consumers and businesses alike, cybercriminals have found new ways to capitalize on it,” said Raj Samani, Chief Scientist at McAfee Europe. “They continue to develop new tools that are easy for any person with basic knowledge of technology to use.” According to Chainanalysis Inc., 2022 sets a new
world record for the total amount of cryptocurrency stolen by cyber criminals. In October
alone, approximately $718 million worth of cryptocurrency was stolen, setting the total
count to over $3 billion for 2022. These statistics provide insight into the staggering rate at
which cyber criminals have been able to steal cryptocurrency online from businesses and
helpless victims over the years. Specifically using the blockchain – a system initially setup to
distribute the dependency and control from a centralized point of contact required to
record transactions between multiple computers.
As a result, allowing crypto owners to maintain independent control and decision-making by
reducing the dependency on a central entity. Whilst the Blockchain system automates data
storage, human error continues to be the leading causes of all data breaches and online
fraud – including the $3 billion reported stolen in the year 2022.
If you have become a victim of cyber fraud or have lost digital assets because of cyber theft,
Cyberclaims.net can assist you with recovering your digital assets. We use advanced
technology to provide insights into cryptocurrency tracing which improve the efficiency of
investigations surrounding blockchain forensics. Our team will work with you on an
individual basis so we can tailor our services specifically to your situation. As a result,
bringing you one step closer to recovering stolen assets no matter how efficiently
cybercriminals attempt to conceal their identities. Start the process now by filling in the