Crypto Platforms Lose $44bn To Cyber Attacks

Cryptocurrency platforms lost over $44 billion to cyber attacks, particularly decentralised finance, between June 2021 and June 2022.

Leading cyber protection, Acronis, disclosed this in a report on its website announcing its mid-year cyber threats report, conducted by Acronis’ Cyber Protection Operation Centers, to provide an in-depth review of the cyberthreat trends which the company’s experts had been tracking.

The statement read in part, “Cyberattacks have contributed to a loss of more than $60bn in DeFi currency since 2012. $44bn of that vanished during the last 12 months.”

According to Acronis, more cybercriminals were focusing on cryptocurrencies and DeFi platforms.

It added that by exploiting flaws in smart contracts or stealing recovery phrases and passwords with malware or phishing attempts, hackers had wormed their way into crypto wallets and exchanges alike.

The report further noted that ransomware continued to be the number one threat to large and medium-sized businesses, including government organisations.

It added, “Nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns.”

It was also noted that the use of phishing, malicious emails and websites as well as malware had continued to grow, with about 600 malicious email campaigns across the internet in the first half of 2022.

It further stressed the need for more holistic approaches to cyber security.

Acronis VP of Cyber Protection Research, Candid Wüest, said, “Today’s cyberthreats are constantly evolving and evading traditional security measures.

“Organisations of all sizes need a holistic approach to cybersecurity that integrates everything from anti-malware to email-security and vulnerability-assessment capabilities. Cybercriminals are becoming too sophisticated and the results of attacks too dire to leave it to single-layered approaches and point solutions.”