Posted 4 months ago | by @devadmin

Cybersecurity firm Kaspersky has said it predicts a rise in crypto crime in the future after a post-COVID-19 world due to poverty.

“The COVID-19 pandemic is likely to cause a massive wave of poverty, and that invariably translates into more people resorting to crime including cybercrime. We might see certain economies crashing and local currencies plummeting, which would make Bitcoin theft a lot more attractive. We should expect more fraud, targeting mostly BTC, due to this cryptocurrency being the most popular one,” Kaspersky writes in Securlist.

In its report published on financial threats for 2021 Kaspersky warns that based on data from this year there will be more attempts to steal  Bitcoin (BTC.) They stated stealing BTC will “become more attractive as many nations plummet into poverty as a result of the pandemic.”

The Russian-based Kaspersky maintains that the combination of weakening local currencies with the COVID crisis will drive some people to cybercrime, leading to more Bitcoin fraud as well as theft. Kaspersky added online criminals would focus on Bitcoin because it is “the most widespread cryptocurrency.”

However, they further noted that cybercriminals were changing their schemes, moving away from Bitcoin for ransom payments. While shifting to  privacy coins like Monero (MXR.) The report expressed that privacy coins like Monero (XMR) will see greater use as a way to hide criminals’ tracks and then these illicit funds will be converted to Bitcoin, the security giant said.

This transformation is being driven by governments’ improving their crypto tracking abilities when it comes to monitoring, deanonymizing, and seizing crypto accounts, per the report. Kaspersky notes in its report the recent seizure of funds worth over $1 billion by the U.S. Justice Department from a suspected Silk Road-linked account.

The company further said in its article that targeted ransomware attacks which usually demand payment in cryptocurrency to unlock files on a computer or prevent the spreading of private images/videos will also rise. Kaspersky believes this is the case due to  “successful operations and extensive media coverage this year.”

“Organizations, which may be hurt by the loss of data and exhausting recovery processes, are in the crosshairs, with more cybercriminals targeting them with ransomware or DDoS attacks or even both,” Kaspersky said.

This is due to companies hastily deploying remote work solutions. Which, the security firm said that “some literally did not even have enough laptops to provide to their employees. They had to purchase whatever they found on the retail market, even if the machines did not comply with the security standards of the organization.” Adding that, “those poorly configured machines had to connect to remote systems, something for which they were not prepared. Lack of employee training, default laptop configurations left unchanged and vulnerable remote access connections together made all sorts of attacks, including targeted ransomware, possible.”

Earlier this year hackers hacked Twitter posting the infamous fake giveaway scam encouraging users to send BTC to receive more funds back using celebrity accounts. The hackers were later caught in the high-profile hack in part due to the fact they send the stolen BTC to centralized exchanges which require KYC for withdrawing. The exchanges received the suspicious transactions, found the individuals then turned them in for the authorities to deal with them.

Bitcoin is currently trading at [FIAT: $19647.313″>$19,647.31] UP +8.3% in the last 24 hours, while Monero is trading at [FIAT: $129.76] UP +4.8% in the last 24 hours according to Coingecko at the time of this report.