Security News > 2022 > June > Researchers Detail How Cyber Criminals Targeting Cryptocurrency Users

"The rise and proliferation of cryptocurrency has also provided attackers with a new method of financial extraction."

The targeting of sensitive cryptocurrency data by threat actors was recently echoed by the Microsoft 365 Defender Research Team, which warned about the emerging threat of cryware wherein private keys, seed phrases, and wallet addresses are plundered with the goal of siphoning virtual currencies by means of fraudulent transfers.

The swift popularity of Web3 in recent years has caused a shift in the phishing landscape, paving the way for a variety of social engineering and exploitation mechanisms that are aimed at stealing cryptocurrencies in different ways ranging from credential harvesting to the use of commodity stealer malware.

Com as well as other NFT and other cryptocurrency wallet service providers.

Also prominent are business email compromise attempts to facilitate the fraudulent transfer of digital coins through messages that solicit cryptocurrency under the guise of vendor payments and donation requests to support the Ukraine war effort.

"Cybercriminal threats to cryptocurrency are not new, however as the general public experiences growing adoption of cryptocurrency, people may be more likely to engage with social engineering lures using such themes," Sherrod DeGrippo, vice president of threat research and detection at Proofpoint, said.

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