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Cybercriminals Are Now Targeting American, Russian and Chinese Crypto Exchange Users

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The abstract image of the hacker's hand reach through a laptop screen for stealing bitcoin in a wallet. the concept of cyber attack, virus, malware, cryptocurrency, illegally and cyber security. Source: shutterstock.com

Cybercriminals are increasingly targeting crypto exchange users in a bid to obtain their username and password to gain access to their crypto holdings. What’s even more alarming is that these hackers seem to prefer crypto exchange users from three countries — USA, Russia and China.

Crypto Exchange Users From the US Most Targeted by Hackers

Crypto exchange users from the US are among the most targeted groups by hackers, according to a new study by Group-IB. The Russian computer forensics and information security firm released a report titled “2018 Cryptocurrency Exchanges-User Accounts Leaks Analysis,” which revealed data on compromised logins and passwords to crypto exchanges.

While crypto exchange users from the US, Russia and China are the most targeted user groups, the US tops the list, where one in three of cyber attack victims come from the country.

Increasing Frequency, More Sophisticated

Group-IB also revealed that the number of compromised crypto exchange accounts is on the rise. Compared to 2016, the number of compromised credentials increased by 369 percent in 2017.

In addition, the number of attacks reached a peak in January 2018, when almost everyone started noticing cryptocurrencies. According to the report, January’s number of incidents reached 689 percent, compared to 2017’s monthly average.

Cybercriminals now rely on an ever-increasing arsenal of malicious software to get the job done. In addition, they are constantly evolving and getting more sophisticated in their attempt to beat the security measures employed by exchanges.

One Fifth of Crypto Exchange Users Use Short Passwords

Surprisingly, some crypto exchange users are making it easier for hackers to breach their login IDs. According to reports, around 20 percent of crypto exchange users have passwords that are less than eight characters. Security experts have always recommended long passwords, which must at least be alphanumeric to help deter breaches.

Short, simple passwords and the lack of a two-factor authentication (2FA) option in some platforms are two of the major reasons why breaches are possible. Group-IB’s Ruslan Yusufov can only hope that the industry has learned from the mistakes of the past and come up with better ways to protect its clients in the future.

Cybercriminals Are Now Targeting American, Russian and Chinese Crypto Exchange Users was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.