Kaspersky: The Post-Pandemic Economic Turmoil Will Lead To More Bitcoin-Based Crimes

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As per the cybersecurity firm Kaspersky, the world should expect more Bitcoin-related crimes as several nations’ economies hit rock bottom due to the ongoing COVID-19 pandemic. The firm relied on the patterns and data accumulated from this year to conclude in its latest financial threat report that stealing Bitcoin – and cryptocurrencies in general, would be more attractive to cybercriminals post-pandemic.

Kaspersky also notes that online criminals are regularly changing tactics and approaches. According to the firm, attackers may now prefer other forms of payments or ransom from their victims rather than BTC. Cybercriminals may utilize digital currencies, such as Monero (XMR), that emphasize privacy features more than anything as “transition currencies” to smokescreen their tracks. And once they feel comfortable and away from the eyes of the authority, that is when they’d convert their illicit takings into BTC.

The company commented about this by stating that the shift in the approach could be attributed to BTC’s ever-increasing technical prowess regarding deanonymization, seizing, and monitoring. This indirectly implies that the problem is no longer in the hands of Bitcoin; however, the blame would most likely still fall onto it, considering that it is the most widespread crypto.

Kaspersky then warned that targeted ransomware attacks would be a bit frequent as well moving forward. The firm notes that due to the enhanced media coverage such operations garnered this year; other attackers may feel encouraged to perform successful operations of their own – putting the data of many organizations at definite risk.

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