Security experts are urging businesses and users to strengthen their digital protection measures and remain vigilant against the ever-evolving tactics of cybercriminals.
Cybercrime, specifically crypto ransomware, has undergone drastic changes, marking a milestone in digital asset security. According to the latest analysis from Chainalysis, a leader in blockchain analysis, ransomware payments have surprisingly surpassed the billion-dollar mark, which is evidence of a significant increase in the prevalence of these attacks.
In parallel to this alarming trend, Tornado Cash, an Ethereum-based mixer, has seen a resurgence in its use despite heavy sanctions against it. This signals an evolution in the tactics employed by hackers. This increase in ransomware payments and the resilience of tools like Tornado Cash pose new challenges for cybersecurity.
FBI Warns of Record Crypto Investment Losses in 2023
The United States Federal Bureau of Investigation (FBI) revealed that investment fraud linked to cryptocurrencies made up the majority of investment losses in the country in 2023.
In a recent report, the FBI reported that cryptocurrency-related investment losses increased from $2.57 billion in 2022 to approximately $3.94 billion in 2023, representing an increase of 53%.
The report adds that the IC3 “received 1,193 complaints from organizations belonging to a critical infrastructure sector that were affected by a ransomware attack. Of the 16 critical infrastructure sectors, IC3 reporting indicated 14 sectors had at least 1 member that fell to a ransomware attack in 2023.”
Meanwhile, the total amount lost on all investments in 2023 amounted to $4.57 billion. Surprisingly, the $3.94 billion lost in cryptocurrency-related fraud represented approximately 86% of all investment fraud losses in the nation.
In regards to actions taken to deal with ransomware attacks, the report states that “The FBI does not encourage paying a ransom to criminal actors. Paying a ransom may embolden adversaries to target additional organizations, encourage other criminal actors to engage in the distribution of ransomware, and/or fund illicit activities. Paying the ransom also does not guarantee that an entity’s files will be recovered.”
Bitcoin Drives On-Chain Capitalization to Over USD 100 Billion
The sustained demand for Bitcoin is generating positive sentiment in the cryptocurrency industry. Raising the capital locked on-chain to more than $100 billion on March 9.
According to data from DeFiLlama, the Total Global Value Locked (TVL) in decentralized financial protocols has reached $100.1 billion. With a volume of more than 10,000 million in the last 24 hours. Despite these numbers, they are still below the record of $189 billion recorded in November 2021.
It is the first time in almost two years that DeFi’s TVL has surpassed the $100 billion barrier. The upward flow appears to be due to a return of positive sentiment in cryptocurrency markets since the launch of spot Bitcoin exchange-traded funds (ETFs) in January.
Grayscale and Coinbase Advance Plans for an Ethereum ETF
Grayscale and Coinbase held a new round of talks with federal regulators this week. Making progress on its plans to launch an Ethereum spot exchange-traded fund (ETF).
This week, both companies addressed concerns from the Securities and Exchange Commission (SEC) regarding the security of a spot Ethereum ETF. This ETF would expose investors to the price movements of the second-largest cryptocurrency by market cap, Ethereum.
Grayscale is in the process of turning its failed attempt to launch an Ethereum ETF into a successful initiative. Which could expand investors’ access to cryptocurrency-based investment options.
The talks came two months after the SEC approved more than a dozen spot bitcoin ETFs, helping to catapult the prices of several cryptocurrencies to all-time highs and intensifying demand for cryptocurrency investment products by investors. investors.
By Leonardo Perez
