Cryptocurrency exchanges play a key role in this growing industry. They offer convenient access for buying or selling different digital assets. These platforms are also a prime target for hackers and criminals. Especially in Switzerland, the exchanges are being targeted in many different ways.
The Worrisome Situation for Exchanges
MELANI is one of Switzerland’s government agencies focusing on online security and research. Its most recent findings paint a rather worrisome outlook. The researchers note criminals show less interest in attack online banking services. While that is positive, the consequences of this decision are anything but. Their focus is now shifting toward cryptocurrency exchanges.
More specifically, the attack against exchanges is very different from what one may expect. Criminals are resorting to using existing Trojan Horses. These types of malware are designed to infiltrate computers, networks, and organizations. Dridex, a renowned e-banking Trojan, is now modified to target cryptocurrency trading platforms.
A similar trend becomes apparent when looking at Gozi. This malware has been around for nearly a full decade. It is still being updated to this very day, which is always problematic. For now, the malware is targeting exchanges dealing with crypto assets. Both Trojans seem intent on spreading themselves as quickly as possible. This is usually achieved through paid advertisements in popular search engines.
Other Problems Become Worse Over Time
Switzerland appears to be home to many different cryptocurrency-related criminal activities. Distribution of Trojan Horses is difficult enough to handle. There is also the rise of cryptojacking in the country. This trend is not unique to Switzerland by any means. A lot of countries around the world fall victim to an increase in illegal Monero mining.
The Monerominer bot is the main threat, according to MELANI. In the first half of 2018, this malware ranked sixth on the prevalent threats list. This malware does not just mine Monero, as the name suggests. It is also capable of downloading and installing a growing range of additional malicious software. Moreover, it also displays ransomware traits.
All of these threats prove problematic for cryptocurrency enthusiasts in Switzerland. Keeping computers safe from harm is challenging in its own right. For exchanges, the threats are also piling up. They need to step up their security game to ensure user funds is kept safe at all times. The crypto industry has seen numerous hacks in the past few years. Ensuring that number does not grow beyond proportion will be the key challenge, for now.
Have you been a victim of crypto malware? What do you think can be done to protect against it? Let us know in the comments below.
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