CYJAX, a provider of threat intelligence, has released its latest research on the cryptocurrency industry. The study delves into the various attacks and changes that have taken place in the cryptocurrency landscape as threat actors seek to exploit the growing number of people entering the industry.
According to the research, threat actors have shifted their focus from targeting systems to targeting individuals. While attacks on users have always been a threat to the cryptocurrency industry, recent market changes and the use of platforms like X have made it one of the biggest threats in the first quarter of 2024.
CYJAX’s research has found that phishing and social engineering remain the most effective and simple methods for threat actors to steal cryptocurrency. The following tactics have been identified as the most commonly used by threat actors:
– Romance scams, also known as “pig butchering” scams, have become prevalent in the cryptocurrency sphere in 2024.
– Hackers are using drainer malware to impersonate crypto companies and trick individuals into sharing their wallet details, which then connects them to malicious code.
– Zero-value transfer attacks, a type of phishing attack, aim to deceive users into sending funds to a known address, when in reality, the funds are sent to an address controlled by the threat actor.
– Threat actors are also using “exit scams” or “rug pulls” to lure investors into providing liquidity into a project and then disappearing with their money.
– Malicious advertising on social media, particularly on platforms like Google and X, have been observed to contain drainer malware. Telegram channels have also been used to facilitate exit scams.
Joe Wrieden, an Intelligence Analyst at CYJAX, commented on the findings, stating that the cryptocurrency market has rebounded in 2024, and threat actors are taking advantage of the opportunities it presents. As the industry continues to grow, threat actors are expected to target newcomers on social media platforms like X. Wrieden also warned investors to be cautious and not trust anyone blindly, as threat actors are also looking to profit from the cryptocurrency boom.
