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As regulation and tracking improve, cybercriminals will abandon Bitcoin, according to Kaspersky.

The cybersecurity company forecast that while cryptocurrency-related crimes won’t stop in 2023, they will stop using Bitcoin as a method of payment.

Is bitcoin is a less desirable for payment option?

The ability of hackers to move money securely is predicted to be hindered as legislation and tracking technologies advance, making Bitcoin (BTC) a less desirable payment option.

In a report released on Nov. 22 by the cybersecurity company Kaspersky, it was noted that the use of Bitcoin in ransomware negotiations and payments would decrease as a means of value transfer because tighter regulations on digital assets and the development of tracking tools will force cybercriminals to switch to other strategies.

Using cryptocurrency, ransomware payments surpassed $600 million in 2021, according to Cointelegraph, and some of the greatest robberies, like the Colonial Pipeline attack, requested bitcoin as a ransom.

  • Is cryptocurrency gained popularity

In addition, Kaspersky noted that as the use of digital assets has grown, so too have cryptocurrency scams. However, it claimed that as cryptocurrency has gained popularity, consumers are less likely to fall for crude con games like deep bogus Elon Musk movies that promise enormous cryptocurrency profits.

It was expected that fraudulent initial token offers (ITOs), nonfungible tokens (NFTs), and crypto-based theft, such as intelligent contract exploits, would continue to be attempted by bad actors.

According to Cointelegraph, 2022 has mostly been a year of bridge scams, with more than $2.5 billion already stolen from them.

The research also mentioned that malware loaders, which are more difficult to detect, will become popular on hacker forums. Kaspersky anticipated that ransomware attackers would switch from financially harmful activity to demands that are more politically motivated.

Returning to the present, the researchers observed an exponential increase in “infostealers,” or harmful programmes that acquire information like logins, in 2021 and 2022.

Read more : Will Crypto and NFTs Ever Rule the World?

Why fraudsters use social engineering?

Phishing and cryptojacking attempts have risen in 2022 as well, as fraudsters use social engineering to seduce their victims.

Malware is injected into a system during cryptojacking to mine or steal digital currency. The goal of phishing is to trick a victim into disclosing personal information or clicking a dangerous link by sending them carefully crafted emails or messages.

Read more :Hack Amidst The Chaos: FTX Hacker Swaps Millions


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