Experts told about the favorite altcoin of scammers

More and more scammers are choosing to use the Monero cryptocurrency, according to a new report from the analytical company CipherTrace. This altcoin has become a favorite among cybercriminals. Experts noted that this privacy-focused digital asset is often used in ransomware.

According to analysts, over the past year, the share of use of this virtual currency by cybercriminals has grown by 500%. The surge in ransomware popularity in 2021 has led to a significant increase in the use of Monero as a payment method.

Experts assured that the number of developers of such ransomware has also increased significantly. This is due to the growing popularity of the cryptocurrency market and the massive acceptance of digital assets as legal tender. Fraudsters have become much more likely to arrange cyberattacks, during which they stole the confidential data of victims and their cryptocurrencies.

A new study has shown that in the past year, interest has increased not only in Monero, but also in the flagship cryptocurrency Bitcoin. Fifty ransomware standards have been identified. Of these, 22 accepted payments in XMR, and another seven in XMR and BTC.

Analysts noted that most likely, attackers continue to use Bitcoin for payment, due to its popularity and high prices. They are not even bothered by the lack of privacy.

Earlier edition informed, that Chainalysis experts assured that cybercriminals funded by the North Korean government were responsible for hacking the Ronin network. Analysts found traces that led them to the criminal gang Lazarus Group. Experts assured that they were able to trace the involvement of this organization in a record-breaking hack this year. However, they did not disclose all the details of the investigation.

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