Cybercrime Becomes Violent as Cryptos Soar

cybercrime bitcoin

As cryptocurrencies continue their staggering run, and investment gains hit triple figures, people are getting desperate. They’re taking ever more drastic measures to get their hands on this digital goldmine.

Consequently, crypto exchange and wallet hacks are becoming all too common.

Just last month, US $31 million worth of Tether was stolen from a digital vault. And in August, US$72 million worth of bitcoin was stolen from the Bitfinex exchange.

Old-fashioned theft

When considering cybercrime, most people think of this brand of untraceable theft. One that seems to be an unfortunate reality for crypto owners.

But evidently, cryptos can still be stolen the old-fashioned, gun-to-the-head way.

The New York Supreme Court charged a man with kidnapping and armed robbery this month. Louis Meza succeeded in stealing his friend’s digital wallet and transferring US $1.8 million worth of Ether into his own account.

As the digital and physical worlds collide, this kind of crime is likely to rise. When even the most violent thugs can recognise the exponential value these tokens hold, cryptos have well and truly entered the mainstream.

In fact, cybercrime has become so advanced that even if you don’t own any cryptos, you’re still at risk. In a new trend called ‘crypto-jacking’, hackers are uploading code to popular websites that steals your computer’s power to mine cryptocurrency.

If you’ve visited the Subaru website or the UFC streaming site Showtime, you’ve likely been affected.

On top of this, if you’re one of the billion users who visit video-streaming sites like RapidVideo or Openload, you may have unknowingly downloaded a mining program.

So while you stream, your computer has been working hard to mine Monero, earning hackers around $326,000 a month.

All of this is unsurprising, given that bitcoin is grazing the US$18,000 mark. And by the end of 2018, one in three millennials will be invested in a cryptocurrency, according to a study done by London Block Exchange.

Traditional investments like property or resources have clearly lost their allure among young investors. Cryptos are the hot investment of today. And there seems to be no stopping the crypto market’s astonishing growth.

As such, cryptos could potentially be an extremely lucrative investment. But it’s vital that you know how to buy and transfer crypto safely.

Tech expert Sam Volkering teaches you how to do this in his latest research report published in Secret Crypto Network.

Sam believes that cryptos are the last market on Earth with the potential to create life-changing wealth. But only if you play it right. In his report, he reveals which cryptocurrencies you should trust…and which you shouldn’t touch with a ten-foot pole. Sam also recommends one crypto in particular that he believes could be the one to trump them all in the coming years.

To learn what it is, click here.

This week in Markets & Money

On Monday, Ryan reflected on a simple truth about humanity: We are always seeking to improve our collective understanding of the world. But more often than not, the simplest explanations are the best ones. This is especially true when it comes to trading in the stock market. There is one key thing to remember when analysing stock movements, particularly crypto-related stocks. As we move into 2018, you’ll want to keep it in mind to take advantage of the massive crypto gains to come.

To find out what that is, click here.

On Tuesday, Harje posed a question: Will online shopping prevail over the in-store experience this Christmas? Most people are used to the gift-buying frenzy at this time of year. And shopping centres are usually the hub of all the action. But is this a thing of the past? Harje doesn’t think so. Even if retailers’ earnings are downgraded, there are certain products that you only buy after seeing them in-store. So it’s clear that some retail sectors will have a better Christmas than others.

For more on this story, click here.

On Wednesday, Jason noted that cobalt looks set to soar again. Last December, the conflict in the Democratic Republic of Congo (DRC) — the world’s largest cobalt supplier — caused the metal to surge. This month, election delays in the DRC look set to push cobalt prices higher once again. As it doesn’t look like the conflict will be resolved anytime soon, it could rise even higher in 2018. And with future demand for cobalt looking strong, Jason thinks now is the time to be bullish.

To read the full story, click here.

On Thursday, the bitcoin headlines kept pouring in. From anecdotal stories of people taking out mortgages to buy cryptos, to the incredible price gains, bitcoin has been dominating the headlines for the better part of the year. It’s also been a hot topic for central bankers and governments, as most scramble to demonise bitcoin as a bubble on the verge of popping. Consequently, opinions on cryptos remain divided. But if you want to be on the right side of history, Shae suggests that you consider bitcoin’s revolutionary potential before you listen to the mainstream.

For all the details, click here.

On Friday, Vern considered the recurring cycle that every new generation of investors goes through. The hottest stocks of the moment make astonishing rises, filling new investors with optimism, until they come crashing down. The dotcom boom of the 1990s and housing crash of 2008 are the most recent examples of this. It takes a generation for people to recover and believe that ‘this time is different’. According to Vern, for millennials, their dotcom-like crash will come in the form of cryptocurrencies. The way he Vern sees it, they will learn the hard way like all generations before them that all bubbles pop.

To read the full story, click here.

Regards,

Katie Johnson,
For Markets & Money

Katie Johnson

Katie Johnson

Katherine Johnson, usually going by just ‘Katie’, is a member of Port Phillip Publishing’s editorial team, as well as the Editor of the Saturday edition of Markets & Money.

Katie works with all of your editors to maintain the quality of their research and analysis. In her Saturday Markets & Money articles she specialises in cryptocurrency and technology stories, and brings you a recap of the week from your other Markets and Money editors.

Katie Johnson

Latest posts by Katie Johnson (see all)

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of
Letters will be edited for clarity, punctuation, spelling and length. Abusive or off-topic comments will not be posted. We will not post all comments.
If you would prefer to email the editor, you can do so by sending an email to letters@marketsandmoney.com.au