As Bitcoin price surged, it fueled rise cyberattacks, researchers say

Michael Saylor and Defiance ETF CIO Sylvia Jablonski discuss the crypto space on ‘Making Money with Charles Payne’

The rapid rise in the price of Bitcoin is a driving force behind a rise in cybercrime, according to new research.

As the price of Bitcoin surged almost 400% between October 2020 and May 2021, the number of cyberattacks rose 192%, according to Barracuda Networks, which offers products and services that protect against malicious software attacks.

Cryptocurrency has long been a favorite for cybercriminals. And Bitcoin historically is the go-to currency. 

Colonial Pipeline, which operates a critical pipeline for refined oil products, paid ransomware extortionists roughly 75 Bitcoin, or about $4.4 million at the time of the transaction, to recover stolen data – though the majority of that ransom was later recovered by the Justice Department.

The rapid rise in the price of Bitcoin is a driving force behind a rise in cybercrime, according…

Read more…