Phishing impersonations and business email compromise (BEC) attacks designed to steal victims’ bitcoin surged by 192% between October 2020 and May 2021, closely following the rising demand and increasing price of bitcoin over the last eight months, according to analysis by Barracuda Networks. Bitcoin themed cyber attacks have typically been used in extortion and ransomware attacks in the past, but hackers have now started to incorporate cryptocurrency into spear phishing, impersonation, and BEC attacks, the analysis revealed.

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