Cybercrime Skyrockets During Covid-19

Last week US politicians warned that Facebook’s Libra could become a threat to the dollar, today Congress is warning that crypto coins are being used for cybercrime. It all seems perfectly timed to damage the crypto world, of course.

At a meeting in the United States Congress on illegal digital activities, Democratic Congressman Emanuel Cleaver noted that there was a big leap forward for online crime in 2020, especially during the Covid-19 pandemic.

“We see a spike of 75% in daily cybercrime, reported by the FBI since the pandemic began,” Cleaver said in his opening statement.

Of course, this is not mathematically surprising, as the lockdowns in Europe and the stay-at-home orders in the US caused online orders to grow by 81% in recent months, prompting cybercriminals to launch fake websites for the novice online shoppers.

The many hacks in Zoom teleconferences were also discussed. Zoom became so popular that many registered profiles were sold on the dark web.

Reputational damage

The problem for the crypto world is that most of those payments to cyber criminals are still made in crypto, which brings down the reputation of the crypto industry.

Tom Kellermann, VMware’s chief cybersecurity strategy, claimed that there was a 238% increase in digital crime between January and May 2020.

“This is reinforced by the 900% increase in ransomware attacks,” he added.

“Darkweb forums powered by anonymous virtual currencies have created a marketplace for criminals and organized crime to reach a global market. Many of these payment systems and cryptocurrencies offer real or relative anonymity. This increases the need for more regulation of digital money. “

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