Typically, when cryptocurrency values change, one would expect to see changes in crypto-related cybercrime. In particular, trends in Bitcoin values tend to be the bellwether you can use to predict how other currencies’ values will shift, and there are usually corresponding shifts in crypto-based crime, such as ransomware, though it’s not necessarily the kind of change you might predict.
According to Tyler Moffitt, senior threat researcher and resident crypto expert, “whatever Bitcoin does, the altcoins are going to follow. When [Bitcoin] crashes, the rest crash.” But that doesn’t necessarily mean you’ll see big spikes in ransomware or cryptojacking. In fact, Moffitt states, because Bitcoin is known for being fairly volatile, it can undermine any direct effect on, say, the amount demanded in a ransomware scheme. It’s very possible for a Bitcoin ransom to lose value over time due to market flux, making it less profitable than it might otherwise appear.
So, what’s the real story? As we see cryptocurrency values rise and fall, how should we interpret shifts in the threats we can expect to see? Is it safe for ordinary folks to try to get into the crypto market, or does that just give malicious actors another method to scam and steal from you?
Get answers to these questions and more in this informative Hacker Files podcast with Joe Panettieri, in which he and Tyler Moffitt discuss the ins and outs of crypto, what the market looks like, how it actually affects cybercrime, and what everyone from crypto novices and to bigtime enthusiasts need to know.