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FacexWorm Part of a Growing Statistic of Crypto Crime

Cybersecurity experts were able to expose a dubious Chrome extension dubbed FacexWorm after hackers were able to steal a total of one Bitcoin through its use.

The exact amount of currency generated from the hijacking of computer hardware to perform mining is unknown. After similar activity monitored last year it was quickly established that hackers were yet again attempting familiar modus operandi.

The FacexWorm extension is capable of stealing user credentials and hijack cryptocurrency transactions by adjusting the destination wallet ID on several large exchanges including Binance, HitBTC, Bitfinex, Poloniex, and Ethfinex. Victims’ browsers were redirected to scam sites misleading them to send currency to the hackers wallet as well as remotely using their hardware for cryptocurrency mining.

FacexWorm part of a growing statistic of crypto crime

In this new market with little regulation on security standards, cybercrime is a growing issue among the crypto community.

Phishing scams have led to losses of around USD 225 million in 2017 alone. Most commonly, investors were being misled into transferring funds to what they perceived to be fundraising sites for ICOs, especially those using Ethereum blockchain technology.

Browsealoud, a suite of translation tools, was edited by hackers to mine cryptocurrencies. With the assumption that the infected plugin compromised most of the sites that were actively using it, around 4,275 websites were affected, including some hosting important services.

Ethereum-related cybercrime is one of the worst with around 30,000 people affected, averaging a loss of about USD 7,500 each.
The combination of losses due to phishing, hacks, Ponzi schemes, and exploits in systems is fast approaching similar levels to robberies in the US during 2015. The Federal Bureau of Investigation estimated theft at a total of USD 390 million, with Chainalysis evaluating Ethereum crime alone at USD 225 million.
“The cryptocurrency phishers are doing pretty good against all the other types of criminals that are out there,” said Jonathan Levin, Chainalysis co-founder.
With a shortage of expertise in a new and upcoming industry, cyber threats will need to be taken more seriously. As the technology moves to become more mainstream and regulation sets standards for security there will be a shift towards a safer market.
Image source: https://www.flickr.com/photos/140988606@N08/27891578868/in/photostream/ – Christoph Scholz – IT Security Schloss vor Crypto-Hintergrund – blau – Kontrast

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