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How has the Bitcoin price rise affected crypto criminals?

According to a recent report by global cybersecurity firm Kaspersky, the growth in lucrative profits to be made in the crypto-mining space has helped cybercriminals use their computing power to mine cryptocurrencies, instead of launching DDoS attacks.

Interestingly, the number of DDoS attacks in the fourth quarter of 2020 dropped 31% from the previous quarter, which is when cryptocurrency prices really started to heat up.

Cybercriminals

Kaspersky experts believe that cybercriminals may have “re-profiled” some botnets so that C&C servers, typically used in DDoS attacks, can reuse infected devices and use their computing power to mine cryptocurrencies. Rising Bitcoin prices combine with rising transaction fees to drive up miner profits. And it far exceeds their cost of production.

In fact, recent reports reveal that the daily incomes of miners now exceed $ 50 million. Bitcoin mining stocks are also increasing significantly in recent times.

Marathon’s share price increases by over 300%.

Source: Kaspersky

Statistics published by the Kaspersky Security Network also observe a similar trend. While 2019 and 2020 were years characterized by a decline in the number of crypto-miners. September 2020 causes a change in this trend, with the same plateau since.

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