TL;DR Breakdown Phishing attacks on crypto rises in 2021.Crypto price surge is one reasons there’s an uptick in phishing scams.Crypto space remains exposed to hack in different forms. There has been an upsurge in phishing attacks targeted at crypto exchange and investors 10x its previous number in 2021. Similarly, phishing attacks on all other industries surged by 22 percent, according to a report by intelligence firm, PhishLab. Per the report, most of the attacks are being promoted on social media, where most engagement and communication activities happen between crypto firms and their users. These hackers impersonate crypto firms to carry out their operation as social media accounts for 54 percent of phishing attacks on the crypto industry. John LaCour, Founder, and CTO of PhishLab, said that hackers continue to operate and get more sophisticated. The research also points that hackers are not likely to stop as they anticipate the crypto industry would remain aggressively targeted through social media. Why theres a surge in phishing attacks on crypto According to LaCour, the reason for the surge in phishing attacks is the growth in the crypto market. He noted that willingness by more financial institutions to enter the crypto space and Bitcoin price hitting a new All-Time High price in Q2 has called more attention to the industry and put scammers on their toes. “With Bitcoin again above $45,000, and the entire crypto market ...
