Kaspersky Lab Reports 10 Million Dollars in Stolen Ethereum During 2018

Kaspersky Lab, a leading cybersecurity company, has reported that 23,000 ETC have been stolen by criminals using social engineering skills and techniques to carry out the thefts during 2018 so far. Another report in July stated that digital criminals have set off a collective of more than 100,000 alarms on cybersecurity systems in 2018.


The company explained that criminals would repeatedly target individual investors through ICO’s and fool them into investing their funds through disguised emails with an address attached. Criminals also designed fake websites to act as ICO pages and other crypto-related investment funds to act out their crimes.

As an example of a crime gone right, Kaspersky mentioned Switcheo’s initial coin offering. Criminals used an account of the social media platform Twitter to trick investors into transferring their funds by acting as an important member of the initial coin offering.

Cryptocurrency giveaways are also a widely seen scam criminals use to steal funds from potential victims. The “giveaways” occur by promising investors a larger profit in return if they pay a small fee at the moment using the same cryptocurrency. Scammers also create fake accounts on popular social media platforms and impersonate “celebrity” individuals involved in crypto to trick more investors.

Evolving Cons

As a lead analyst at Kaspersky Lab explains, criminal activity and methods are continuously becoming more intricate and inconsistent which makes complete protection an impossible feat. He further explains that cryptocurrency scams are much more noticeable due to the massive amounts of funds usually stolen in one go.

He associates the rate of success of scams as criminals being able to understand human nature and how “phishing” truly operates. Despite the company’s initial focus on cybersecurity, a new focus has been aimed at crypto-crimes.

The company also reported an increase in the number of malware attacks on individuals, a technology used to illegally mine cryptocurrencies on unauthorized devices.

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