Money-grabbing ICO’s, Twitter impersonations, and even disappearances made cryptocurrencies scams a hot topic since 2018. Prominent research held by a firm believes that the number of Bitcoin scams and ransoms haven’t been cooled out yet also warns New Investors.

Crypsis Group, a crypto forensics firm, noted in a recent security report that Crypto-ransoms have been maturing since 2018 and it’s been rose to almost 200% last year.

The report called Incident and Data Reach Report 2020, attackers are now targeting larger firms and enterprises, which ensures that they are using a more matured technique over time. Cyber and crypto criminals have exhorted an average of $115,120 worth of funds, with the total take of going up to several million dollars.

Meanwhile, all the crypto and cyber attacker are becoming sophisticated and are using more advanced tactics over time. The report by Crypsis shows that attackers can overcome all defense strategies deployed by enterprises and many big firms.

Two attacks, in 2019 Ryuk and Phobos were the major causes of threat in 2019, Crypsis report had shown that both were highly effective, Ryuk targeting most of the Banking details and information of Victims, This technique makes Victim offload any kind of passwords and sensitive information.

With the rise of ransomware, an increase of Crypto scams has been noted. CipherTrace, a Californian firm that is famous for its intelligence on Cryptocurrency and market, shows that 75% of all cross-border BTC transactions seem to have criminal roots.

Also read: Coco-Cola vendors in Australia and New Zeland to accept Bitcoin.

As stated on the “Spring 2020 Cryptocurrency AML and crime report,” over more than $1.4 billion was either stolen or have been hacked in the first five months of 2020. If this scam continues, the figure is most probably to cross $3 billion dollars by the end of 2020.