Gairika Mitra
Ancilia, the crypto-security firm, got in trouble Wednesday when it accidentally shared a link that led to a crypto wallet drainer on X. The incident happened shortly after it published a post alerting users of the $58 million hack on Radiant Capital’s lending protocol.
In its post, Ancilia urged Radiant users to revoke smart contract permissions on the exploited platform to protect their funds. The post included a link to what was later revealed to be a crypto wallet drainer – a malicious tool designed to steal money from unsuspecting victims.
Pseudonymous crypto commentator Spreek, who first noticed the mistake had choice words for the company on X.
Rise of Ransomware and Malware Attacks
Cybersecurity issues are diverse and continually evolving, and understanding the most common types of cyberattacks and their origins is crucial for safeguarding against future infiltrations. Some of the most prevalent attacks involve phishing, whaling, malware, social engineering, ransomware, and distributed denial of service (DDoS) attacks.
Ransomware and malware have become particularly concerning, with the average ransomware payout skyrocketing from $812,380 in 2022 to $1,542,333 in 2023. The number of ransomware victims nearly doubled in March 2023 compared to the previous year. In addition, over 300,000 Android users unknowingly downloaded banking trojan apps from the Google Play Store.
Cyber Threats on the Rise
Around 24,000 malicious mobile applications are reportedly blocked from the internet each day. Notably, nearly half of all internet traffic (47.4%) came from bots in 2022, marking a 5.1% increase from the previous year. Microsoft Office applications were the most commonly exploited software worldwide, accounting for 70% of exploitation cases from November 2021 to October 2022. Email continues to be a primary vector for malware delivery, with 94% of malware being delivered in this way
The average cost of recovering from a ransomware attack in 2024 is estimated at $2.73 million, and shockingly, only 8% of businesses that pay ransom to hackers receive all their data back. In the first half of 2022, researchers identified nearly 79 million domains as malicious, and approximately 75% of organizations experienced at least one ransomware attack last year. Furthermore, around 20% of newly observed domains that were successfully resolved were flagged as malicious during the same period.
Phishing attacks remain a significant threat as well. A staggering 57% of organizations report experiencing weekly or daily phishing attempts. Phishing is the leading infection vector, identified in 41% of cyber incidents, making it the most common initial attack. On top of that, 26% of phishing incidents exploit public-facing applications, and these attacks account for over 80% of reported security incidents. The financial toll of phishing is also alarming, with losses amounting to $17,700 every minute.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
