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According to global payment provider Visa, 2022 will be a record year for cryptocurrency thefts, with more than $3 billion stolen in on-chain thefts. Cryptocurrency bridge services were easy targets for attackers.
Visa published its biannual threat report on March 20th. The document contains 24 pages of data on all kinds of breaches, from plastic card fraud schemes to malware, in digital payment systems around the world in the last year. A separate section is dedicated to cryptocurrencies and digital platforms.
Pay particular attention to token bridges and their vulnerabilities. Generally, fraudsters abuse the bridge service’s smart her contract to forge new transactions or authorize fraudulent transactions. The total amount of funds stolen via Token Bridge from January 2022 to early October he totaled $2 billion.
The report also mentions phishing campaigns focused on cryptocurrencies. The attackers impersonated a cryptocurrency exchange company via email to collect the login data of the victim’s account. When the real exchange asks the attacker for her two-factor authentication (2FA), the attacker uses a spoofed site to encourage the victim to enter her 2FA information. And use her real 2FA from the impersonation site to complete the login process.
connection:Visa’s crypto strategy targets stablecoin payments
In February, it was reported that Visa, along with competitor Mastercard, would delay the launch of a new partnership with the cryptocurrency company. He reassured Visa that it will “continue to partner with cryptocurrency companies to improve the on/off ramp of fiat currency” and “build new products that can facilitate stable coin payments.”
On February 20, Bitcoin market cap surpassed Visa market cap for the third time in history. By March 14th, the gap between the two had reached over $20 billion, in favor of BTC.
