- Scammers Are Now Using Litecoin (LTC) and Other Alts as a Means of Ransom
- The Demand of Crypto Assets Is on the Rise
Litecoin News Today – Litecoin (LTC) and other altcoins are increasingly becoming predominant among digital currency sextortionists. This is because they allow them to avoid detection easily, according to new research. On October 8, Cofense – a cybersecurity company – released a report. According to the report, hackers are gradually beginning to shift their focus from Bitcoin to avoid specialized email filters from detecting them. A snippet of the report state:
“As enterprises began writing detection rules to block those emails, threat actors modified the text by replacing it with an image, which prevented keywords from being identified by Secure Email Gateways (SEGs). The Bitcoin address was left as a plain text string in the email, so it could be easily copied.”
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Scammers Are Now Using Litecoin (LTC) and Other Alts as Ransom
According to the report, culprits of sextortion often claim that they have installed some sort of spying malware on the devices of their potential victims and gained access allegedly compromising webcam footage and browsing history. Over the past years, scammers often ask for Bitcoin (BTC) as ransom. They usually threaten their victims that they would release damaging information to friends, family, and colleagues.
The claims of these scammers were further congealed by the fact that they usually had access to the emails of recipients from password breach lists. The report also revealed that the latest versions of email filters are forcing scammers to look for other means of collecting ransom such as Litecoin (LTC) and other digital currencies. The report states:
“This latest sextortion version is using a Litecoin wallet address rather than Bitcoin to evade detection. Previous iterations showed a gradual shift away from identifiable patterns and to alternative digital currencies, in an attempt to foil SEG Bitcoin-detection rules. The current emails appear to be crafted to contain very few searchable word patterns.”
The Demand of Crypto Assets Is on the Rise
Per the report, scammers are more likely to continue switching their means of ransom delivery – crypto payments. However, to an extent, they are limited by the given availability of a coin major trading platforms. The firm said:
“While there are thousands of cryptocurrencies, only a dozen or so are easily attainable from large exchanges. For the scam to work, the recipient needs an easy way to acquire the requested payment method.”
Cofense advises users to safely ignore phishing and ransom emails. The firm added that if threat actors actually had such data and access, they would back it up with strong proof.