Crypto Market Crash May Increase DDoS Attacks: Cybersecurity Experts

The sharp decline in cryptocurrency prices may cause another increase in DDoS attacks, cybersecurity experts warn. 

May 21, 2021, | AtoZ Markets – The collapse of the price of bitcoin and other cryptocurrencies can provoke an increase in the number of DDoS attacks, according to cybersecurity experts, writes Kommersant.

To carry out DDoS attacks, hackers use networks of infected devices - botnets, which are also used for mining, said Kaspersky DDoS Prevention. When prices of cryptocurrencies rise, attackers usually redirect power to mining, and not to carry out DDoS attacks, experts noted.

The report by Kaspersky Lab emphasizes that during the January decline in Bitcoin price, there was a surge in DDoS activity.

Qrator Labs also noticed a link between falling cryptocurrency prices and the number of DDoS attacks. The company noted that another reason could be an attempt by cybercriminals to make money on the difference in rates. For example, slow down operations with attacks.
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The experts noted that, in general, there is a significant increase in the intensity of attacks. This is partly attributed to the increased popularity of special services for carrying out DDoS attacks and the reduction in the cost of organizing attacks.

Read also: Exmo Suffers DDoS Attack, Hacked Just Two Months Ago

As a reminder, according to Kaspersky Lab data, in the fourth quarter of 2020, the total number of DDoS attacks decreased by approximately 30% compared to the third quarter. This was associated with the rise in the price of many cryptocurrencies.

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