Reports Show Hackers Turning To Cryptojacking And DeFi To Siphon Crypto – Fin Tech

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According to a recent report issued by cybersecurity firm
SonicWall, global incidents of cryptojacking hit record highs
earlier this year. Cryptojacking refers to a cyberattack in which
hackers implant malware on a computer system and then
surreptitiously commandeer that system to mine cryptocurrency for
the benefit of the hackers. Overall incidents were up 30 percent,
with the retail sector suffering from a 63 percent increase and the
financial sector witnessing a 269 percent increase in attacks
year-to-date. The report suggests that (1) the decline in
ransomware attacks, (2) system vulnerability caused by Log4j and
(3) the ability of cryptojackers to operate under the radar all
contributed to the cybercrime’s rise in popularity.

In similar news, risk-management firm Crystal Blockchain
recently released a report detailing the top cryptocurrency
security breaches and fraudulent activities over the past decade.
According to the report, decentralized finance (DeFi) exchanges
have become an increasingly popular target for malicious actors,
with over $2.5 billion lost to DeFi-related breaches, scams and
hacks in 2022 alone.

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M&A In The FinTech Space-Comment

Katten Muchin Rosenman LLP

“FinTech M&A has become the second-largest area of emerging tech investment-according to FT Partners, there were 1,485 M&A deals in the FinTech space totalling $348.5bn in 2021.

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