New Spyware at Microsoft Steals Passwords from Crypto Wallets

Microsoft Researchers Celebrate the growth of malware and methods capable of hacking cryptocurrency wallets. More recently, they’ve been joined by new software called “Cryware,” according to a new security blog post published by the company.

Cryware is a data thief program aimed at non-custodial crypto wallets (hot wallets). Since hot wallets, unlike cold wallets, are stored locally on the device and provide easier access to the cryptographic keys needed to make transactions, an increasing number of attacks are addressed to them. Berman Enconado and Lori Kirk from Microsoft 365 Defender Analysis Workforce said in a report that with the growing popularity of cryptocurrency, the impact of criminal programs has become much more significant. than 2 years ago. Now, hackers are using new software to steal cryptocurrencies directly from the target device.

Cryware allows attackers to instantly move cryptocurrency targets into their wallets after gaining access to the data of their hot wallets. Transactions on the blockchain are final, even if they are made without the consent or knowledge of the user. Unlike credit cards and other financial transactions, there are no ways to cancel or protect consumers from fraudulent cryptocurrency transactions.

Such malware is increasingly being used to find hot wallet data such as private keys, starting phrases, and wallet addresses. Microsoft cybersecurity specialists often record attempts to hack different types of wallets where users store their funds.
Given that many people neglect security rules, hackers often manage to hack wallets and steal cryptocurrency. Every year, not only the number of attacks is growing, but also the number of methods used for such malicious actions.

Unfortunately, we have to state the fact that hackers have very powerful resources in order to hack not only cryptocurrency wallets, but also gaming platforms and crypto exchanges. It is predicted that next year the number of massive attacks using malware will grow significantly, and losses will amount to tens, and possibly hundreds of billions of dollars.

Author: Ed Miscavige, Analyst Freedman Club Crypto News