Cyber Security
How Cybercriminals Target Cryptocurrency
Written by Sherrod DeGrippo, Vice President for Threat Research and Detection at Proofpoint
As cryptocurrency and non-fungible tokens (NFTs) become more mainstream, and capture headlines for their volatility, there is a greater likelihood of more individuals falling victim to fraud attempting to exploit people for digital currencies. The rise and proliferation of cryptocurrency have also provided attackers with a new method of financial extraction. It’s commonly believed that cryptocurrency provides more anonymity via less governmental and organizational oversight and visibility coupled with the inherent fungibility, thus making it an appealing financial resource for threat actors. The financially motivated attacks targeting cryptocurrency have largely coalesced under pre-existing attack patterns observed in the phishing landscape prior to the rise of blockchain based currency.
Proofpoint researchers observe multiple objectives demonstrated by cybercriminal threat actors relating to digital tokens and finance such as traditional fraud leveraging business email compromise (BEC) to target individuals, and activity targeting decentralized finance (DeFi) organizations that facilitate cryptocurrency storage and transactions for possible follow-on activity. Both of these threat types contributed to a reported $14 billion in cryptocurrency losses in 2021. In fact, Business Email Compromise topped the list of types of attacks CISOs in UAE expect to face in the coming months with 35% of CISO’s being concerned of potential BEC attacks.
While most attacks require a basic understanding of how cryptocurrency transfers and wallets function, they do not require sophisticated tooling to find success. Common techniques observed when targeting cryptocurrency over email include credential harvesting, the use of basic malware stealers that target cryptocurrency credentials and cryptocurrency transfer solicitation like BEC. These techniques are viable methods of capturing sensitive values which facilitate the transfer and spending of cryptocurrency.
There are multiple DeFi applications and platforms – such as cryptocurrency exchanges – that people can use to manage their cryptocurrency. These platforms often require usernames and passwords, which are potential targets for financially motivated threat actors.
Despite public keys being “safe” to share, researchers are seeing actors solicit the transfer of cryptocurrency funds via BEC type emails that include threat actor-controlled public keys and cryptocurrency addresses. These email campaigns rely on social engineering to secure the transfer of funds from targeted victims.
Credential Harvesting and Cryptocurrency
In 2022 Proofpoint has observed regular attempts to compromise user’s cryptocurrency wallets using credential harvesting. This method often relies on the delivery of a URL within an email body or formatted object which redirects to a credential harvesting landing page. Notably these landing pages have begun to solicit values utilized in the transfer and conversion of cryptocurrencies.
Crypto Phishing Kits
Credential harvesting landing pages are often built with phish kits that can be used to create multiple landing pages and used in multiple campaigns. Phish kits give threat actors the ability to deploy an effective phishing page regardless of their skill level. They are pre-packaged sets of files that contain all the code, graphics, and configuration files to be deployed to make a credential capture web page. These are designed to be easy to deploy as well as reusable. They are usually sold as a zip file and ready to be unzipped and deployed without a lot of “behind the scenes” knowledge or technical skill.
It is no wonder that CISOs around the world consider phishing as one of the most prevalent and challenging cybersecurity threats. A 2021 Proofpoint study found that almost a third of CISOs in the UAE believed they were at risk of suffering a phishing attack. Proofpoint researchers have observed multiple examples of phishing threat actors create and deploy phishing kits to harvest both login credentials to cryptocurrency related sites and cryptocurrency wallet credentials or passphrases.
Business Email Compromise – But For Crypto
A popular form of financial crime vectored through phishing is business email compromise (“BEC”). In 2022 Proofpoint regularly observes cryptocurrency transfer within the context of BEC attempts. Primarily these requests are observed in the context of employee targeting, using impersonation as a deception, and often leveraging advanced fee fraud, extortion, payroll redirect, or invoicing as themes.
The initial BEC email often contains the safe for public consumption values, including public keys and cryptocurrency addresses. By impersonating an entity known to the user and listing an actor-controlled public key or address, actors are attempting to deceive users into transferring funds from their account willingly based on social-engineering content. This is like the way actors use routing and bank account numbers during BEC phishing campaigns.
Conclusion
Financially motivated threat actor activity attempting to steal or extort cryptocurrency is not new. However, cryptocurrencies, digital tokens, and “Web3” concepts are becoming more widely known and accepted in society. Where once “crypto” was a concept that thrived in certain parts of the internet, it is now a mainstream idea, with cryptocurrency apps and services advertised by professional athletes and celebrities, and major events sponsored by cryptocurrency and block chain companies.
But threat actors are way ahead of general adoption of cryptocurrency, with existing infrastructure and ecosystems long established for stealing and using it. And as mainstream awareness and interest increases, it is more likely people will trust or engage with threat actors trying to steal cryptocurrency because they better understand how DeFi operates or are interested in being a part of “the next big thing”.
Users should be aware of common social engineering and exploitation mechanisms used by threat actors aiming to steal cryptocurrencies.
Cyber Security
Positive Technologies Reports 80% of Middle East Cyberattacks Compromise Confidential Data
A new study by cybersecurity firm Positive Technologies has shed light on the evolving cyber threat landscape in the Middle East, revealing that a staggering 80% of successful cyberattacks in the region lead to the breach of confidential information. The research, examining the impact of digital transformation, organized cybercrime, and the underground market, highlights the increasing exposure of Middle Eastern nations to sophisticated cyber threats.
The study found that one in three successful cyberattacks were attributed to Advanced Persistent Threat (APT) groups, which predominantly target government institutions and critical infrastructure. While the rapid adoption of new IT solutions is driving efficiency, it simultaneously expands the attack surface for malicious actors.
Cybercriminals in the region heavily utilize social engineering tactics (61% of cases) and malware (51%), often employing a combination of both. Remote Access Trojans (RATs) emerged as a primary weapon in 27% of malware-based attacks, indicating a common objective of gaining long-term access to compromised systems.
The analysis revealed that credentials and trade secrets (29% each) were the most sought-after data, followed by personal information (20%). This stolen data is frequently leveraged for blackmail or sold on the dark web. Beyond data theft, 38% of attacks resulted in the disruption of core business operations, posing significant risks to critical sectors like healthcare, transportation, and government services.
APT groups are identified as the most formidable threat actors due to their substantial resources and advanced technical capabilities. In 2024, they accounted for 32% of recorded attacks, with a clear focus on government and critical infrastructure. Their activities often extend beyond traditional cybercrime, encompassing cyberespionage and even cyberwarfare aimed at undermining trust and demonstrating digital dominance.
Dark web analysis further revealed that government organizations were the most frequently mentioned targets (34%), followed by the industrial sector (20%). Hacktivist activity was also prominent, with ideologically motivated actors often sharing stolen databases freely, exacerbating the cybercrime landscape.
The United Arab Emirates, Saudi Arabia, Israel, and Qatar, all leaders in digital transformation, were the most frequently cited countries on the dark web in connection with stolen data. Experts suggest that the prevalence of advertisements for selling data from these nations underscores the challenges of securing rapidly expanding digital environments, which cybercriminals are quick to exploit.
Positive Technologies analyst Alexey Lukash said, “In the near future, we expect cyberthreats in the Middle East to grow both in scale and sophistication. As digital transformation efforts expand, so does the attack surface, creating more opportunities for hackers of all skill levels. Governments in the region need to focus on protecting critical infrastructure, financial institutions, and government systems. The consequences of successful attacks in these areas could have far-reaching implications for national security and sovereignty.”
To help organizations build stronger defenses against cyberthreats, Positive Technologies recommends implementing modern security measures. These include vulnerability management systems to automate asset management, as well as identify, prioritize, and remediate vulnerabilities. Positive Technologies also suggests using network traffic analysis tools to monitor network activity and detect cyberattacks. Another critical layer of protection involves securing applications. Such solutions are designed to identify vulnerabilities in applications, detect suspicious activity, and take immediate action to prevent attacks.
Positive Technologies emphasizes the need for a comprehensive, result-driven approach to cybersecurity. This strategy is designed to prevent attackers from disrupting critical business processes. Scalable and flexible, it can be tailored to individual organizations, entire industries, or even large-scale digital ecosystems like nations or international alliances. The goal is to deliver clear, measurable results in cybersecurity—not just to meet compliance standards or rely on isolated technical fixes.
Cyber Security
Axis Communications Sheds Light on Video Surveillance Industry Perspectives on AI
Axis Communications has published a new report that explores the state of AI in the global video surveillance industry. Titled The State of AI in Video Surveillance, the report examines the key opportunities, challenges and future trends, as well as the responsible practices that are becoming critical for organisations in their use of AI. The report draws insights from qualitative research as well as quantitative data sources, including in-depth interviews with carefully selected experts from the Axis global partner network.
A leading insight featured in the report is the unanimous view among interviewees that interest in the technology has surged over the past few years, with more and more business customers becoming curious and increasingly knowledgeable about its potential applications.

Mats Thulin, Director AI & Analytics Solutions at Axis Communications
“AI is a technology that has the potential to touch every corner and every function of the modern enterprise. That said, any implementations or integrations that aim to drive value come with serious financial and ethical considerations. These considerations should prompt organisations to scrutinise any initiative or investment. Axis’s new report not only shows how AI is transforming the video surveillance landscape, but also how that transformation should ideally be approached,” said Mats Thulin, Director AI & Analytics Solutions at Axis Communications.
According to the Axis report, the move by businesses from on-premise security server systems to hybrid cloud architectures continues at pace, driven by the need for faster processing, improved bandwidth usage and greater scalability. At the same time, cloud-based technology is being combined with edge AI solutions, which play a crucial role by enabling faster, local analytics with minimal latency, a prerequisite for real-time responsiveness in security-related situations.
By moving AI processing closer to the source using edge devices such as cameras, businesses can reduce bandwidth consumption and better support real-time applications like security monitoring. As a result, the hybrid approach is expected to continue to shape the role of AI in security and unlock new business intelligence and operational efficiencies.
A trend that is emerging among businesses is the integration of diverse data for a more comprehensive analysis, transforming safety and security. Experts predict that by integrating additional sensory data, such as audio and contextual environmental factors caught on camera, can lead to enhanced situational awareness and greater actionable insights, offering a more comprehensive understanding of events.
Combining multiple data streams can ultimately lead to improved detection and prediction of potential threats or incidents. For example, in emergency scenarios, pairing visual data with audio analysis can enable security teams to respond more quickly and precisely. This context-aware approach can potentially elevate safety, security and operational efficiency, and reflects how system operators can leverage and process multiple data inputs to make better-informed decisions.
According to the Axis report, interviewees emphasised that responsible AI and ethical considerations are critical priorities in the development and deployment of new systems, raising concerns about decisions potentially based on biased or unreliable AI. Other risks highlighted include those related to privacy violations and how facial and behavioural recognition could have ethical and legal repercussions.
As a result, a recurring theme among interviewees was the importance of embedding responsible AI practices early in the development process. Interviewees also pointed to regulatory frameworks, such as the EU AI Act, as pivotal in shaping responsible use of technology, particularly in high-risk areas. While regulation was broadly acknowledged as necessary to build trust and accountability, several interviewees also stressed the need for balance to safeguard innovation and address privacy and data security concerns.
“The findings of this report reflect how enterprises are viewing the trend of AI holistically, working to have a firm grasp of both how to use the technology effectively and understand the macro implications of its usage. Conversations surrounding privacy and responsibility will continue but so will the pace of innovation and the adoption of technologies that advance the video surveillance industry and lead to new and exciting possibilities,” Thulin added.
Artificial Intelligence
CyberKnight Partners with Ridge Security for AI-Powered Security Validation
The automated penetration testing market was valued at roughly $3.1 billion in 2023 and is projected to grow rapidly, with forecasts estimating a compound annual growth rate (CAGR) between 21% and 25%. By 2030, the sector is expected to reach approximately $9 to $10 billion. The broader penetration testing industry is also expanding, with projections indicating it will surpass $5.3 billion by 2027, according to MarketandMarket.
To support enterprises and government entities across the Middle East, Turkey and Africa (META) with identifying and validating vulnerabilities and reducing security gaps in real-time, CyberKnight has partnered with Ridge Security, the World’s First Al-powered Offensive Security Validation Platform. Ridge Security’s products incorporate advanced artificial intelligence to deliver security validation through automated penetration testing and breach and attack simulations.
RidgeBot uses advanced AI to autonomously perform multi-vector iterative attacks, conduct continuous penetration testing, and validate vulnerabilities with zero false positives. RidgeBot has been deployed by customers worldwide as a key element of their journey to evolve from traditional vulnerability management to Continuous Threat Exposure Management (CTEM).
“Ridge Security’s core strength lies in delivering holistic, AI-driven security validation that enables organizations to proactively manage risk and improve operational performance,” said Hom Bahmanyar, Chief Enablement Officer at Ridge Security. “We are delighted to partner with CyberKnight to leverage their network of strategic partners, deep-rooted customer relations, and security expertise to accelerate our expansion plans in the region.”
“Our partnership with Ridge Security is a timely and strategic step, as 69% of organizations are now adopting AI-driven security for threat detection and prevention,” added Wael Jaber, Chief Strategy Officer at CyberKnight. “By joining forces, we enhance our ability to deliver automated, intelligent security validation solutions, reaffirming our commitment to empowering customers with resilient, future-ready cybersecurity across the region.”
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