“When you take that out of the equation, that’s when the impact really becomes devastating,” said Robert M. Gates, the founder of security firm GAW Miners.
“That is when you see a lot of the money that they’re making and it’s just really, really hard to sustain that.”
The recent uptick in exploitation by cybercriminals and money launderers highlights how a burgeoning global black market has turned a profit off of a commodity.
“We’re now seeing more than just criminals making off with these resources, we’re seeing the criminal elements trying to profit from the exploitation,” Gates said.
In recent months, several high-profile targets have been targeted for theft and exploitation.
On March 8, the Daily Dot reported on the arrest of two men who had stolen $4 million from the U.K. Bitcoin exchange Coinbase and $3 million from a Hong Kong-based financial firm.
The men, one of whom was convicted of fraud, had stolen about $1.5 million in Bitcoin and $5 million from Coinbase.
A few days later, another Bitcoin exchange, Poloniex, reported on a massive $9.4 million fraud that involved more than 100 accounts and more than 1,400 accounts.
That same week, hackers who targeted the New York Stock Exchange and a handful of banks discovered the identity of more than $5 billion worth of bitcoins. In the U