Crypto Watch Sunday: Cryptocurrency Security Risks: Rogue Attacking Amazon, Blockchain Ads Banned, etc.

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Crypto Watch Sunday is back in a new episode to help you pick up on events or stories related to the growing blockchain market. Today, digital coins are experiencing increasing and decreasing values.

(Photo: Photo by INA FASSBENDER / AFP via Getty Images) The photo shows a physical imitation of a Bitcoin in Dortmund, western Germany, January 27, 2020. (Photo by INA FASSBENDER / AFP)

Despite their uncertainty, many young and experienced investors are increasingly taking an interest in Bitcoin, Ethereum, and other brands of crypto.

But, we will not focus on their actual trends. Instead, we’ll come back to the growing security concerns in the blockchain industry. At present, various cybercriminals and other online attackers are trying to victimize many people across the world.

Here are some of the stories you might have missed over the past few days.

Crypto Scam: Amazon Accounts Now Targeted and More!

TechTimes recently reported that a crypto scammer was using someone else’s Amazon account to mine digital coins. However, after the victim discovered the malicious activity, the hacker has already stolen a total of $ 45,000.

(Photo: Photo by OZAN KOSE / AFP via Getty Images) This photograph taken on December 17, 2020 shows a screen displaying Bitcoin and cryptocurrency rates at a “Bitcoin Change” cryptocurrency store near the Grand Bazaar, in Istanbul. – On December 16, the major virtual currency bitcoin traded above $ 20,000 for the first time after rising steadily in recent weeks. Bitcoin hit a record high of $ 20,398.50 before falling back to $ 20,145.

Also Read: Cryptocurrency Misconceptions You Should NEVER Believe

Security experts have confirmed that the threat actor used a very simple method to victimize the Amazon consumer. The hacker relied on installing a mining script, which was running on the AWS Lambda platform.

This technique allowed the crook to run multiple Lambda instances. After that, the cybercriminal used them to maximize the crypto harvest using an Amazon account owned by Jonny Platt, the founder of SEO Scout.

Right now, crooks are starting to focus on running malicious crypto-related campaigns. Besides becoming a victim, there are also other reasons why crypto investors should fear being attacked by hackers and other online attackers.

One of those reasons is the announcement by FCA (Financial Conduct Authority) chief Nikhil Rathi regarding victims of crypto scam. In his recent statement, he explained that victims of blockchain scams should not expect any government compensation from the UK. You can check this link to see more details.

Even crypto ads carry risks

Besides scammers, blockchain investors should also be careful not to believe crypto ads. According to the recent TechTimes report, the UK advertising watchdog claimed that crypto ads were misleading consumers.

For this reason, the Advertising Standards Authority has decided to ban crypto ads from various companies, such as eToro, Payward, Coinbase, Coinburp, and other blockchain companies.

For more updates on cryptocurrency and other related topics, always keep your tabs open here at TechTimes.

Related Article: Top 5 Altcoins Show 24 Hour Positive Price Change of Up to 15.8%

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Written by: Griffin Davis

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