Europol Warns of Crypto Hacks and Mining Malware in Latest Report

Europol has warned against the rising threats of cryptocurrency hacks, extortion and mining malware in a new report.

According to the EU-focused law-enforcement organization's "Internet Organised Crime Threat Assessment 2018" report, published on Wednesday, the holdings of those using cryptocurrencies, as well as exchanges, are increasingly at risk as "Criminal abuse" of the financial technology grows.

Previous Europol reports have indicated that online criminals are increasingly turning to cryptocurrencies to fund their illicit activities.

It "Still remains the primary cryptocurrency encountered by law enforcement," the latest update states.

Notably, the report claimed that the terrorist groups have sought to raise funds using cryptocurrencies - but that to date, none of that money has been used to actually bankroll any attacks in Europe.

"Yet despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies," Europol noted.

Increasingly, Europol goes on, cryptocurrency exchanges, miners and other users face the risk of hacking attempts and even "Extortion of personal data and theft."

"Money launderers have evolved to use cryptocurrencies in their operations and are increasingly facilitated by new developments such as decentralised exchanges which allow exchanges without any Know Your Customer requirements. It is likely that high-privacy cryptocurrencies will make the current mixing services and tumblers obsolete."

Ransomware remains "The key threat in both law enforcement and industry reporting," said Europol.

The report warns that the latter activity is expected to become "a regular, low-risk revenue stream for cybercriminals."