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A report from the nonprofit Identity Theft Resource Center has revealed that the number of cyber attacks on small businesses increased by 28 percent in 2023. However, in 2024, hackers have reverted to targeting large organizations with valuable digital assets and significant cash reserves.
This year, cybercriminals from the top 10 countries with the highest cybercrime threat scores have carried out 20 major hacks, according to recent research from Oxford University. These countries include Russia, Ukraine, China, the United States, Nigeria, Romania, North Korea, the United Kingdom, Brazil, and India.
The month of May alone saw multiple mega hacks with a focus on digital assets. RansomHub, a Russian-speaking hacker group, conducted a historic hack on the top auction house Christie’s, which had global sales revenues of $6.2 billion in 2023. The hackers also targeted Frontier Communications, a company providing internet services in over 25 states in the US, with reported revenues of $5.75 billion in 2023.
Meanwhile, the notorious cyber-criminal group ShinyHunters claimed responsibility for a major hack on Banco Santander. This group has previously conducted a long list of hacks, including a massive breach of sensitive user information from Ticketmaster/Live Nation, which they are now selling on the dark web for $500,000.
These hacks pose a potential risk to digital asset owners, as they could lead to further cybercrime and the exposure of sensitive personal information. The Australian government announced that it is working with Ticketmaster and the FBI to better understand the incident.
The Internal Revenue Service (IRS) has also reported an increase in tax evasion related to ‘pure crypto tax crimes.’ The IRS has reminded taxpayers that they are required to report all earned income on their tax returns, including income from digital asset transactions.
In 2024, the IRS will be increasing its audit efforts for high-income taxpayers, large partnerships, corporations, and digital asset accounts. They have also issued warnings about potential tax traps related to digital assets, including NFTs.
In conclusion, the recent surge in cyberattacks and their implications for digital assets and personal information should be a cause for concern. It is essential for individuals and organizations to take proactive measures to mitigate these risks.