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Cybercriminals started including it as part of their business email compromise attacks impersonating employees within an organization.

As the price of bitcoin increased by almost 400 percent, cryptocurrency-related email compromise attacks increased by 192 percent between October 2020 and May 2021, a report said on Tuesday. According to cloud-enabled security solutions provider Barracuda Networks, cybercriminals are taking advantage of the opportunities this creates for them to trick potential victims and increase the profits they can make from their attacks.

"The digital format of cryptocurrencies make them decentralized in nature and without any regulations, they have become the currency of choice for cybercriminals," Murali Urs, Country Manager, Barracuda Networks-India, said in a statement. "It fuelled and enabled a multi-billion economy of ransomware, cyber-extortion, and impersonation. These attacks are targeting not just private businesses, but also critical infrastructure, so they increasingly pose a national security risk," Urs added.

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