Cryptocurrency Threat Landscape Report - Q1 2024

Cryptocurrency Threat Landscape Report - Q1 2024

May 4, 2024

This whitepaper explores the Q1 2024 cryptocurrency landscape, highlighting Bitcoin’s surge from $42,000 to $73,000, settling around $65,000 by the quarter’s end. It investigates emerging threats, such as exit scams and evolving phishing tactics, and discusses the broader impact of rising cryptocurrency prices.

This report outlines the main threats identified to the cryptocurrency space for Q1 of 2024.

Analysts at Cyjax have drawn conclusions and made predictions for Q2 2024 and beyond.

  • Cryptocurrency Revival: Q1 2024 marked a notable recovery in the cryptocurrency space after challenges in 2022, including the FTX crisis and Bitcoin’s price drop. This quarter saw FTX creator Sam Bankman-Fried sentenced to 25 years in jail, Bitcoin hitting new highs, and the approval of Bitcoin Spot ETFs.
  • Emerging Threats: Despite the positive momentum, threats persist with a shift towards targeting individuals over systems. This trend poses unique challenges, with scams targeting the human element as the weakest link. Phishing attacks and user-oriented threats have been particularly prominent, leading to an estimated $173 million in cryptocurrency stolen through Q1.
  • Future Outlook: Looking ahead to Q2 and beyond, the threat of scams remains high as more investors enter the market. Attackers are likely to exploit vulnerabilities in social media platforms, moving from X to platforms like TikTok and Instagram for quick, flashy scams. As cryptocurrency prices rise, investors must remain vigilant as threat actors seek to capitalize on bullish sentiments.

While cryptocurrency prices have been on an upward trend, it’s essential to remember that profits attract threat actors. In a landscape of optimistic investors, threat actors can easily take advantage, emphasizing the need for caution in the market.