AI has since replaced “cryptocurrency” and “blockchain” as the cybersecurity buzzwords everyone wants to hear.
We're not getting as many headlines about cryptocurrency miners, the security risks or promises of the blockchain, or non-fungible tokens being referenced on “Saturday Night Live.”
A report in March found that 72% of cryptocurrency projects had died since 2020, with crypto trading platform FTX’s downfall taking out many of them in one fell swoop. This, in turn, means there are fewer instances of cryptocurrency mining malware being deployed in the wild — if cryptocurrencies aren’t as valuable, the return on investment for adversaries just isn’t there.
But that still hasn’t stopped bad actors from using the cryptocurrency and blockchain spaces to carry out other types of scams that have cost consumers millions of dollars, as a few recent incidents highlight.
In place of major cryptocurrencies, many bad faith actors are creating “memecoins,” which are cryptocurrencies usually themed around a particular internet meme or character meant to quickly generate hype. The most famous example, Dogecoin, themed after the “Doge” meme, was 72% below its peak value as of Wednesday.
At one point, Dogecoin was at least worth something, which is more than can be said for most other memecoins launched today. Cryptocurrency news site CoinTelegraph found that one in six newly launched meme-themed cryptocurrencies are talking about cryptocurrency there still plenty scammers there
