Kaspersky predicts increased use of Monero (XMR) by hackers in 2021

Kaspersky, a leading global cybersecurity technology service provider, has released its predictions about possible financial attacks and cybercrime in 2021.

Kaspersky, widely recognized in the industry for its comprehensive portfolio of security solutions and services, recently released its annual forecast on the cybersecurity threat posed by cryptocurrencies to financial institutions.

The firm’s latest cyber threat predictions for 2021 indicate that hackers’ use of Monero (XMR) will increase in 2021.

The crypto community has been exposed to many cybercrimes by hackers using Monero (XMR). Only in early 2020, a group of cryptocurrency hackers known as “outlaws” reportedly resumed their criminal activities with a more advanced and upgraded toolset.

The toolsets are designed to kill existing crypto mining software while hijacking computer power to mine the privacy-focused digital currency Monero (XMR).

According to Kaspersky, it foresees more manipulative uses of Monero (XMR) as the cryptocurrency industry has stepped up and has developed superior technical capabilities for surveillance, anti-anonymity coin systems, and the capture of Bitcoin deposit accounts.

As a result, cybercriminals will start thinking about switching to privacy cryptocurrencies to charge their victims. This only means that hackers have every reason to want to switch to other privacy-enhancing currencies like Monero.

They may first use XMR as a bridge currency before converting it to any other cryptocurrency they want, such as Bitcoin as Kaspersky predicts.

In addition to its 2021 forecast, the company referenced previous predictions for the current year that ultimately came true. It cited several financial attacks it predicted in 2020, some of which became real events that year.