Rug pulls are the most common scams in the industry and are named after the metaphor of investors having the rug pulled from underneath them. Rug pulls are when developers promote what appears to be a highly valuable and revolutionary project and may gain potentially millions of dollars’ worth of money or assets from investors, then sell their assets, running off with the money without finishing the project.

Rug pulls are easy to spot as they are often investment opportunities that appear too good to be true and may be time-limited in their offers in an attempt to pressure people to quickly invest.

Pump and dump schemes are similar to rug pulls, in which the value of a cryptocurrency or other digital asset is artificially manipulated. Pump and dumps are typically performed by spreading false news or tips, in order to quickly increase (pump) the perceived value of the asset. The scammer then sells (dumps) their assets at a higher price, often causing the value to depreciate suddenly.

These scams are often advertised through social media or networking apps, including through direct messaging, and imitate reputable individuals or celebrities. Impersonated accounts can easily be spotted as they typically have a few thousand followers (legitimate celebrity accounts usually have millions) and will often have basic spelling and grammatical mistakes. In particular, check the username, such as their Twitter handle, for any errors or other irregularities. Even if an account appears to be legitimate, never respond or send funds to accounts on social media.

These are a popular social engineering scam, involving scammers sending emails to many individuals containing fake links with the intention of gaining access individuals’ assets or company systems or assets. Phishing is most commonly performed through emails, with the scammers appearing to be an official representative of an organisation. The victim is then tricked into providing account details (such as passwords or private keys) or funds, to fix a fake account error or other issue. The scammer will often claim that the issue is time sensitive in order to pressure the victim into acting quickly and without thinking.

Remember to always double-check the actual e-mail address of accounts you respond to, and URL of websites you access through emails or other third-party services.

For more information on how to identify and protect yourself from cybercrime, you can access the ACSC’s website here.

Ransomware is a common and particularly dangerous type of malware, which locks and encrypts a computer’s files so that the owner cannot access them. A ransom is then demanded from the attacker in exchange for unlocking the files. If the files may be erased if the ransom is not paid. Ransomware most commonly infects a system via downloads in emails, but can also be through instant messaging services, websites, other networks, or through other malware already installed on the device

Signs of ransomware include:

• Pop-up messages requesting funds to unlock the computer’s or network’s files
• Being unable to log into a device
• Files unexpectantly requiring passwords to access them
• Files not appearing in their expected location
• Files have unusual extensions, names or icons

Other malware specific to cryptocurrency and blockchain technology is malware used to piggyback of a victim’s computer or network’s resources in order to mine cryptocurrency. These typically cause spikes in a computer’s CPI and GPU usage. While these programs may not steal data or perform other malicious activity, they may significantly reduce the efficiency of the devices they have infected.

APTs are a highly sophisticated type of cyberattack, in which an intruder illegally gains access to a network and remains undetected. The most common aim of these attacks is to harvest sensitive data. Due to their complexity, APTs require significant resources and funding, often performed by nation-states, well-funded criminal groups and other advanced organisations.
Unlike other cyberattacks, APTs are often planned against a specific target and aim to infiltrate an entire network. They also attempt to remain in the system undetected for as long as possible, or until they have harvested all the information they desire.
Signs of an APT attack include:

• Unusual user activity, e.g. many logins late at night
• Widespread presence of backdoor Trojans on the network
• Unusual or unexpected data bundles on the network—this may indicate that data is being amassed for extraction
• Unexpected information flows, such as unusual and sudden increase in network operations involving large amounts of data, or anomalies in outbound data

Due to the advanced and sophisticated nature of APTs, if you suspect your system is compromised by this type of cyberattack, it is highly recommended to immediately contact the authorities, such as the Australian Cyber Security Centre (ACSC).