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Cryptocurrency, Cyber Security, Featured, News

A Raising Alarm Against ‘Godfather’ a New Malware Targeting Banking and Crypto Applications

The malware Godfather is said to target 94 cryptocurrency wallet applications and over 110 crypto exchange platforms. With the spread of the new financial malware affecting the different banking and crypto applications, the German financial authorities are raising red signals. 

A new Malware to Steal User Login Credentials

On 9th Jan, the Federal Financial Supervisory Authority of Germany released an official statement warning customers about the Godfather malware that collects user data from crypto and banking applications. 

According to BaFin, the new malware is targeting over 400 crypto and banking applications including German applications. The malware displays the users with fake websites for regular crypto and banking applications and steals the user login credentials and information. 

The German regulators also mentioned that the technique used by the malware to attack the user devices is not yet known. However, the malware sends push notifications to receive the codes for 2-factor authentication. BaFin further stated that the data collected by the malware might be used by cyber criminals to access user wallets, and accounts. 

Also Read: Turkey To Implement a Blockchain Based Digital Identity Application In E-Government

An Upgraded & Improved Version of Godfather Malware in 2023

The early warnings against Godfather circulated in December, with the reports suggesting that the malware was targeting users with Android devices in over sixteen countries. The Group-IB cybersecurity authorities primarily found Godfather Trojan in 2021. However, the malware has now undergone huge improvements and upgrades. It has also reportedly increased its activities in the last few months. 

According to the cybersecurity experts of Group-IB, among the applications targeted by Godfather malware, 50% of them were banking applications majorly from the United States. Along with Spain, Turkey, and Canada, Germany also belongs among the most affected countries. The Godfather malware is said to target 94 crypto wallet applications and 110 cryptocurrency exchange platforms. 

Also Read: Hong Kong to Proceed with its Global Crypto Hub Plans

Final Words

Over the years, cryptojacking has evolved as one of the major types of attacks on the crypto industry. Kaspersky, a cybersecurity lab stated that in 2023, we will witness more malware attacks and the year will be marked as “cyber epidemics with the largest impact”.

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