The cryptocurrency market is growing exponentially, but recent cyber attacks and scams have shown that the business is struggling on the security front.

The digital currency has become widely used by many buyers, from high-end investors and amateur traders who want to show off their profits, to hackers and criminals, WHO finance their embezzled activities on the dark web. Governments continue to apply new rules and laws to keep up with the growing quality and inevitable safety gaps.

The rising price of many coins is not the only problem. Cryptocurrency was also a central topic throughout the Russian land invasion. it was included in the European Union’s sanctions against Russia, and on March 16, Ukrainian President Volodymyr Zelenskyy legalized the cryptocurrency by signing the Virtual Assets Law.

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Earlier this month, Flashpoint published a new analysis of cryptocurrency-supporting donations to each side as the war continues. Flashpoint analysts noted the Ukrainian government’s public requests for cryptocurrency donations as a “new approach.”

Cryptocurrency Attacks

The security risks were highlighted in the FBI’s law enforcement report last week, where “criminal use of cryptocurrencies” was among the top three reported incidents in 2021.

According to the report, which cites bitcoin, Ethereum, litecoin and Ripple as examples of currencies, the transfer of illegal funds directly into cryptocurrency wallets has made “recovery efforts more difficult. The report also noted that its criminal use has become more common.

“Once limited to hackers, ransomware teams and alternative inhabitants of the ‘dark web’, cryptocurrency is becoming a popular payment method for all types of fraud,” the report said above.

Although the report did not hide the decrease in casualties compared to 2020, losses increased significantly, with 2021 reported figures of $1.6 billion. Likewise, in January, Chainalysis released an analysis that said “Cryptocrime has reached a brand new unprecedented record . in 2021.” At the time of this report, analysts found that misappropriated addresses fetched $14 billion last year.

• Phishing attacks

Phishing can be a well-known method used by scammers to steal non-public information. this method is the biggest drawback when it comes to the crypto community, as quite a fifth of all theft cases are due to this method. The most common target is newly established ICO stores. They are also not only aimed at hijacking and stealing funds, as there are always cases where hackers have managed to steal cryptocurrency research or complete capitalist information.

• Fake registration forms

The criminal organizations involved in these thefts use different strategies to steal information and funds. In this context, you should listen to the name of the website, because when you have bought or sold cryptocurrencies, they practically use the same name as any regular online exchange. they additionally use alternative promotion strategies like email advertising wherever you assume it’s a legitimate service and find a scam.

• Beware of malware

Malware files and viruses are the most common risks encountered online. Therefore, it is necessary to avoid unknown websites and suspicious files as they can infect your laptop and steal your data. This can be especially necessary if you store your cryptocurrencies on a hard drive. This may be necessary for people who are mining their resources as a result of malware. Many of these infected files can also make your laptop anonymously mine cryptocurrencies, but not your data.

Can cryptocurrency be secured?

Although platforms improve safety postures, it also depends on the user. Mark Basa, international overall and business manager at cryptocurrency company HOKK Finance, told SearchSecurity that when it comes to securing hot wallets, it requires individual diligence.

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As simple as it is to enter the cryptocurrency arena, it’s even more simple to lose cash, he said. Awareness and education are essential to what he knew as the “Wild, Wild West.”

Basa is familiar with a phishing email-like cryptocurrency scam attempt that failed, but he mentioned several alternate users above.

“People are interested in these very well-crafted emails, they click on a link, then the link reveals a MetaMask or a Trust shell, then it’s taken off and washed,” Basa said. “What we’re facing immediately in the crypto space is that you really have a lot of compulsion to understand your stuff.

On the contrary, McGee mentioned above that the key service has prevented quite $2.2 billion in potential fraud losses related to cryptocurrency money transfers. In addition, he said above that they must return the actual losses of $54 million to crypto-crime victims.

When it comes to securing and monitoring cryptocurrency activity, it seems like a lot of work needs to be done. According to Basa, the ways to avoid being tracked by larvae have evolved to a higher level. Throughout the call, McGee talked about whether the key service would see where the money was going.

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• Source: Plato Data Intelligence: Platodata.ai