After cryptocurrency had its major boom at the beginning of the past year, it became hard to ignore the fact that crypto will become a part of future economy. However, as more people start to purchase it and use it, this means that theft risk will become higher as well.
In fact, cryptocurrency is a vulnerable target, and it simpler thieves could prefer it to regular currency. The fact that transactions are anonymous and digital also means that they have more weak spots. Experts explained that this is because there are various points that hackers could exploit.
For example, one of the simplest methods that they can use is breaking user passwords or simply obtaining them via phishing or social engineering. This grants them access to cryptocurrency instantly.
Attacks more frequent in the future
This kind of attacks will only happen more often in the future. That is because more and more users will start to use cryptocurrency, which means that people who are not tech savvy could also buy it. In this situation, they have little experience with cybersecurity, especially when it comes to crypto.
Last year, reports indicated that $867,45 million were lost in crypto thefts. If these results are accurate, this means that the risks will only become bigger in the future. Hackers employed plenty of techniques in order to steal crypto, We were able to see everything, from scams and Ponzi schemes to hacks and theft.
While users are the first ones to suffer, they are not the only one affected. Cryptocurrencies and crypto companies are also affected by this. Therefore, 2019 should be the year when crypto security norms are greatly enhanced. It is better to do this now before attacks become a lot more serious.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.