Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Crystal Blockchain: Security Breaches and Fraud Involving Crypto Still High Despite Tech Development

It’s ten years since the first official cyber-terrorist attack of a crypto exchange, and despite technological advances, most cryptocurrency entities have not yet been able to develop sufficiently reliable security systems to minimize security breaches on their platforms.

Cyber-terrorists are taking more advantage of security gaps every year. Beyond security breaches, there are various types of fraudulent schemes that have provided a way for bad actors to gain value from unsuspecting victims, such as exit scams and Ponzi schemes.

Recommended AI News: Microsoft Names Christopher Young to Lead Business Development

Crystal has compiled a full and detailed report of all security breaches, fraudulent activity, cyber-terrorism, and scams involving cryptocurrencies between the years 2011 and 2020. 113 security attacks and 23 fraudulent schemes have so far resulted in the theft of approximately $7.6 billion worth of crypto assets in total (that’s comparable to the GDP of Monaco).

Related Posts
1 of 12,953

The most common locations for exchange security breaches are the United States, the United KingdomSouth KoreaJapan, and China. The largest crypto security breach thus far was the incident involving the Japanese exchange Coincheck in 2018.

Recommended AI News: SMBC Launches New Geospatial Data Service Powered by Orbital Insight

The most notable type of cyber-terrorism utilizes a security breach in a crypto entity’s internal security systems, resulting in the illegal gaining of access to the crypto service hot wallets.

Over the next couple of months and years, as the number of blockchains keeps growing, and methods and technologies utilized by fraudsters continue to become more sophisticated and advanced, we can assume that the number of cyber-terrorist attacks will also continue to grow.

Recommended AI News: Hot Startups : Latest News And Updates On Daily Roundup

13 Comments
  1. […] Security Breaches Involving Crypto Still High Despite Tech Development  AiThority ” “Cryptocurrency” when:1d” – Google News […]

  2. […] Security Breaches Involving Crypto Still High Despite Tech Development […]

  3. […] will have to use at least one cookie to ensure that you won’t have to make this choice again.AcceptDeclinePrivacy […]

  4. […] use no less than one cookie to make sure that you will not should make this selection once more.AcceptDeclinePrivacy […]

  5. […] at the very least one cookie to make sure that you will not need to make this selection once more.AcceptDeclinePrivacy […]

  6. […] use not less than one cookie to make sure that you will not should make this alternative once more.AcceptDeclinePrivacy […]

Leave A Reply

Your email address will not be published.