As we know everything has some disadvantages and some advantages. The same happens with cryptocurrencies.
Let’s know why cyber security is needed in the case of cryptocurrencies?
Cybercriminals can hack into your trading platform and steal your hard-earned money and also they demand ransomware in form of cryptocurrencies
Depending on how the blockchain works, the data in the chain may be visible to all users. This can lead to both security and privacy issues. In this digital world trading in cryptocurrencies is chosen as a secure way to take down ransomware.
The benefits of taking ransomware in form of cryptocurrencies are:-
>> Cyber criminals easily hide their identity
>> Easily transferred
>> Untraceable nature of some of crypto activity or bitcoin
Although blockchain has grown rapidly in recent years, cryptocurrencies are unaffected by security attacks. There are still cybersecurity risks to watch out for.
Common Methods Used by Cyber Criminals :-
>> They also do this by hacking trading platforms
>> Third party application
>> Compromised registration form
>> Send malware by mail
>> investment scam
>> Initial coin offering (ICO) fraud
>> Giveaway scam
Future of cyber attacks:-
As 5G networks arrive, download speeds increase and this creates more
opportunities for hackers to breach data and expose inefficiencies in securities.
The victim of ransomware attacks can be a single individual, a company or a cryptocurrency themselves. Ethereum Classic and ZenCash are examples of cryptocurrencies that themselves have lost millions of dollars due to blockchain security issues. Approx 1.7 billion dollars in cryptocurrencies has been stolen in past recent years. Blockchain technology is theoretically very secure, but an estimated 33% of Bitcoin trading platforms have been hacked. Security issues arise from the use of keys and transactions in the blockchain. A key is a series of letters and numbers that represent a unique letter equivalent to Bitcoin. It’s safe and secure, but when you put it in a Bitcoin wallet or trading platform, the security of that platform becomes important. If someone accesses the key, they can delete the currency. In some cases fake cryptocurrencies are created and they run away with the money. The world’s largest cryptocurrency scam One of the biggest scams in cryptocurrency history was not in the form of hacks or data breaches. The entire currency system of a coin was a scam. It was a gradual marketing scam that promised great profits and attracted people, but unfortunately cost people a lot. For example ‘OneCoin’, they promised big returns and ran away with money. There are many careful stories. Accounts need to be handled carefully on these platforms.
All this indicates that hacking is not just a security risk for crypto. So handle your account carefully.
Account hijacking allows people to steal your private key. This is the main way they can rob you of your money. The fact that some Bitcoin or cryptographic activity is not detected means that they are ideal targets for hackers and scammers. You can be confident that there are some huge groups of hackers working to destroy not just individual accounts, but the entire crypto platform. The way Bitcoin and other cryptocurrencies work means that if your key falls into the hands of someone else, your key will be vulnerable
>> If you receive email about your crypto balance then first verify that email then
only download attached file
>> Please check the security of the device before login to that device
>> Secure your password or private key
>> Use high level of security like two factor authentication
>> Always consult with your advisor