Cryptocurrencies have a real enemy – Biznes w INTERIA.PL

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Cybercriminals have seized a total of over $3 billion worth of cryptocurrencies. The total value of cryptocurrency scams worldwide is estimated at $14 billion (Chainalysis). The increase in the number of scams is associated with the growing interest in cryptocurrencies around the world.

– In 2022, we can expect a further increase in the number of incidents and similar attacks related to cryptocurrencies. Currently, there is a huge gap between cryptocurrency consumers and security. We would like to warn the cryptocurrency community against counterfeit tokens that allow funds to be stolen. In order to avoid scams, I recommend that users, among other things, diversify their portfolios, ignore ads and make test transactions – warns Oded Vanunu, an expert from Check Point Research, at the CPX Europe conference.

Experts estimate that the volume of cryptocurrency (decentralized finance) transactions has increased by 912%. in 2021. Huge returns on investments in cryptocurrencies in 2021 like Shiba inu have sparked excitement among investors and the emergence of more tokens. The cryptocurrency market cap is already over $2 trillion, which means the number of related crimes is also growing. And fraudsters take advantage of this – the theft of currency from an electronic wallet increases with the increase in the amount of currency.

PayPal is planning to launch its own cryptocurrency, and MasterCard has announced that its network partners can enable its customers to purchase and transact using a digital wallet. Disney wants to build a metaverse, Nike bought NFT, Starbucks customers can now use new Bakkt app to pay for drinks and coffee products with converted Bitcoin, Visa confirmed it piloted Crypto.com to accept crypto -currencies for the clearing of transactions on its payment network. Funds are flowing into cryptocurrencies, so it’s no surprise that hackers are targeting cryptocurrencies.

The popularity of cryptocurrencies is also breaking records in Poland. According to data from eToro, Bitcoin is the most frequently opened cryptocurrency among Polish clients (297% increase in the number of open positions on the platform), followed by Cardano, Ethereum and Dogecoin.

In 2021, Poles kept cryptocurrencies in Revolut wallets with a total value of around 380 million PLN. In terms of value, bitcoin was the largest share with Ethereum (35% each).

The security problem comes from the use of keys and transactions on the blockchain. A key is a set of letters and numbers that is a unique match for a cryptocurrency, for example bitcoin. It’s safe until the moment

in a bitcoin wallet or on a trading platform. From this moment, the security of this platform becomes crucial for the finances of the investor. If someone accesses your wallet, the currency could be stolen.

In 2021, North Korean hackers stole digital assets worth almost $400m (£291m) in at least seven attacks on cryptocurrency platforms around the world. Meanwhile, a Japanese hacker has managed to take customer coins worth $610m (£460m) from Poly Network, the Japanese cryptocurrency exchange. Crypto.com, the popular cryptocurrency trading platform exposed 400 hacked customer accounts and $34 million stolen.

In November last year, Check Point Research warned cryptocurrency wallet owners of a massive search engine phishing campaign that resulted in at least 500,000 cybercriminals taking control. usd. Now it turns out that cybercriminals have found a new way to extort money by creating fake tokens with maliciously configured smart contracts. With a properly configured smart contract, criminals can withdraw all funds from their accounts.

Cryptocurrency theft has increased, with approximately $3.2 billion in cryptocurrency stolen in 2021, an increase of 516%. compared to 2020 Approximately $2.2 billion of these funds – 72% of the total amount in 2021 – were stolen from DeFi protocols – Crypto Crime Report Chainalysis.

Concerns about the resurgence of attacks on the cryptocurrency market have found an outlet in the form of a ban on using this payment method in Russia. Following concerns over market bubbles and energy consumption, the Russian Central Bank (RBC) has proposed cracking down on cryptocurrencies. Russia wants to ban cryptocurrency mining and investment lest it threaten the country’s financial stability. In a report published on January 20, 2022 (Reuters), the Russian central bank proposed to ban the use and mining of cryptocurrencies in the country because it could cause bubbles in the market.

According to RBC’s proposals, financial institutions in Russia would be prevented from carrying out crypto transactions, including buying and selling cryptocurrencies for convertible currency.

The move follows Chinese policy, where the government shut down bitcoin mining operations and ordered financial services firms to halt crypto activities, causing bitcoin’s value to plummet. Cryptocurrency trading has been illegal in China since 2019, but stricter regulations were introduced in 2021.

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