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Since the crypto market began to boom, it is known that not only investors want to enjoy the goodies that crypto has to offer, but then may other people including criminals. Hackers have been hovering around the crypto community for some time now and the least chance they get, they hit and hit hard. There’ve been relentless attacks and heists by cyber criminals on crypto exchanges for quite a while, since most of them have in their possession very huge amounts of cryptocurrencies.
The rise of cryptocurrencies has also given rise in the growth of crypto exchanges, which has also widen the available options for hackers. Although the big guns amongst the crypto exchanges such as Coinbase have been free from hacks, the smaller ones have over the years been plagued with series of attacks. Heists and attacks on crypto exchanges aren’t new in the business but seen an unprecedented rise in the rate over some few months now.
Reports suggest that, hackers have stolen over $1 billion worth of cryptocurrencies from crypto exchanges this year, and with the year still a long way to go nothing much than more attacks are what is expected. However, cryptocurrencies exchanges in efforts to make amends and prevent their business and clients from losing any more money, are strengthening up their security systems to the maximum levels they can.
However, with the crypto market still showing promising signs of booming soon, many new investors, irrespective of the numerous hack attacks, are coming on board, trying to make something and in the process have now become the new go-to for hackers. Newbies in the crypto market are the most vulnerable at the moment. The crypto world is a different one on its own unlike business with the traditional banks where in most cases victims are not liable for any fraudulent charges, or losses as a result of a robbery.
In the crypto market, literally everyone is on their own. Therefore when you fall victim to a phishing scam, or incur any loss as a result of any activity you know nothing about, there is no one to turn to. Most amateur investors are new to the tricky in the crypto world and the urge to make quick money leads them into traps set by hackers.
Precaution is therefore the most vital thing here, to prevent new investors from falling prey to hackers. Procedures are to be followed and under no circumstances should one send cryptocurrency of any kind to any one for any reason. This will help avoid phishing as well as confidence scams, as no crypto exchange or platform gives away free cryptocurrency.
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