Crypto exchanges are popular targets for cyber attackers
By MYBRANDBOOK
Cryptocurrency exchanges have become a popular target for cyber criminals. Cyber criminals often deploy ransomware attacks by running code to encrypt data and then demanding payment in the form of cryptocurrency to release it. Since its launch in 2009, Bitcoin has become the world’s best-known and most popular cryptocurrency exchange, with more than 81 million users worldwide. Because Bitcoin lives in the digital world, Bitcoin users can send it anywhere in the world without any banking infrastructure or exchange fees, fostering peer-to-peer financial transactions.
As identities can be hidden in Bitcoin wallets, it is the obvious choice for cyber criminals to get what they want and remain anonymous. There are an estimated 106 million people worldwide who now use cryptocurrency exchanges. Created 13 years ago, the first cryptocurrency, Bitcoin, was relatively unheard of for the first years of its existence, only used by a small group who sought to retain a level of transactional anonymity. The second cryptocurrency was not created until two years later, but as of January 2022, there are over 8,000 different cryptocurrencies.
There is growing innovation from attackers in the space of cryptocurrency exchange attacks. Consumers, businesses and governments are finding new ways to use cryptocurrency, but a recent string of cyber-attacks has highlighted security risks and shortcomings. There is rising concern that “there will be a hack and my money will vanish”. According to blockchain analysis firm Chainalysis, the total value of cryptocurrencies held by illicit wallet addresses worldwide soared by 79% last year to $14 billion from $7.8 billion in 2020. Crypto investors lost over $2.8 billion globally to various crypto scams in 2021. Illicit address refers to wallets used for cyber-attacks, Ponzi schemes and other scams. In many instances, cybercriminals use channels such as WhatsApp and Telegram to scam young crypto owners with the promise of doubling their money.
In a few cases, we have seen employees of cryptocurrency exchanges sharing databases of cryptocurrency owners with cybercriminals, who use this information to start cyberattacks using SMS or even WhatsApp messages with phishing links to take over crypto accounts. It’s relatively easy for tech entrepreneurs to set up an exchange nearly anywhere in the world and run it however they like. This brings the opportunity for the hackers to make billions of dollars in virtual assets in the past year by compromising some of the cryptocurrency exchanges that have emerged during the bitcoin boom.
Exchanges are now lucrative targets for hackers. One of the biggest heists happened in early December, when the crypto trading platform Bitmart announced that hackers broke into a company account and stole almost $200 million. The company froze all customer transactions for three days before it allowed them to trade their money again.
BREAKING NEWS
TECHNO TRENDS
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
Making security more accessible, CP PLUS stands unrivaled as a
The topmost priority of CP Plus is to establish a dedicated R&D Hub in Indi
Dell Technologies lives by its commitment of driving growth th
Dell believes in an agile approach to innovation that leverages the brighte
HOT PICK
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
MAKE IN INDIA BRANDS
LAVA INTERNATIONAL LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS
TAC SECURITY SOLUTIONS
MATRIX COMSEC PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
Technology Icons Of India 2023: Anil Kumar Aggarwal
Anil Agarwal is an Indian billionaire businessman who is the founder a...
PARTNER SPEAKERS
PSU
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
VIDEOS
Top 25 Brands
Value-Added Distribution
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
