Why Cryptocurrency Platforms Are Prime Targets for Hackers

Cryptocurrency is a digital form of money that works much like traditional currency. However, cyber attackers see it as an easy target because cryptocurrency-related data is widely available online and often exposed to hackers.

In the worst case, account holders can lose access to their funds. Moreover, blockchain security issues are increasing every day. In fact, research shows that 33% of Bitcoin trading platforms have been hacked due to weak and insufficient privacy measures.

According to a recent CoinDesk report, one crypto exchange lost $196 million to hackers—and investigators still cannot trace the stolen funds. As a result, businesses and individual investors must adopt proactive strategies, such as multi-factor authentication, regular security audits, and continuous monitoring, to reduce the risk of such attacks. In addition, educating users about phishing scams and suspicious links can significantly improve overall platform security.

4 Common Cyber Threats to Crypto Platforms

1. Ransomware Attacks

A type of attack that denies access to the computer system or data until the ransom amount is not paid.

2. Digital Heist (Denial of Service Attacks)

This type of attack refuses to accept any request and its aim is to disrupt the computer network along with other files. It can bombard the system with superfluous requests.

3. Data Breaches

A type of attack that leads the hacker or an unauthorized person directly to breach or expose an individual, personal, protected, sensitive, and confidential information.

4. Phishing

Hackers use emails and text messages to lure people into giving sensitive information. Tricking Internet users (as through the use of deceptive email messages or websites) into revealing personal or confidential information which can then be used illicitly

Phishing Attacks: How Hackers Steal Your Credentials

It seems like technology and advanced hacking methods have made it easier for hackers to hack cryptocurrency accounts even if it is protected by blockchain technology or strong encryption.

This will lead to large cryptocurrency-related theft. However, because of the feasibility of the data due to technology, hackers can steal large sums just with few repercussions.

References

https://www.upguard.com/blog/cyber-threat

https://finance.yahoo.com/news/crypto-exchange-bitmart-hack-theft-222846482.html

https://www.dataversity.net/cybersecurity-in-cryptocurrency-risks-to-be-considered/

https://www.mygreatlearning.com/blog/cryptocurrency-the-new-favorite-for-cyber-crimes/

https://www.merriam-webster.com/dictionary

Cybesion is a Managed IT Security Service Provider, namely providing business grade cyber security protection.