| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $106584.0100000000 |
| ETH | $2448.2700000000 |
| BNB | $652.1504100000 |
| XRP | $2.1964860000 |
| ADA | $0.5594668000 |
| SOL | $148.7101000000 |
| DOGE | $N/A |
| DOT | $3.3326800000 |
| LTC | $85.5373000000 |
| LINK | $13.1465700000 |
Category: CRYPTO NEWS
The post A Look At How Exchanges And Investors Are Navigating The Crypto Scam Landscape appeared on BitcoinEthereumNews.com. With the fervor surrounding the new year done and dusted, a stark reality has once again emerged, one that has sent ripples across the global market. According to Chainalys’ most recent year-in-review, 2024 witnessed a staggering $2.2 billion in stolen assets, representing a concerning 21.07% increase from the previous year’s figures. This uptick in criminal activity was largely attributed to a rise in hacking incidents, with 303 reported cases compared to 282 in 2023. However, perhaps most concerning was the growing influence of state-sponsored attacks, particularly from North Korean hackers responsible for an astonishing 61% of all stolen funds, amounting to $1.34 billion across 47 incidents. (L) Number of hacks vs value lost (R) Funds stolen by type of attack (source: Chainalysis) Moreover, the report highlighted that peripheral issues — such as DeFi platform vulnerabilities, private key compromises, and fraudulent investment schemes — also played a major role in investors’ hard-earned assets being lost to bad actors. To this point, during Q1 2024 alone, DeFi thefts accounted for 60% of all crypto heists, while private key compromises were responsible for 43.8% of stolen assets, thus showcasing the rapidly evolving nature of security challenges facing the industry. Fortifying existing exchange security protocols In response to these mounting threats, leading cryptocurrency exchanges seem to have implemented comprehensive security frameworks combining cutting-edge technologies with proven security practices. For instance, platforms have deployed multi-signature wallet systems while simultaneously maintaining the majority of their user’s assets in cold storage solutions — thus keeping them physically disconnected from the internet. These cold storage solutions are often complemented by institutional-grade custody services and substantial insurance coverage, providing an additional layer of protection. Lastly, over the past few years, the integration of artificial intelligence (AI) and machine learning (ML) services into the security frameworks of different exchanges has…
2025-01-16T04:37:06+00:00