Crypto thefts

[arunima25]

The security of the cryptocurrency ecosystem has always been questionable. Ari Redbord of TRM labs has stated that not much fundamental changes in the security of cryptocurrency ecosystem has happened as such. Despite that, the crypto theft is soaring each year. The amount of cryptocurrency stolen in hacks has doubled in the first six months of 2024 as compared to the same time period last year. And this is a global occurence. There are some small numbers of large attacks too. There is rising crypto prices too. The block chain researchers, TRM Labs have released the data. It seems that hackers have stolen more than $1.38 billion worth of crypto by June, 2024. The number was $657 million in the same time period last year. So, it was an increase of almost one and half times more.
Do you feel concerned about the security of cryptocurrency security system if you are involved in cryptocurrency? Do you have any suggestions or caution for the users?

 

[Webster]

Do you feel concerned about the security of cryptocurrency security system if you are involved in cryptocurrency?

Yes, because I consider crypto to be another type of investment tool, like stocks and bonds, etc.

Do you have any suggestions or caution for the users?

Do your due diligence, research crypto and get the best advice available before investing.

 

[Suba]

Crypto theft/hacking will always happen like fiat currency theft via WhatsApp by sending malware, just like in the crypto world. I have been using Bitcoin since 2012 and store crypto in various wallets be it web, desktop, mobile and hardware. We should always be careful of airdrops with dust attacks, or phishing emails. Hacking is mostly due to user error, even now famous crypto exchanges like Binance, Coinbase etc have insured their assets.

 

[arunima25]

I totally agree with both the above responses. I am not into crypto personally. The two above responses come from users who are into it and so it's helpful advices from people who are into it and have experience to give tips. It's true that both fiat and crypto currency involve risk of theft and falling to scams. One has to be aware and stay safe.