Cryptocurrency has become a phenomenon in the global financial market in the past few years as Bitcoin reached a market capitalization value of US$380 billion. Moreover, cryptocurrencies have had more real-life applications and have become increasingly accepted by global governments and organizations as payments for various purposes such as investment, operations, and transactions.
Venture capital organizations have also invested over US$25 billion in the market with over 12,000 big projects, leading to the formation of dozens of Web3 unicorns. Consequently, there is no surprise that crypto will be here to stay, creating exciting disruptions in the financial market and transforming other aspects of society.
Challenges with cryptocurrency transactions
Despite the hype towards the security of blockchain technologies that power cryptocurrency development, transactions still pose some vulnerabilities that hackers can exploit unless users take precautionary actions. While blockchain technology produces a tamper-proof ledger of transactions, blockchain networks are not immune to cyberattacks and fraud.
As the values of such cryptocurrencies have increased exponentially, attacks against such transactions have also proliferated. As pointed out by Financial Express, crypto theft reached an all-time high record in 2021 with brazen attempts to breach the crypto-exchange security systems, and hackers stole approximately US$12 billion worth of cryptocurrency. Moreover, many crypto-mining malware attacks have been aimed at Internet users, hijacking the users’ devices and associated resources for cryptocurrency mining.
Continue reading: https://e27.co/how-this-cutting-edge-technology-helps-fortify-your-crypto-security-20221010/
Venture capital organizations have also invested over US$25 billion in the market with over 12,000 big projects, leading to the formation of dozens of Web3 unicorns. Consequently, there is no surprise that crypto will be here to stay, creating exciting disruptions in the financial market and transforming other aspects of society.
Challenges with cryptocurrency transactions
Despite the hype towards the security of blockchain technologies that power cryptocurrency development, transactions still pose some vulnerabilities that hackers can exploit unless users take precautionary actions. While blockchain technology produces a tamper-proof ledger of transactions, blockchain networks are not immune to cyberattacks and fraud.
As the values of such cryptocurrencies have increased exponentially, attacks against such transactions have also proliferated. As pointed out by Financial Express, crypto theft reached an all-time high record in 2021 with brazen attempts to breach the crypto-exchange security systems, and hackers stole approximately US$12 billion worth of cryptocurrency. Moreover, many crypto-mining malware attacks have been aimed at Internet users, hijacking the users’ devices and associated resources for cryptocurrency mining.
Continue reading: https://e27.co/how-this-cutting-edge-technology-helps-fortify-your-crypto-security-20221010/
