As cryptocurrency prices rise, cybercriminals are focusing their efforts on exchanges
In different parts of the world, cryptocurrency has largely enabled illegal activities. The number of investigations and operations against crypto criminals has shot up over the last three years. More consumers are now victims of crypto-related crimes than ever.
However, cybercriminals seem to have changed their ways with the growing prices of Bitcoin and other cryptocurrencies. Instead of attacking retail investors, hackers are now going behind cryptocurrency exchanges. A single successful attack on these crypto exchanges would mean plunder of billions of dollars.
The growing sophistication of cybercriminals is a cause of concern for all sectors, more so for cryptocurrency exchanges. Exchanges like Zebpay report numerous threats every single day. While some of these come from white-hat hackers who proved the company information about their security loopholes, others overburden the system in order to damage it or shut it down. The problem keeps growing as malicious hackers overpower and outnumber white-hat hackers. In such a scenario, these exchanges are a constant threat of cyber attacks. Any degree of hacking of these exchanges would have widespread repercussions.
The crime problem of crypto remains largely unresolved to this day. The number of crimes using cryptocurrency is at an all-time high. Very recently, authorities in the Netherlands seized 25 million euros worth of cryptocurrency involved in illegal activities. To deal with the problem, crypto exchanges are stepping up with their security, making sure all loopholes are addressed. As it stands now, the problem only seems to be growing bigger with time and widespread cryptocurrency adoption.