Let’s just be honest here, we all are well acquainted with the massive potential of blockchainjobz.com that have become an indispensable part of the financial system. They managed to penetrate through the incumbent financial intermediaries and dethroned them which caught the investors & traders completely off guard.
Millions of people flocked to the crypto industry like a beehive on account of the massive opportunities & benefits that crypto ushered in. But is it all good? Well, let me rephrase that question for you. “It is all really good or something much more nefarious is going under the disguise of cryptocurrency?” Don’t be misled & don’t forget to do your own research to steer clear of the dangers that lay ahead. Wealth maximization is a great proposition but is fraught with danger in this digital scenario which is becoming a den of thieves that you wouldn’t want to be a part of.
It is serving as a haven for the proliferating cybercriminals which was witnessed in October 2020 to March 2021 when the prices of Bitcoin were going up. It led to the rise in cyberattacks simultaneously & cybersecurity became an issue too intricate to resolve for a lot of companies. The space for criminal activities grew significantly when companies didn’t stop the use of cryptocurrencies but incorporated them into their system & embraced it with open arms. Did it have repercussions? Well, needless to say, it was too costly of a decision that was taken at the expense of wealth maximization.
Watch out for the dark side
Cyberattacks went on an all-time high by as much as 192% between a short period of Oct’2020 to April’2021. So what are the pitfalls in cryptocurrency that you must be wary of? Why a dynamic surge in criminal activities is left being unaddressed? How criminals are just walking away unquestioned after committing heinous crimes in the likes of extortion, money laundering, child abuse, contract killing, etc.?
The presence of crypto assets in online & completely decentralized formats gives sufficient independence to the digital criminals to commit crimes independently or in groups. The pseudonym users take this opportunity to conceal their true identity & they become almost untraceable on this landscape. They are not bound by any legal system or similar governance system that they can be held accountable for.
Cryptocurrency, no doubt that it has brought forth incredible benefits for average people whose sole intention is to trade, invest, gain returns, etc., but the risk of cybercrimes is always prevalent under such a highly unregulated environment. It is only a matter of time when trading platforms fall into the proactive radar of cybercriminals who can breach right through it & infiltrate the whole system exposing a colossal threat. They can easily steal funds through crypto-jacking, extortion, ransomware attacks, phishing, and other illegal means.
Two types of nefarious activities conducted through cryptocurrency
Phishing: The main target is a prominent trading platform and the sole objective, in this case, is to steal the crucial credentials of a user which can later be used by hackers & scammers to extort money or ransom.
Cryptojacking: It is a process that enables hackers to use your PC or desktop to conduct mining illegally. This is highly prohibited & unauthorized. But how is that even possible? Well, you might click something or some malicious link that was sneaked into your system by hackers. Such links are generally found in the emails that later get downloaded into your system. The code for crypto mining infests your PC and it might also happen through website Ads that contain JavaScript code. So watch out for them and avoid clicking on such links that seem a little pushy.
What should I do to save myself from the inevitable clutches of cybercriminals?
First off, governments across the countries have begun to take these volatile & turbulent incidences seriously and appropriate laws have always been passed to curb such issues. Ban on cryptocurrency is not the solution as the technology has already penetrated through the system. Hence, you can implement real-time cybersecurity protocols and be more cautious of the websites you visit & links you click on.
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