In the new article Vladimir Okhotnikov, an expert in blockchain and cryptocurrencies, talks about the problem of fraud in the crypto industry. He makes an in-depth analysis of the specifics of crypto fraud and the technologies used by attackers.
Vladimir Okhotnikov notes an increase in the scale of crypto fraud as digital currencies spread. According to his analytics, based on data from NBC, one in five Americans has used cryptocurrency. There are more than 80 million crypto wallets registered globally. With such widespread involvement of millions of people investing, trading, and spending through cryptocurrencies, keeping wallets secure has become more important than ever.
The article focuses on the specific risks of the cryptosphere due to its technological nature. These include anonymity, cross-border operations, and complexity of crime investigation.
It is necessary to maintain a balance of interests of all market participants, which will be the key to the further healthy development of the cryptosphere. Eliminating fraud will help build trust among the public and authorities. Besides this is critically important for realizing the enormous potential of blockchain technologies.
Vladimir Okhotnikov warns about the dangers and schemes of scammers
Hacker attacks
The year 2023 will be remembered for large-scale hacker attacks on cryptocurrency. At the end of last year, the amount of funds stolen by hackers in the cryptosphere amounted to $1.8 billion. That is a record figure in history, which once again highlights the vulnerability of cryptocurrencies to cyber attacks. Despite attempts to tighten cybersecurity, hackers continue to find loopholes and steal huge sums. The fight against cybercrime remains a priority for 2024.
Hackers use the exploit to gain access to users’ crypto wallets and exchange accounts. The article provides six ways to protect yourself, including the use of complex unique passwords and two-factor authentication. You can find out more about other methods in the original article by Vladimir Okhotnikov.
Social engineering
The attackers pose as service support employees and convince them to reveal passwords and keys to solve supposed problems.
Indeed, in March 2022, Ronin Network reported being the target of a social engineering scam. As part of this incident, a senior engineer downloaded a PDF file containing malicious software. It allowed attackers to gain control of four private keys of the network validators. As a result, more than 173,000 Ethereum were stolen, worth a total of $595 million at the time. In addition, they managed to take possession of another 25.5 million dollars withdrawn from the bank account.
Rapidly developing crypto projects
Fraudsters attract money to their crypto project by promising big profits. In reality, they just collect funds and disappear. To avoid getting caught, study the reputation of the project, team, and reviews. Diversify your investments between different reliable assets.
“Pump and dump”: who manipulates the price
The article describes in detail how the attackers work. It’s quite simple, but those who don’t know often fall into this trap.
About Vladimir Okhotnikov
Vladimir Okhotnikov, being an expert in cryptocurrencies, examined in detail various types of fraud in the industry. He urges users to be vigilant and careful to avoid falling victim to crypto scams and provides valuable tips on protecting their assets. The article convincingly shows the scale of the crypto fraud threats and the need to consolidate the efforts of the professional community to overcome them. It is extremely important for the healthy development of one of the most promising areas of the digital economy. You can find out more about the expert’s opinion on the issue of crypto fraud in the full version of the article.
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