2020 has seen a significant increase in the number of scams related to cryptocurrency. To lure out people’s money, scammers constantly improve their schemes and invent new approaches to look more reliable and trustful.
As the community was astounded by the bold hack of prominent Twitter accounts, it revealed the general vulnerability of centralised social media, where all information is kept at one place. It would not be possible to break a decentralized platform that easily.
Since the inception of bitcoin, cryptocurrency exchanges have been a major target of attack compared to other traditional financial institutions such as banks. As cryptocurrency platforms tighten cybersecurity, hackers find new cracks in the wall.
The US Treasury Department's Office of Foreign Assets (OFAC) says it has sanctioned two Chinese nationals who laundered cryptocurrencies stolen by millions of North Korean hackers. Since the industry is still young, most cryptocurrency exchanges are under a major threat of losing their virtual currency holdings to wrong hands.