Attack

Blockchain technology is considered to be secure and immutable due to its decentralized nature. But as it becomes more popular with new solutions popping up almost daily, hackers become inventive enough to find vulnerabilities and attack it.

Various uncommon types of viruses have been created by cyber attackers and are now being used to attack cryptocurrency holders.

Phishing attacks have been a widespread tool for stealing and misusing people’s credentials. Now, they have penetrated the cryptocurrency industry, mostly to get access and steal the users’ funds.

Updated: It seems Lucifer malware designed to mine Monero (XMR) is getting stronger. Now, it can affect not only Windows-based computers, but also Linux-based ones.

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.

On July 31, the architect of the infamous Twitter hack was arrested by the US police. It is a 17-year-old teenager from Florida with a good track record of other scams.

After the notorious Twitter hack that took place on July 15, 2020, some cryptocurrency exchanges blocked suspicious wallet addresses thus saving their users' funds from thieves.

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.