Despite the series of obvious advantages, the DeFi platforms seem to face cyber attacks over and over again. The latest hack cost an exchange $3.8M. The road in the DeFi and cryptocurrency sector seems not to be smooth.
Hackers broke into hundreds of security-cameras belonging to carmaker Tesla Inc., to gain access to the data collected by Verkada Inc., to prove the pervasiveness of video surveillance, and also expose the vulnerability existing in the walls of cybersecurity of these systems.
With New Zealand Exchange Cryptopia in the midst of a liquidation process, hackers seem to consider it an easy victim. Despite it being under the supervision of Grant Thornton liquidators, criminals have stolen over $40,000.
Criminals commonly use cryptocurrency to carry out illicit activities such as money laundering, funding terrorism activities, buying and selling narcotics and many others. According to the new report by the UN, hackers have been attacking exchanges to steal the cryptocurrency and then use it to fund nuclear weapons development. North Korea is leading the game.
The Hacken community, led by its leading investor Leo Andreo have launched the “Grey Hat Hackers Ideas Competition”. The first-of-its-kind initiative offers a great opportunity for budding cybersecurity thinkers to help their community and be in the running for some serious prize money at the same time.
Just like any other businesses have risks, the cryptocurrency investment is not an exception. There is a big number of fraudulent projects that take advantage of the cons of the cryptocurrency industry. These vulnerabilities make it easier to attract people, and then leave them without their funds.
Global digitization and coronavirus pandemic have created the need for innovative solutions to replace some traditional ones. Digital identification (ID) is one of such significant solutions trending in the world.
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.