Invest
Cryptocurrency losses mount as hacks and scams continue to plague the industry
Invest
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart Betting Guide.
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart Betting Guide.
The Ethereum chain has been the most targeted blockchain this year, with 33 incidents, followed by the BNB Chain with 14, Arbitrum with 6, and Solana and Bitcoin with 2 each.
In light of these ongoing threats, experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.
They advise against storing passwords and seed phrases on the cloud or devices that could potentially be hacked, instead recommending writing them down or engraving them on a metal card and storing them securely.
They also warn that no legitimate crypto protocols or customer support staff will ever ask for this sensitive information.
For maximum security, the experts suggest using a hardware wallet instead of an exchange, as it guards a user's private keys in offline "cold" storage.
However, they note that these devices could be lost or damaged, rendering the stored crypto useless.
The guide also emphasizes the importance of doing your own research (DYOR) before investing in any cryptocurrency or NFT project to avoid falling victim to "rug pull" scams.
Investors should consider the credibility of the development team, the quality of the project's whitepaper, whether liquidity is locked, and if an external audit has been conducted.
To avoid fake apps and exchanges, the experts recommend only downloading from links provided on official websites, checking the number of downloads and reviews, and verifying the app developer.
Finally, they advise taking extra security measures such as setting up two-factor authentication, being cautious of suspicious emails and links, and being wary of "get rich quick" schemes on social media.
A spokesperson from Smart Betting Guide commented, "Hacks, scams and rug pulls not only pose a threat to individual investors but cast a shadow on the broader narrative of cryptocurrency as a revolutionary force in finance."
"They erode trust, stifle innovation, and impede the progress towards a more inclusive and decentralized financial future. Therefore, the task at hand goes beyond personal security; it is a shared responsibility to fortify the foundations upon which the future of finance stands."
RELATED ARTICLES
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
