Ah, encryption. We’ve all heard the seductive utopian ideas evangelists sing about digital currency: it’s change the world (or, as a BitConnect person Once you put itThe world is not what it used to be! that it Revolutionizing Finance (No more banks)! Will make you Damn rich, you idiot! It’s all good stuff. However, that’s the other thing it’s likely to do: Empty your pockets and let you roam the streets of the nearest city, singing the blues at the time when a hacker stole your savings.
It’s no secret that fraud and theft are common in the cryptocurrency industry. Reports from various groups of watch dogs I showed that the largely unregulated landscape of digital finance is riddled with criminality because, This is what happens in unregulated industries. Add to that spread Weaknesses in cyber security Cryptocurrency infrastructure, hordes of money-hungry cybercriminals scouring the internet for a hot unsecured wallet or zero-day exchange, and what you have is the perfect recipe for theft.
It’s also obvious that break-ins and thefts look like this getting worse, not better. according to study put out by Encoder head In August, this year was one of the worst on record for cryptocurrency hacks and thefts – around 32 incidents were reported, with associated losses amounting to around $2.99 billion. This appears to be higher than last year’s numbers, which were themselves a 40 percent increase over the incidents reported in 2019. And since the release of the Crypto Head report, a handful of exchange hacks have continued to validate its central thesis.
In that spirit, here’s a look at six of the biggest cryptocurrency manipulations of 2021.