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Why recent cryptocurrency attacks have become a major risk for world security

zycrypto.com 04 April 2020 23:30, UTC
Reading time: ~2 m

The cryptocurrency market keeps overwhelming the world with its huge market capitalization, extensive community, and the massive media attention it pulls. With the crypto market prices continuously rising and declining, the community is usually left in a rollercoaster drive.

The crypto market still stands as one of the most criticized markets by experts and market pundits who see the controversies and speculations around the crypto space as the only viable thing that makes it thrive globally.

However, the lucrativeness of the market makes it a central focus for a lot of hackers. The high amount of cryptocurrency attacks is basically because the victims lack fundamental knowledge of the technology. 

The subjection of crypto scams has been on the rise over the past years. There is about a 40% increase in such cases. According to reports, cryptocurrency scams and attacks have rip victims off about 4 billion dollars in 2019 alone.

The non-profit marketplace trust group, Better Business Bureau (BBB) published a report that concluded that the people of the United States are faced with more risk from crypto scams and attacks than any fraud which involves payment.

According to the release, about 24% of cryptocurrency scams were majorly involved with the buying of digital assets as professional investment opportunities.

In contrast, attacks on cryptocurrency exchanges linked to fiat, goods, and services constituted about 32% out of the total recorded. Another type of crypto scam is the high return or gain scam, which stripped victims of their money with the hope of attaining a high guaranteed profit.

Moreover, as stories about cryptocurrency spread, the more its adoption and usage increases across the globe. Therefore, victims of these crypto attacks and scams do not turn out as only individuals.

Still, companies, institutions, including both private and government-owned, and even the state itself are susceptible to such criminal exploits. This poses a significant threat to world security and the financial strength of the people, which transmutes to the economy.

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