Cryptocurrencies remain at the cutting edge of financial news. Led by titans like Bitcoin and Ethereum, digital currency (or just “crypto”) presents a new way to invest and create a portfolio of monetary assets (via Investopedia). Cryptocurrency is an unstable asset class that will likely remain so, and any individual looking to engage in market speculation should first conduct comprehensive research and investigate any crypto assets that may be of interest. This instability can be attributed to crypto’s vulnerability to hackers and wallet asset theft. Cybercriminals should be aware that cryptocurrencies are the norm, not an exception. The FBI has previously warned people about crooks using QR codes to steal cash from ATMs. But this is only the tip of the iceberg. CNBC notes that scammers are using ATMs and QR codes to steal funds. By July, hackers had already stolen almost $2 billion worth of cryptocurrency assets in 2022. That’s almost double the amount from last year. Experian reports indicate that financial crime is a massive cottage industry, with over $6 billion in non-identity theft losses and almost $50 billion in compliance-related costs (via Insurance Journal). Anyone who has invested in crypto or is considering investing in it should be concerned by the increasing rate of these thefts. Cybercriminals have long targeted this sector for a variety of interesting reasons.
Full story: Exploring the Vulnerabilities of Cryptocurrency.