Theft and fraud continue to plague cryptocurrencies

Theft, fraud, ransomware, fraud … Cybercrime still has a huge impact on the blockchain and the growing liquidity of cryptocurrencies. In retrospect, 2019 remains the worst year with a total of over $ 4.5 billion spent in the hands of malicious individuals or organizations. However, the year 2021 has already got off to a good start.

According to a recent report from Atlas VPN, thefts and scams of all kinds accounted for $ 108.3 million for various blockchain cyber attacks in the first quarter. Most of them correspond to decentralized applications of the Ethereum Blockchain (ETH DApps) for a stolen amount of 86 million US dollars. A total increase of 46% compared to the first quarter of 2020. Unfortunately, cryptocurrency portfolios and exchange platforms cannot be surpassed.

What are the most dangerous platforms?

Blockchain theft and fraud are the subject of numerous studies and censuses every year. Different reports don’t give exactly the same numbers. However, it is clear that the mishaps are not weakening the services on the blockchain, where many companies and individuals are transacting more and more money.

The most recent case concerns an exit scam in Turkey that had to close the Thodex platform, which embarrassed thousands of users. Your boss reportedly fled the country with client assets, and the investigation is still ongoing. According to Atlas VPN, which is based on data from Slowmist Hacked, more than $ 20 million were stolen from cryptocurrency wallets and platforms between January and March.

However, in 2021, the most dangerous platforms will remain third-party applications running on the Ethereum blockchain. These applications can have different uses as the blockchain can serve many domains (including NFTs) and malicious applications can easily bulk up and attract users thanks to the emergence of cryptocurrencies and the overgrowth of their course.

So be careful. Exchange and wallet services like ZenGo are trying to revolutionize customer account security by going beyond a simple multi-digit security key that can be easily accessed by hackers. Around 200,000 customers have decided to contact them to store their digital tokens.


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