Crypto Services Face Rising Hacking Threat with $1.3 Billion Lost in First Half Year
Crypto services have seen a surge in hacking attempts, with losses reaching $1.3 billion in the first half of the year. This is a decrease from last year's total losses of $2 billion, but experts warn that the market has not become safer.
Aleksy Gorelkin, an information security expert and CEO of Phishman, attributes this trend to the growing interest in cryptocurrency and the relative maturity of security systems compared to traditional finance. He notes that attackers are taking advantage of the 'zone of inexperience' in the crypto sector.
The development of artificial intelligence has also made it easier for hackers to find vulnerabilities even in complex systems, says Mikhail Uspensky, managing partner of Parallax consulting agency and a member of the expert council of the State Duma working group on cryptocurrency regulation. He advises that action should be taken within 24 hours after funds are lost.
Crypto services include exchanges, wallets, analytics platforms, payment gateways, and services for accepting cryptocurrency. The main functions of these platforms are trading, exchange, asset storage, staking, and lending, making security a critical aspect. Major exchanges usually have better security measures in place, including insurance mechanisms and compensation funds.