Crypto related currencies have been called a lot of things. The next big thing. A bright, shiny object. When top financial regulators say they aren’t comfortable that they haven’t learned about the full dangers of crypto, you’re wise to be wary too. Investment promoters often try to convince hungry investors they can turn hot topics of the day from oil and gas fracking to self-driving cars into wealth.
But often the only wealth that surfaces from their drumbeat is an abundant pile of victims. Crypto crooks stole over $4 billion from investors this year, the blockchain consulting firm CipherTrace warned in a new study. Even the sophisticated are vulnerable and increasingly so.
“Exchanges and users are facing a greater sophistication in the tactics, techniques and procedures (TTPs) cybercriminals are using to target the cryptocurrency space. In the case of exchange robberies, hackers have developed advanced methods to overcome even the current “best practice” security in place at the more vigilant exchanges,” CipherTrace cautioned.