Cryptocurrency is an internet-based medium exchange used to conduct secure transactions and is leveraged by blockchain technology to permit decentralization and transparency. Apparently, the cryptocurrency sector is generally unregulated or has relatively low levels of regulation. This is what makes the route for criminal activities rampantly grow over time. Ranging from Ransomware attacks to DDoS extortion to Cryptojacking, there is various nature of the criminal activity that has increased in this sector of cryptocurrency and blockchain technology.
Nomad
Nomad is a tool that allows users to swap tokens from one blockchain to another and is considered one of the most secure crosschain messaging services. Recently, hackers have been successful in draining almost $200 million in cryptocurrency. Through the technology of Blockchain Bridge, users can transfer one token from one platform to another and this has become a focus for the attackers with the sole aim to swindle investors out of millions. Although the company intends to reimburse its users, it is essential that Nomad ensures that a safer ecosystem is provided to the customers.
SegWit2x
Even after several cryptocurrency attacks in recent times, the cryptocurrency company, B2X, had stated that hackers have used phishing attacks to steal private keys and gain access to the user’s wallets. This has resulted in over $55 million worth of cryptocurrency being stolen from the company. The hackers had used email attachments including malicious macros for phishing and stealing the digital coins from the wallets. Cryptocurrencies have been in use for over a decade now but still there is no strict regulatory parameter to detect the criminals and deter them from carrying on such activities. The use of cryptocurrency will increase more with time and it can potentially be the focus for all criminals. Protection against such activities is an immediate need so that the users can continue with their secure transactions.
Solana
A multimillion-dollar company, Solana has reportedly been attacked by hackers which resulted in the loss of over $5.2 million in digital coins including Solana’s Sol token and USD Coin (USDC) from over 8,000 digital wallets. Solana’s Sol token, which is considered to be one of the largest cryptocurrencies after bitcoin and Ethereum, was reported to have dropped by 8% in the first two hours after the hacking was first detected. The identity of the attacker and the reason for the exploit is unknown. This is why Solana’s network is strongly recommending users to use hardware wallets to secure their coins.
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