Cryptocurrency is a digital asset that can circulate without monetary authority like a government or bank. It’s an alternative form of payment created using cryptographic techniques that allow people to buy, sell, or trade digital currency. Since exchange rates are highly volatile, cryptocurrency has the potential to yield significant returns for investors. However, since cryptocurrency is a technology-based digital asset, hackers can hack it as with other digital assets. Moreover, as more people invest in cryptocurrency, it becomes easier for hackers to use various methods to steal sensitive data and crypto assets. Given that investing comes with a few risks, below are the common cryptocurrency cybersecurity risks and the preventive measures you can take to avoid them. While cryptocurrency is widely known for its transparency, it’s also well known for being vulnerable to crypto exchange hacks. Cybercriminals tend to target crypto exchanges because a single data breach could allow them to steal thousands of users’ assets. So, when hackers compromise a crypto trading platform, the users could lose their funds due to cyber theft. Notably, when it comes to the trading platforms that suffered from security breaches, take AscendEX as an example.
Read more : Four cryptocurrency cybersecurity risks and how to avoid them.
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