Crypto currency remains at the forefront of financial news. Crypto currency (or simply “crypto”), led by juggernauts like Bitcoin or Ethereum, offers a new way to invest in and build a portfolio of financial assets.
Its still a volatile asset class, so anyone engaging in market speculation should do so only after conducting extensive research on the topic and any specific crypto assets of interest.
One of the factors contributing to this volatility is crypto’s vulnerability to hackers and the theft of portfolio assets.
Crypto currency is a rule rather than an exception for cybercriminals. The FBI has previously warned users about scammers using ATMs and QR codes to steal money, but this is only the tip of the iceberg.
According to CNBC, by July 2022, hackers had stolen nearly $2 billion in crypto currency assets, nearly doubling the figure from the previous year.
According to Experian, financial crimes are a massive cottage industry around the world, with over $6 billion in non-identity theft losses in 2021 and nearly $50 billion in industry costs relating to financial law compliance (via Insurance Journal).
However, the increasing frequency of these thefts should be concerning to anyone who has invested in or is considering investing in crypto currency. For a variety of intriguing reasons, crypto currency is and has long been a prime target for cybercriminals.
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