The crypto security trends in 2020 will be the latest issue that we will have to re-consider and become more creative in order to protect the user’s funds and identities. This is why, in our crypto news today, we take a closer look at what can be done.
Cryptography is one of the most important elements of information security and not everything is secure in the world of crypto as we know. The crypto exchanges are still under a lot of attacks and hacks but also the rare 51 percent attacks. As crypto continues to grow further and enjoys bigger adoption, it is inevitable for the cybercriminals to try and get a piece of the cake for themselves. As multiple experts noted, it is likely that the attacks against exchanges could increase in 2020 and that the mining reward halving of Bitcoin cash and BSV could make these altcoins more susceptible to the attacks.
McAfee’s chief scientist Raj Samani noted that these instances can even grow with the rising number of IoT devices in businesses and homes and given their unsecured nature. McAfee’s own threats report from August show that there is a 29 percent increase in crypto-jacking between Q4 2018 and Q1 2019 which was not a result only of the increase in IoT targeted attacks. The bitcoin developer Jimmy Song explained that the exchanges will continue to get hacked as they have been so in the past 10 years.
Some of the other commentators predicted an actual increase in hacks and attacks in 2020 as the chief technology officer of cryptocurrency Charles Phan and the derivatives exchange Interdax, believes that the hacks will include the crypto-related platforms and wallets as well. The thefts and fraud did drop in Q3 of this year as per the intelligence and blockchain security company CipherTrace explained in the reports. The hackers, however, will not be focusing on the direct theft of the public’s crypto holdings but will try to steal personal info and hack user accounts which will then lead them to bigger personal holdings of the users’ wallets. Phan commented about the latest crypto security trends:
“While hackers usually try to steal people’s money, they also frequently target or abuse sensitive personal information, as we saw with the BitMEX email leaks and the exploit of Coinmama, [a crypto trading platform] in early 2019.’’
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BitMEX Faces $300 Million Lawsuit Over Lost Equity
“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”This move is definitely a headache and as BitMEX faces a new lawsuit, it is something that is piling up in the negative news as of recently. According to reports from earlier, the exchange has seen its popularity enduring despite a major data leak in November. Bitcoin news outlets showed that executives at the exchange appear a little concerned by the blunder which saw a lot of email addresses sent out to other users.However, what still remains good is business - and daily trade volumes for the Bitcoin (BTC) derivatives are unchanged and currently at $1.6 billion. From this point, BitMEX is solid and remains one of the top exchanges in the world.
Circle Lays Off 10 More Employees, Rejects Connection To CEO Leaving
"None of this is related to Sean transitioning out of the co-CEO role. Sean will continue to serve on Circle's board.”As a reminder, Neville launched Circle with Jeremy Allaire back in 2013. As Circle lays off 10 employees now but has been strong over the years. We can see that they directed many of the changes in the industry in the recent years, including a pivot away from Bitcoin (BTC) as well as the acquisition of the cryptocurrency exchange Poloniex back in 2018.Last month, two former executives at Circle, Daniel Matuszewski and Julien Collard-Seguin along with a third partner founded the proprietary crypto trading firm CMS Holdings. This firm plans to invest 30% of its capital in the most liquid cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and around 40% to 50% into less-traded digital assets.Matuszewski, who left the company in August, admitted that he would not have started a similar firm a couple of years ago because of risk concerns and explained:
“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”
Andreessen Horowitz Lists Teachers For Its ‘Free Crypto School’
“This [course] includes using data analytics apps, creating trading bots and founding business models based on the blockchain. As a result, my students could one day achieve financial independence, which is my main goal,” the academy head Hatem Mabrouk at the American Institute of Monterrey Preparatory School in Mexico said when describing the project.
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Chinese BTC Miners Extend Their Share Of Global Hashrate To Two-Thirds
Worst Year For Bitcoin Mining As Difficulty Increases To All-Time Highs
Big South Korean Exchange Faces Hundreds Of Accusations
Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled
Kraken Adds Two New Options For GBP Deposits And Withdrawals
MATIC Collapses 70% In Less Than Hour Showing Liquidity Issues
Coinjer Scam Emerges On The Markets: Tips To Protect Yourself
Matter Labs Announces New ‘’VISA-Scale’’ Solution For Ethereum
High Influx Of Institutional Investors For Bitcoin-Where Are They?
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