Cryptocurrencies affect people’s lives on daily basis. The market is growing which means more attractive targets for the growing number of cybercriminals. Here are some of the possible threats that can affect the entire crypto space.
- Last year the biggest threats to the entire crypto market were ransomware and hacking. If you would like your data back, you had to pay the attackers the required ransom in cryptocurrency. Some cyber attacks can happen with changing the wallet address during a transaction or stealing the electronic wallet. Now there are even more malicious ways of cyber activity. One big problem that can occur is the fall of ICO. Last year we saw a great success with this approach gathering over $3 billion. If ICOs start to fall, we can expect a negative effect on the rate of cryptocurrencies and thus we will see a lot of attackers targeting cryptocurrencies because of their vulnerability.
- Adoption of cryptocurrencies can also be a big threat to the market. It’s very important for people to accept cryptocurrencies as safe and useful. We still can see a lot of people who won’t accept the existence of Bitcoin or would not approve the ideas behind it. However, when the adoption grows, cybercriminals will be inspired to develop new techniques and methods to harm the entire market. Cybercriminals will most likely attack the most profitable coin they will find.
- As we mentioned above, many experts believe that this year we should expect an ICO Fall. This means that fewer startups would be crowdfunded via cryptocurrencies. Unsuccessful ICOs may dramatically affect the exchange rate of cryptocurrencies. Despite this being bad news, if ICO faces the predicted fall, hack attacks targeting ICO would drop.
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