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Cryptocurrencies and the concept of decentralization on which these rely for functioning are both impeccable but at the same time not fully secured from the vile acts of cybercriminals. Cryptocurrency is both efficient and secure but to what extent is the question? For the last few years, decentralization and blockchain technology has helped many hackers indirectly to make a quick buck. You might have run into crypto exchanges being hacked, email addresses and passwords of users scrapped right off of the secure servers and sold on the black market.
These are all the illicit doings of cybercriminals, and their tenacity and intensity have only continued to grow with time. During all these attacks, around $1 billion worth of crypto has been stolen; this data is presented by a report carefully developed by Atlas VPN. The overall magnitude of these scams and hacks is only increasing, and it seems that crypto exchanges and the crypto market are not investing the required sum for the sake of dealing with this rather delicate situation.
Number of Crypto Hacks Increases
Out of many blockchains directed by various cryptocurrencies, the Ether blockchain and its ecosystem are potentially the ones cybercriminals just adore to hack and make a target of. Ether has harvested the most tenacious financial losses over the years to these hacks and cyber breaches. Over $800 million of the original $1 billion have only been lost by Ether alone; this is not a very elementary situation because if these hacks continue to happen and exist while the whole world is getting itself ready to adopt crypto, which is supposed to be the most secure financial element there is then eventually decentralization will lose all of its meaning.
Not only the investment would start to run dry into the crypto market, but traders would completely detach themselves from it. That would be indeed a very black day for the crypto market and the world of modern finance. There is just no definitive plot out there harvested by cybercriminals to be able to manipulate cryptocurrencies and exchanges out there, and this is the very factor that makes it extremely challenging to stop these attacks and build defence against them.