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The Five Crypto Attacks That Highlighted Security Gaps in 2024
January 1, 2025 – The cryptocurrency industry has been plagued by numerous security breaches and cyber attacks in the year 2024. In this article, we will be highlighting five crypto attacks that brought forth some glaring security gaps in the space.
Firstly, the collapse of FTX saw investors lose a staggering $8.7 billion. This event not only underlined the importance of regulatory oversight but also highlighted the need for better governance practices within centralized platforms. It is essential to have stricter controls and measures in place to prevent such catastrophic losses from happening again.
Another significant attack was one that showed 45 percent of crypto criminal activities involved sanctioned parties. The use of blockchain analytics revealed a disturbing trend where criminals exploited inadequate regulations to move funds through decentralized platforms. This situation has underscored the need for international cooperation and stricter regulatory frameworks to combat this issue.
Ransomware attacks have also become an increasing threat, with over $1 billion paid in cryptocurrency by victims. As these attacks rise, it is clear that cybercriminals are exploiting pseudonymous crypto-assets to facilitate their nefarious activities. The rise of ransomware-as-a-service models has made these attacks even more accessible and a real threat to everyone.
It becomes evident from these five attacks that the crypto industry must focus on shoring up its security and implementing stricter regulations to protect investors and users alike.
Source: cryptonewsland.com
