Fraud and hacking in the crypto world

Fraud and hacking in the crypto world

Written by Sam Messiska, Benzinga

Flensburg, Schleswig-Holstein – News Direct – Chainsulting

Cryptocurrencies have upended a lot of standards around the world. From finance and banking to e-commerce, it seems that there is no industry in which the presence of cryptocurrencies has not appeared.

The massive public interest in this digital asset really started in 2017. The crypto craze gained momentum that year when Bitcoin (CRYPTO: BTC) witnessed like never before bubble. Several companies that provide various cryptocurrency solutions have emerged such as MEXC Global and TaxBit Inc. Since the beginning of this madness.

While many industries have been disrupted during the COVID-19 pandemic, the cryptocurrency industry hasn’t experienced a downturn – instead, it has surged even further. Cryptocurrencies are booming as more and more people become interested in decentralized currencies as a safe haven amid global economic tension.

Since then, the total value of the cryptocurrency market has become receipt Over $1 trillion, after hitting $3 trillion in November 2021 and now competing with the market capitalization of multinational conglomerates like Amazon.com Inc. (NASDAQ: AMZN), Microsoft Corporation. (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOGL).

Cryptocurrency scams and inventors are on the rise

However, risks remain amid the marked optimism. The crypto world is witnessing an increasing number of attacks and continues to attract more fraudsters. Fraudsters stole more than $14 billion in 2021, with losses from crypto crimes rising 80% compared to 2020, according to a report by blockchain research group Chainalysis.

Cryptocurrency fraud is an increasingly common way for scammers to get people’s money. More than 46,000 people filed crypto-fraud cases with the Federal Trade Commission (FTC) from January 2021 through March, according to Report Released by the agency. The average reported loss from these charts is $2,600.

Since cryptocurrencies started gaining popularity, the internet has been inundated with scammers offering fake giveaways. Group-IB, a Singapore-based cyber security company, Reports A significant fivefold increase in domains giving fake crypto gifts including through YouTube broadcast pages in the first quarter of 2022.

In the first six months of the year, experts at Group-IB identified more than 2,000 domains being used as fake cryptocurrency promotion pages. The number of fake pages promoting fake gifts increased sharply from 583 in the first quarter to more than 1,500 in the second.

Hackers have also targeted cryptocurrency exchanges and blockchain platforms to steal large amounts of valuable digital currencies. At least 46 crypto exchanges and blockchain platforms have reported a loss of more than $2 billion since then 2012 Because of security breaches in their system.

Just a few months ago, hackers infiltrated the blockchain gaming platform Ronin Network and walked away with more 600 million dollars value of digital currencies. The blockchain-based platform Poly Network was similarly attacked late last year when attackers stole more than $620 million in user assets.

Worldwide crackdown on cryptocurrency scams and hacks

The US Treasury has called for Other federal organizations to expand and increase their crackdown on cryptocurrency scams and hacks.

In the UK, experts have warned that cryptocurrency fraud could get worse as the cost of living rises.

“We are concerned that under current economic conditions, people may be tempted to invest in fictitious investments,” He said Nausica Delvas, Interim Chief Executive Officer of the Financial Ombudsman Service.

Securing Blockchain Ecosystems Through Smart Contract Audit

With so much money at stake and blockchain protocols becoming more and more sophisticated, smart contract auditing companies like sequence It is gaining importance as a necessity in a somewhat disorganized setting. Smart contract auditing is a systematic way of manually and automatically reviewing the structured code of a smart contract to find flaws.

Intelligent contract audit is a useful tool for evaluating a company’s operations and ensuring that the code is accurate and reflects the use case. The auditor will perform a thorough review of the smart contract code base and make recommendations on how to fix potential flaws. Intelligent contract auditing has many advantages, including ensuring security, preventing vulnerabilities, and securing user funds.

Chainsulting says it can perform smart contract audits for Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), Aptos, Binance Smart Chain and many more. The company also says it offers audit solutions using German technology and security standards, which ranks first in the world for encoder friendliness.

Sequential consultancy audits involve several stages. First, the code undergoes vulnerability tests in which security analysis tools such as Mythril, Slither, and Oyente are used to discover vulnerabilities. Then the code is manually scanned for vulnerabilities before double checking the overall functionality and business logic of the code. If any critical issues are found, the team makes recommendations on how to solve them.

Chainsulting has conducted more than 300 high-profile smart contract security audits since its inception in 2017.

Chainsulting is a software development company, founded in 2017 and headquartered in Germany. It shows the ways, opportunities, and risks and offers comprehensive web3 solutions. Their services include web 3 development, security and consulting. Chainsulting conducts code audits on market-leading blockchains such as Solana, Tezos, Ethereum, Binance Smart Chain, and Polygon to mitigate risks and instill confidence and transparency in the vibrant crypto community. They have also reviewed and secured 1Inch smart contracts, POA Network, Unicrypt, and LUKSO, among many other DeFi projects. Chainsulting currently secures $100 billion In user funds unlocked in multiple DeFi protocols. The team behind the leading audit firm draws on their strong technical expertise in the Web3 sector to deliver first-class smart contract auditing solutions, tailored to meet clients’ evolving business needs.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.

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