How Hackers Are Stealing Billions In Cryptocurrency - OODA Loop

Cryptocurrency continues to sit at the forefront of finance news. Led by juggernauts such as Bitcoin or Ethereum, cryptocurrency (or simply “crypto”) offers a new way to invest in, and develop a portfolio of, financial assets (via Investopedia). Cryptocurrency remains a volatile asset class, so anyone engaging in market speculation should do so only after conducting extensive research into the topic and any particular crypto assets that may be of interest. One thing that’s causing a lot of this volatility is the vulnerability that crypto exhibits when it comes to hackers and the theft of portfolio assets. Cybercriminals target cryptocurrency as a rule rather than an exception. The FBI has warned users in the past about scammers using ATMs and QR codes to steal money, but this is just scratching the surface. CNBC notes that by July of 2022, hackers had already made off with almost $2 billion worth of cryptocurrency assets this year, almost double the same figure from last year. Experian reports that financial crimes are a gigantic cottage industry around the world, with over $6 billion in non-identity theft losses in 2021, and almost $50 billion in costs across the industry relating to compliance with financial law (via Insurance Journal). But the surging momentum of these thefts should be alarming to anyone invested or thinking of investing in crypto. Cryptocurrency is and has long been a prime target for cybercriminals for a variety of interesting reasons.
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