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In the last decade, Bitcoin has emerged as a revolutionary form of digital asset, disrupting traditional financial markets along the way. Unlike traditional currencies issued by national governments (fiat money), Bitcoin is a decentralized form of money operated via a peer-to-peer network. This means it is not regulated or controlled by any central authority or government. This, along with many other characteristics, offers a range of benefits but also poses certain risks. In this article, we will examine these advantages and challenges to help you evaluate whether the benefits of Bitcoin outweigh the risks.
Bitcoin was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. As the first cryptocurrency, Bitcoin introduced a new kind of money that is issued and managed without the need for a central authority. Not only is Bitcoin a single unit of currency (simply referred to as a “bitcoin”), but it is also the decentralized, peer-to-peer network that enables the movement of that currency.
Bitcoin transactions are verified by network nodes through cryptography and recorded on a public ledger called blockchain. A user can access his or her bitcoins from anywhere in the world, as long as they have the private key to their unique Bitcoin address. Now, let’s delve into the inherent benefits and risks associated with Bitcoin.
This digital cryptocurrency has gained immense popularity and continues to capture the imagination of investors, tech enthusiasts, and financial experts alike. As we dive into the world of Bitcoin, let’s also uncover the myriad benefits it brings to the table, from decentralization and security to financial inclusion and innovation.
As a decentralized form of currency, Bitcoin is not subject to control by any government, bank, or financial institution. This ensures that the value of Bitcoin is not affected by monetary policies or economic conditions of any specific country. It also means there is no need for intermediaries, such as banks, to process transactions. As a result, Bitcoin transactions can be faster and cheaper than traditional money transfers, particularly for international transactions.
Furthermore, this decentralization offers potential benefits in regions where the local currency is unstable or access to banking is limited. For those without bank accounts, Bitcoin provides an alternative way to store and transact money. It also provides a safeguard against the risks of government-controlled fiat currency, such as inflation or deflation. This property of Bitcoin has been particularly attractive in countries experiencing hyperinflation, such as Venezuela.
Bitcoin transactions are recorded on a public ledger, the blockchain, which is accessible to anyone. This ensures a high level of transparency, as the flow of Bitcoins and the transactions can be tracked by anyone. Nonetheless, while transactions are public, the identities of the parties involved are pseudonymous. This offers a level of privacy and anonymity to users, as their real-world identities are not directly connected to their Bitcoin addresses, offering more privacy than traditional banking systems.
Moreover, because of its immutable and transparent nature, Bitcoin has potential uses beyond being a currency. The underlying blockchain technology has numerous potential applications, including secure sharing of medical records, supply chain management, and secure transfer of assets like land deeds and other legal documents.
→Dig Deeper: Demystifying Blockchain: Sifting Through Benefits, Examples and Choices
Bitcoin stands as both an enigma and a harbinger of change. Its meteoric rise to prominence has captivated the world, yet it has also garnered its fair share of scrutiny and caution. Now, let’s examine the flip side of the digital coin – the risks that come with it.
Price Volatility
One of the most well-known risks of Bitcoin is its price volatility. The value of a bitcoin can increase or decrease dramatically over a very short period. This volatility can result in significant financial loss. While some traders may enjoy this volatility because it provides exciting opportunities for high-return investments, it can be a risky venture for those seeking stability, particularly for those who intend to use Bitcoin as a regular currency.
The volatility also makes Bitcoin less feasible as a store of value. With traditional currencies, individuals can expect the purchasing power of their money to remain relatively stable over short periods of time. With Bitcoin, however, the purchasing power can fluctuate wildly from day to day.
While the Bitcoin network itself has remained secure since its inception, the ecosystem around it is not entirely secure. Bitcoin wallets and exchanges, which are necessary for users to store and trade Bitcoins, have been the targets of hacking in the past. In some instances, users have lost their entire Bitcoin holdings.
Bitcoin transactions are irreversible. Once a transaction is initiated, it cannot be reversed. If the transaction is fraudulent or a mistake has been made, it cannot be corrected. This risk factor demands a high level of care and caution by Bitcoin users. The anonymity of Bitcoin can also facilitate criminal activities such as money laundering and the buying and selling illegal goods, which can impact users indirectly.
→Dig Deeper: Crypto Scammers Exploit: Elon Musk Speaks on Cryptocurrency
Bitcoin operates in a relatively gray area of law and regulation. While it is not illegal, its status varies widely around the world. Some countries have embraced Bitcoin as a legitimate payment method, while others have banned or restricted it. The variability of regulation creates uncertainty and poses a risk for Bitcoin users. There’s also a risk that future regulation could adversely affect Bitcoin. For instance, if a major government declared Bitcoin use illegal, or one of the world’s largest exchanges was hacked, the value of Bitcoin could plummet.
Due to Bitcoin’s decentralized nature, lawmakers and regulatory bodies may find it difficult to draft and implement effective regulations that do not stifle innovation. The digital nature of Bitcoin also poses challenges with legal protections that are generally applied to traditional instruments, such as the ability to challenge fraudulent transactions.
→Dig Deeper: Cryptohacking: Is Cryptocurrency Losing Its Credibility?
When comparing the benefits and risks of Bitcoin, it becomes clear that this cryptocurrency presents both unique opportunities and challenges. On the positive side, its decentralized and peer-to-peer nature offers a level of independence and flexibility not found in traditional financial systems. Additionally, its underlying blockchain technology offers potential for numerous applications beyond cryptocurrency itself.
However, these benefits must be weighed against the risks they pose, including its high price volatility and security issues, and the potential consequences of an uncertain regulatory environment. These risks underline the need for caution and due diligence before investing in or transacting with Bitcoin.
As the first cryptocurrency, Bitcoin is still in its early stages and will likely continue to evolve. As its regulatory environment becomes clearer and its technology becomes more established, the risks associated with Bitcoin may decrease. However, until then, a balanced perspective on the benefits and risks of Bitcoin is essential for anyone considering participating in its network.
McAfee Pro Tip: Bitcoin’s security issues are one of the main risks you need to consider and watch out for if you wish to invest in Bitcoin. Traditional or cryptocurrency, learn how to protect your finances online.
In a remarkably short time, Bitcoin has evolved from a fringe concept to a global financial phenomenon, challenging conventional notions of currency and decentralization. While its disruptive potential, innovation, and the allure of financial autonomy are undeniable, Bitcoin’s journey is punctuated with volatility, regulatory ambiguities, and security concerns that demand cautious consideration. As it continues to capture the world’s imagination, Bitcoin stands as both a symbol of the digital age’s possibilities and a stark reminder of the complexities and challenges associated with redefining the future of finance. Its ultimate role in the global economy remains uncertain, but its impact on the way we perceive and utilize money is undeniable, solidifying its place in history as a transformative force in the world of finance.
As individuals, it is essential to safeguard your digital assets, traditional financial resources, and online financial dealings to ensure a secure and unrestricted existence in the modern world. That’s why we encourage you to improve your digital security. Check out our McAfee+ and Total Protection to boost your protection.
The post Do the Benefits of Bitcoin Outweigh the Risks? appeared first on McAfee Blog.
Swiping right is like a box of Valentine’s Day chocolates: You never know what you’re going to get. You could land with a ghost, a gem, or a fraudster who’s not interested in stealing your heart but your cryptocurrency.
Romance scams have been breaking hearts and emptying bank accounts since the advent of online dating in the 1990s. In 2021 alone, the FTC received 56,000 reports of romance scams and losses totaling $547 million. Compared to just four years earlier, total losses increased by 500%.1
Cryptocurrency romance scams are a relatively new evolution of the scheme. Here’s what you should know and signs that may indicate you’re communicating with a manipulative crypto thief.
A cryptocurrency romance scam is an online scheme where a cybercriminal forges romantic relationships through online platforms to trick people into handing over crypto assets. Conversations may begin on social media platforms or dating apps. After a few days, weeks, or – if the criminal is patient – months of communicating, the scammer uses their manufactured romantic bond to guilt their target into sending cryptocurrency. The criminal will often tug on heartstrings with made-up sad stories to explain what they’ll use the money for. They may ask for a few hundred to thousands of dollars’ worth of crypto. Once they’ve received payment, they may continue the charade of a relationship to attempt to weasel more money, or they may “end the relationship” and disappear to try their luck with someone else.
Artificial intelligence text generators like ChatGPT make juggling multiple love scams at once easier and quicker for scammers. Instead of using their brain to think up “heartfelt” proclamations of love, they can ask an AI program to do the work for them. And AI-written love letters are convincing! In McAfee’s Modern Love Report, 69% of global respondents were unable to tell if a love note was written by a human or a machine.
In crypto romance plots specifically, the criminal will ask for payment in cryptocurrency, such as Bitcoin or Ethereum. In general, you should be skeptical of any person or organization that asks for payment in crypto. Cryptocurrency is famously untraceable, meaning that once it hits someone else’s crypto wallet, there’s no way to get it back or ascertain the real identity of the account holder. Unlike a bank account that a real person with a valid Social Security Number must open, crypto does not have such requirements. The anonymity is what makes crypto the preferred payment type of nefarious characters.
In a 14-month span, cryptocurrency romance scams accounted for $185 million in crypto losses.2 And that figure only accounts for filed reports. It’s possible that some people are still in the swirls of a scam or are too embarrassed to report the crime.
There are three tell-tale signs of an online crypto dating scam. If you encounter any of these scenarios, begin to ask more probing questions. If you’re unsatisfied with the answers or the person you’re communicating with becomes defensive, you may want to consider blocking this person on your device and removing them from your life.
The getting-to-know-you phase of any new relationship is exciting and interesting. Even in this day and age of accelerated courtship and constant communication via texting, social media direct messages, and dating apps, this important phase takes time. If someone you’ve never met in person tells you they love you after just a few conversations, be wary of their compliments. Love-at-first-direct-message isn’t real.
Refusing or constantly postponing in-person meetings is a major red flag. In 39% of catfishing incidents, turning down in-person meetups was the ultimate sign that alerted people to the catfish, according to the Modern Love Report. Catfish – or someone using fake photos and/or backstories to deceive others online – often make all kinds of excuses to avoid showing their face or even talk on the phone. Excuses range from illness, family or work obligations, to the burdensome cost of travel. When two people have a deep connection based on genuine love, they’ll make the necessary compromises to show their real face.
Romance scammers may constantly lament their financial woes and say how they wished money wasn’t a problem. To gain sympathy, they may claim to have a sick family member or pet who needs expensive medical treatment. At this point, the scammer will hope that the target offers to send money, or the scammer may sheepishly request money outright. To keep targets from growing suspicious or resentful, the scammer is often overly thankful and promises to never ask for money again; however, they always do. Never share your crypto wallet private key with anyone, and immediately be on alert if someone you met online and have never met in person asks for payment in crypto.
Everyone who’s ever endured a breakup hates this saying for its maddening simplicity, but its message is true: There are other fish in the sea. Literally billions. Everyone deserves a partner who respects their time and needs. If the person on the other side of the screen is taking more than they’re giving, it’s time to say goodbye.
A partner who will never let you down is McAfee+ Ultimate. This all-in-one device, privacy, and identity protection service lets you live your best online life confidently. In case you ever fall victim to identity theft or you suspect your credit is compromised, you’re protected with credit lock, security freeze, and up to $1 million in identity theft coverage.
So, this Valentine’s Day, slow down and evaluate each new match for the robustness of their messages, not their “photo,” “job,” or “grand future plans.” Be careful in that harsh dating world and never settle for mediocre. The perfect person is out there somewhere!
1Federal Trade Commission, “Reports of romance scams hit record highs in 2021”
2Federal Trade Commission, “Reports show scammers cashing in on crypto craze”
The post 3 Signs You May Be Caught in a Cryptocurrency Romance Scam appeared first on McAfee Blog.
As 2022 draws to a close, the Threat Research Team at McAfee Labs takes a look forward—offering their predictions for 2023 and how its threat landscape may take shape.
This year saw the continued evolution of scams, which is unlikely to slow down, as well as greater adoption of Chrome as an operating system. It also saw the introduction of AI tools that are easy and accessible to virtually anyone with a phone or laptop, which will continue to have significant implications, as will the fluctuating popularity of cryptocurrency and the emergence of “Web3.”
Advances such as these have set the stage for 2023, which will continue to reshape our interactions with technology—advances that bad actors will try to exploit, and in turn, us.
Yet as the threat landscape continues to evolve, so do the ways we can protect ourselves. With that, we share McAfee’s threat predictions for 2023, along with insights and advice that can help us enjoy the advances to come with confidence.
By Steve Grobman, Chief Technology Officer
Humans have been fascinated by artificial intelligence (AI) for almost as long as we’ve been using computers. And in some cases, even fearful of it. Depictions in pop culture range from HAL, the sentient computer from 2001: A Space Odyssey to Skynet, the self-aware neural network at the center of the Terminator franchise. The reality of current AI technologies is both more complicated and less autonomous than either of these. While AI is rapidly evolving, humans remain at the heart of it, and whether it’s put to beneficial or nefarious use.
Within the last few months, creating AI-generated images, videos, and even voices are no longer strictly left to professionals. Now anyone with a phone or computer can take advantage of the technology using publicly available applications like Open AI’s Dall-E or stability.ai’s Stable Diffusion. Google has even made creating AI-generated videos easier than ever.
What does this mean for the future? It means the next generation of content creation is becoming available to the masses and will only continue to evolve. People both at work and at home will have the ability to create the AI-generated content in minutes. Just as desktop publishing, photo editing, and inexpensive photorealistic home printers created major advances that empowered individuals to create content that previously required a professional designer, these technologies will enable sophisticated outputs with minimal expertise or effort.
Advances in desktop publishing and consumer printing also provided benefits to criminals, enabling better counterfeiting and more realistic manipulation of images. Similarly, these emerging next-generation content tools will also be used by a range of bad actors. From cybercriminals to those seeking to falsely influence public opinion, these tools will empower scammers and propagandists to take their tradecraft to the next level with more realistic results and significantly improved efficiency.
This is especially likely to ramp up in 2023 as the U.S. begins the 2024 presidential election cycle in earnest. Globally, the political environment is polarized. The confluence of the emergence of accessible next-generation generative AI tools and what is sure to be a highly contested 2024 election season is a perfect storm for creating and distributing disinformation for political and monetary gain.
We’ll all need to be more mindful of the content we consume and the sources that it originates from. Fact-checking images, videos, and news content, something that’s already on the rise, will continue to be a necessary and valuable part of media consumption.
By Oliver Devane, Security Researcher
Cryptocurrency scams
In 2022 we saw several online scams making use of existing content to make crypto scams more believable. One such example was the double your money cryptocurrency scam that used an old Elon Musk video as a lure. We expect such scams to evolve in 2023 and make use of deep fake videos, as well as audio, to trick victims into parting ways with their hard-earned money.
The financial outlook of 2023 remains uncertain for many people. During these times, people often look for ways to make some extra money and this can lead them vulnerable to social media messages and online ads that offer huge financial gains for little investment.
According to the IC3 2021 report, the losses for financial scams increased from $336,469,000 in 2020 to $1,455,943,193 in 2021, this shows that this type of scam is growing by an enormous amount, and we expect this to continue.
Unfortunately, scammers will often target the most vulnerable people. Fake loan scams are one such scam where the scammers know that the victims are desperate for the loan and therefore are less likely to react to warning signs such as asking for an upfront fee. McAfee predicts that there will be a large increase in these types of scams in 2023. When looking for a loan, always use a trusted provider and be careful of clicking on online ads.
Metaverses such as Facebook’s Horizon enable their users to explore an online world that was previously unimaginable. When these platforms are in the early stages, malicious actors will usually attempt to exploit the lack of understanding of how they work and use this to scam people. We have observed phishing campaigns targeting users of these platforms in 2022 and we expect this to increase dramatically in 2023 as more and more users sign up for the platforms.
By Craig Schmugar, McAfee Senior Principal Engineer
More than 25 years ago, Windows 95 became the platform of choice not just for millions of users around the globe, but for malware authors targeting those users. Over the years, Windows has evolved, as has the threat landscape. Today, Windows 10 and 11 make up the majority of the desktop PC market, but thanks to the rise of the mobile Internet, device diversity has greatly evolved since the advent of Windows 95.
Over five years ago, Android overtook Windows as the world’s most popular OS and with this shift bad actors have been pursing alternative methods of attack. The ultimate vectors are those which impact users across a spectrum of devices. Email and web-based scams (some of which are outlined in the blog above) are as prolific as ever as these technologies are ubiquitous across desktop and mobile devices.
Meanwhile, other technologies span across desktop and mobile experiences as well. For Google, such cross-platform capabilities are highlighted by increased adoption of ChromeOS and a few underlying technologies. This includes 270 million active Android users and a 270% increase in Progressive Web Application (PWA) installations [https://chromeos.dev]. ChromeOS’ ability to run Android applications, combined with its wide-spread adoption, provides the climate for increased attention by those with ill intentions.
Similarly, adoption of PWAs provide bad actors with additional incentive to deliver deceptive and imposter attacks through this multi-OS channel, including ChromeOS, iOS, MacOS, and Windows.
Finally, on the heels of COVID restrictions that impacted schools in various countries, Google reported 50 million students and educators worldwide [https://chromeos.dev] using ChromeOS. Many users will be unaware of malicious Chrome extensions lurking in the Chrome Web Store.
All of this means that the stage is set for a marked increase in threats impacting Chromebook in the year to come. In 2023, we can expect to see Chromebook users among millions of unsuspecting victims that download and run malicious content, whether from malicious Android Apps, Progressive Web Apps, or Chrome Web Store extensions, users should be leery of popups and push notifications urging them to install untrusted apps.
By Fernando Ruiz, Senior Security Researcher
Editor’s Note: Web3? FOMO? If you’re already lost, you’re not alone. Web3 is a term some use to encompass decentralized internet services, technologies like Bitcoin and Non-Fungible Tokens (digital art that collectors can purchase with cryptocurrency). Still confused? A lot of people are. This New York Times article is a good primer on what is currently considered Web3.
As for FOMO, that’s just an acronym meaning the “Fear of Missing Out.” That nagging feeling, most often felt by extroverts, that others are out there having more fun than them and that they’re missing the party.
Whether you invest in cryptocurrency or just see the headlines on Twitter, no doubt you’ve seen that the price of cryptocurrency has sharply declined during 2022. These fluctuations are becoming more normal as crypto becomes even more mainstream. It’s very likely that the value of crypto will rise again.
When the last upturn in valuation happened near the start of the pandemic, the hype about crypto also skyrocketed. Suddenly Bitcoin and other cryptocurrencies were everywhere. Out of that, rose the concept of Web3, with more companies investing in new applications over blockchain (the technology that is the backbone of cryptocurrency).
McAfee predicts that the popularity of cryptocurrency will rise again, and consumers will hear much more about Web3 concepts like decentralized finance (DeFi), decentralized autonomous organizations (DAOs), self-sovereign identity (SSI) and more.
Some amateur investors, remembering the rapid rise of the value of Bitcoin earlier this decade, won’t want to miss out on what they think will be a great opportunity to get rich quick. It’s this group that bad actors will seek to exploit, offering up links or applications that play on these users’ crypto/Web3 FOMO.
As crypto bounces back and initial awareness of decentralization grows in the general population, consumers will begin to explore these Web3 offerings without fully understanding what they mean or what dangers they should be aware of, leaving them open to scams as they invest time and money into crypto or creating their own NFT content. These scams could entice users to click on a link or download an app that appears to legitimately interact with some blockchains, but in actuality:
Additionally, when consumers DO hold crypto, NFT, digital land, or other blockchain financial assets they are going to be targeted for more sophisticated threats that can drain their funds: smart contracts, exchanges, digital wallets, and synchronization services can all be associated with hidden authorizations that allow a third party (potentially a bad actor) to take control of the assets. It’s important that users read the terms and conditions of any app they download, especially those that will be accessing ANY type of financial institution or currency, whether traditional or crypto.
Social engineering will also continue to be a top entry point for cybercriminals. The complexity of the attacks will evolve as the technology does, which will require more preparation and understanding of how Web3 applications and tools work in order to safely interact with them.
What has emerged from the world of Web3 thus far, while exciting, has also expanded attack surfaces and vectors, which we expect to see grow throughout 2023 as Web3 evolves.
The post McAfee 2023 Threat Predictions: Evolution and Exploitation appeared first on McAfee Blog.
In the fall of 2021, cryptocurrency value skyrocketed. Ethereum and Bitcoin had their highest values ever, causing a huge stir in interest in online currencies from experts, hobbyists and newbies alike … and in cybercriminals seeking huge paydays. Since then, cryptocurrency value has cooled, as has the public’s opinion about whether it’s worth the risk. Huge cryptohacking events dominate the headlines, leaving us to wonder: Is cryptocurrency losing its credibility?
In this article, you’ll learn about recent unfortunate crypto hacks and a few cryptocurrency security tips to help you avoid a similar misfortune.
A crypto wallet is the software or the physical device that stores the public and private keys to your cryptocurrency. A public key is the string of letters and numbers that people swap with each other in crypto transactions. It’s ok to share a public key with someone you trust. Your private key, however, must remain private — think of it like the password that secures your online bank account. Just like your actual wallet, if it falls into the wrong hands, you can lose a lot of money.
A malware called Mars Stealer infiltrated several crypto wallet browser extensions, including the popular MetaMask. The malware stole private keys and then erased its tracks to mask that it had ever gained entry to the wallet.1
One way to completely avoid a breach to your software crypto wallet is to opt for a hardware wallet. A hardware wallet is a physical device that can only be opened with a PIN. But there is some risk involved with a hardware wallet: if you drop it down the drain, all your crypto is gone. If you forget your wallet PIN, there is no customer service chatbot that can help you remember it. You are solely responsible for keeping track of it. For those who are confident in their hardware’s hiding spot and their personal organizational skills, they can benefit from its added security.
For anyone less sure of their ability to keep track of a hardware wallet, a software wallet is a fine alternative, though always been on alert of software wallet hacks. Keep an eye on crypto news and be ready to secure your software at a moment’s notice. Measures include un-downloading browser extensions, changing passwords, or transferring your crypto assets to another software wallet.
In the case of the Mars Stealer malware that affected MetaMask, being careful about visiting secure sites and only clicking on trustworthy links could’ve helped prevent it. Mars Stealer made its way onto people’s devices after they clicked on an infected link or visited a risky website. Stick to websites you know you can trust and consider springing for well-known streaming services and paying for software instead of torrenting from free sources.
Cryptocurrency enthusiasts often spread their crypto investments across various currency types and blockchain environments. Software known as a bridge can link numerous accounts and types, making it easier to send currency.
The cross-chain bridge Horizon experienced was on its Harmony blockchain, where a hacker stole about $100 million in Ethereum and tokens. The hacker stole two private keys, with which they could then validate this huge transaction into their own wallet. To hopefully prevent this from happening in the future, Horizon now requires more than just two validators.2
According to one report, in 2022, 69% of all cryptocurrency losses have occurred in bridge attacks.3 If you exchange cryptocurrencies with other users and have various accounts, it’s almost inevitable that you’ll use bridge software. To keep your assets safe, make sure to extensively research any bridge before trusting it. Take a look at their security protocols and how they’ve responded to past breaches, if applicable.
In the case of Horizon, the stolen private keys were encrypted with a passphrase and with a key management service, which follows best practices. Make sure that you always defend your private keys and all your cryptocurrency-related accounts with multi-factor authentication. Even though it may not 100% protect your assets, it’ll foil a less persistent cybercriminal.
Phishing attacks on bridge companies in conjunction with software hacks are also common. In this scenario, there’s unfortunately not much you can control. What you can control is how quickly and completely you respond to the cybercrime event. Remove the bridge software from your devices, transfer all your assets to a hardware wallet, and await further instructions from the bridge company on how to proceed.
Decentralized finance, or DeFi, is now one of the riskiest aspects of cryptocurrency. DeFi is a system without governing bodies. Some crypto traders like the anonymity and autonomy of being able to make transactions without a bank or institution tracking their assets. The drawback is that the code used in smart contracts isn’t bulletproof and has been at the center of several costly cybercrimes. Smart contracts are agreed upon by crypto buyers and sellers, and they contain code that programs crypto to perform certain financial transactions.
Three multi-million-dollar heists – Wormhole, Beanstalk Farms and Ronin bridge – occurred in quick succession, and smart contracts were at the center of each.4 In the case of Wormhole, a cybercriminal minted 120,000 in one currency and then traded them for Ethereum without putting up the necessary collateral. In the end, the hacker cashed out with $320 million. Beanstalk Farms lost $182 million when a hacker discovered a loophole in the stablecoin’s flash loan smart contract. Axie Infinity’s Ronin bridge was hit for $625 million when a hacker took control over and signed five of the nine validator nodes through a smart contract hole.4
To be safe, conduct all crypto transactions on well-known and trustworthy software, applications, bridges, and wallets that are backed by a governing body. What you lose in anonymity you gain in security by way of regulated protocols. Hackers are targeting smart contracts because they do not have to depend on large-scale phishing schemes to get the information they need. Instead, they can infiltrate the code themselves and steal assets from the smartest and most careful crypto users. Because there’s almost no way you can predict the next smart contract hack, the best path forward is to always remain on your toes and be ready to react should one occur.
Don’t let these costly hacks be what stops you from exploring crypto! Crypto is great as a side hustle if you’re committed to security and are strategic in your investments. Make sure you follow the best practices outlined and arm all your devices (mobile included!) with top-notch security, such as antivirus software, a VPN, and a password manager, all of which are included in McAfee +.
Privacy, excellent security habits, and an eagle eye can help you enjoy the most out of cryptocurrency and sidestep its costly pitfalls. Now, go forth confidently and prosper in the crypto realm!
1Cointelegraph, “Hodlers, beware! New malware targets MetaMask and 40 other crypto wallets”
2Halborn, “Explained: The Harmony Horizon Bridge Hack”
3Chainalysis, “Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk”
4Protocol, “Crypto is crumbling, and DeFi hacks are getting worse”
5Cointelegraph, “Beanstalk Farms loses $182M in DeFi governance exploit”
The post Cryptohacking: Is Cryptocurrency Losing Its Credibility? appeared first on McAfee Blog.
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