As with all things involving the Internet and money, cryptocurrency has also come under attack by hackers from time to time. Study says cyber criminals netted $4.3B from crypto-related crime in 2019. While the cryptocurrencies themselves are strong, hackers often target the institutions holding large amounts of currency.
“The results show that privacy coins are barely used in dark markets and at dark vendor sites (e.g. only 4% of instances involve Monero (XMR). Instead, Bitcoin remains the coin of the realm in this shady world, with BTC used in 76% of dark market cases and ETC used in only 7% of instances.”.
Cryptocurrency Owners: How to Protect Yourself?
While there may not be much you can do about the security of cryptocurrency exchanges or platforms, you can still do your bit. For example, securing your own devices and communications between your devices and service providers can go a long way to keeping you safe.
Some of the things you can do include:
1. Run a VPN
Virtual Private Networks (VPNs) help keep you safe in two ways. They protect your identity by routing communications through secure servers. At the same time, all data is encrypted for additional protection. Always opt for a reputable VPN service provider like ExpressVPN to avoid less savoury service providers from selling your data.
2. Keep applications up to date
Always make sure that the software you use are the latest versions.