A leading cyber-crime expert believes crypto-related crimes will surpass all other cyber-attacks in 2018. He adds there is not a single day that goes by where we don’t hear of a new initial coin offering (ICO) scam or a mining attack.
This prediction was made by Lotem Finkelsteen who is a threat intelligence analyst at Check Point Software Technologies an Israeli cybersecurity company. By crypto-related cyberattacks, he is referring to any form of cybercrime that involves cryptocurrencies and the blockchain technology. These include hacks on crypto exchanges – to malware infecting PCs – to scam ICOs.
Lotem made these remarks during the annual Cyber Week cybersecurity conference entitled “Blockchain, the new Digital Age” held recently and he says that the blockchain is suffering from reputational damage and its one of the reasons that are holding it back from achieving its full potential.
Other panelists at the conference seemed more optimistic with their predictions of the future with John Velissarios, the principal director and Global Blockchain Lead at Accenture saying;
“We’re seeing blockchain applications for capital markets, exchanges, clearing and settlement systems and payment systems. The technology is evolving and the applications are becoming more significant.”
Many people including computer scientist and entrepreneurs are seeing enormous potential in the distributed ledger technology with many real-world applications based on the fact that it allows people to transfer money and other assets without involving a central authority.
However, the CTO of the Israeli largest bank, Bank Hapoalim says that the Blockchain is still at the hype stage and there aren’t any dependably usable applications that exist for now.
The rise of cryptocurrencies has seen a surge in crypto-related crimes with a recent report showing that Cryptocurrency investors have lost over $2.3 Billion through hacks on exchanges. Bithumb is the latest to suffer this fate a few days after Coinrail, another South Korean exchange was hacked.
With crypto-related crimes rising by the day, what measures can be taken to combat these crimes? Share your thoughts in the comment section below.