According to a new report, the SEC has launched a total of 97 actions against crypto players since 2013, 20 of which happened in 2021 alone.
Blockchain and cryptocurrency security is essential. After all, an autonomous monetary system can only go so far if it can be easily exploited by hackers, rendered inoperable through a mere software bug, or shut down by the powers that be.
Bitcoin’s unique security model is possible through a clever alignment of incentives between the network’s stakeholders — miners, developers, merchants and users. Any attempt to capture the network or reorganize the chain would result in the value of the currency plummeting and thus render any intended benefit completely worthless. The cost of being a bad actor significantly outweighs any possible reward.
Thus, it is in every participant’s best interest to simply play by the rules and collectively work toward the maturation and adoption of the Bitcoin (BTC) ecosystem.
Since its launch in January 2009, the Bitcoin network has never been compromised at the base layer and has had virtually 0% downtime, making it one of the most secure computer systems on the planet.
Cryptocurrency wallets, applications and exchanges that build products and services atop Bitcoin and other crypto networks, however, have frequently been the target of hacks and scams, highlighting the ongoing need to establish best practices around cybersecurity and operational security.
"Interdependence between chains could create a domino effect that impacts multiple ecosystems if a single chain were to be attacked, but that certainly isn't a reason to stop working on cross-chain innovations," Komodo's chief technology officer Kadan Stadelmann told Cointelegraph.10247
DeFi is one of crypto's biggest growth stories, but it's also riddled with the most controversy. The sector lost $1.3 billion due to exploits in 2021.2868
The research reveals that crypto losses in the nature of exploits and rug-pulls saw a 137% rise in comparison to figure calculated in 2020.3665
Rarible temporarily cancelled all OpenSea orders while it implemented a tool to help protect users against mistakenly selling their NFTs.4682
Art gallery owner Todd Kramer had his valuable NFT collection stolen from his hot wallet yesterday, so OpenSea froze the stolen assets worth about $2.2 million.24457
A virtual trap to lure attackers so that you can improve security policies is what honeypot aims for!29272
The Confederation of Indian Industries has proposed new regulations around the nascent crypto market.3717
MonoX and BadgerDAO suffer callous security attacks, Borderless Capital opens a $500-million fund to advance Algorand’s ecosystem, and Iota is to launch Assembly in early 2022 — all coming to you in this week’s Finance Redefined.6927
The BadgerDAO attack has reportedly impacted Celsius Network for more than $50 million, sources suggest.10040
As cryptocurrency markets and DeFi become more lucrative, blockchain companies have recognized a growing need for security.3145
Security processes are necessary to protect crypto users but regulators may force companies to adopt processes that stifle innovation.2660
Web 3.0 will be a multichain mosaic, and the winning DeFi projects will be those that build experiences connecting as many blockchains as possible.12713
The firm is expected to roll-out its mainnet product in the coming months.2681
Blockchain combined with VPN and Tor technology may be the key to an anonymous future.3476