The crypto market has witnessed countless hacks and exploits over the year. This has directly affected the mainstream adoption rate. Ergo, technological innovation is a must to protect customer assets and help exchanges and firms stay one step ahead of hackers. Numerous security challenges, including thefts, hacks, and fraudulent activities, have accompanied the rise of cryptocurrencies and blockchain technology. These events have damaged the reputation of the industry and hindered mainstream adoption. Hackers participating in illicit activities related to crypto are on the rise. The spotlight is again on crypto exchanges’ vulnerabilities and the assets they trade. FTX’s $400 million hack last November was a critical factor in its downfall, from which the industry is still reeling. Hot wallets are especially vulnerable, and Bitcoin ATM makers have taken a massive reputational hit from recent exploits. Overall, the crypto industry does face numerous security challenges. The security challenges the crypto industry faces are complex and multifaceted. Thus, addressing them requires a comprehensive approach that includes technological solutions to begin the journey. Several technological innovations can help protect customer assets and enable exchanges and firms to stay one step ahead of hackers. BeInCrypto reached out to various industry experts and identified those areas where the need for better security is most acute.
Full feature :”A Comprehensive Guide on How to Thwart Crypto Hackers in 2023.
