Crypto security and vulnerability.

Source

Cryptocurrency security has been a persistent issue for years. Some developers focus their intelligence on hacking rather than constructive projects, targeting individuals' funds instead of contributing to public benefit.

I recall a lecture from early January 2023 where a novice asked whether developers are inherently hackers. The lecturer clarified that developers are not inherently hackers; rather, it's a choice some make to misuse their skills. However, these malicious actions have caused significant harm to the cryptosystem.

The security problems in cryptocurrency stem from inadequate management of passcodes, keys, mnemonics/seeds, and pins. Poor management of these crucial elements leaves individuals vulnerable to security breaches.

Hackers exploit discrepancies to gain unauthorized access to accounts, as seen in numerous exchange breaches. For instance, in 2019, over 10 cryptocurrency exchanges were hacked, resulting in the theft of nearly $292,665,886 worth of cryptocurrency and compromising 510,000 user logins.

One notable case was the hack of Youbit in 2017, where 17% of the exchange's funds were stolen, leading to its downfall. Bitfinex also suffered a significant hack in 2016, resulting in the theft of a large amount of bitcoin.

Similarly, the hack of the dapp on various blockchain illustrates how security vulnerabilities can cripple projects and cause substantial losses.

Source

These incidents underscore the ongoing security challenges in the crypto world. Despite efforts by developers to secure the blockchain, loopholes such as password exposure, reliance on third-party services, and falling for phishing attacks continue to expose users to risks.

Addressing cryptocurrency security requires collective diligence. By proactively safeguarding our accounts and addressing vulnerabilities, we can mitigate the risk of hacking and protect the integrity of the cryptos.

Thank you.

Striving is key to achieving our goals and making a difference. When we keep pushing forward, and learning, we would keep growing day by day