BFC Bulletins Monthly News Digest
Tags Cryptocurrency Cybersecurity Regulation
There is an arms race developing between cyber criminals on the one side and cryptocurrency exchanges and regulators on the other side. In recent years, there has been a tripling of money laundering through cryptocurrencies. But perhaps more alarming is the rise in the theft of cryptocurrencies. It is estimated that USD 1.1 billion has been stolen in just the first half of the year. To counter these threats, government agencies around the world are beginning to more closely monitor cryptocurrency markets and develop regulations for them. Moreover, top players in these markets have begun to decentralize exchanges by using blockchain protocol in an effort to make hacking into the markets more difficult.
While government agencies and exchanges develop new measures to combat these types of cyber threats, users of cryptocurrencies and their markets are advised to exercise caution. Here are a few recommendations to keep your assets safe:
- Never keep cryptocurrency on exchanges for a long time
- Use the maximum number of degrees of protection on cryptocurrency exchanges (two-factor authentication, multi-signature, etc.)
- Do not store files to access wallets on a home computer connected to the Internet; store them on external media and keep them in a safe place
- Try not to use online wallets, except for those that act only as an online interface
- Check the site addresses of visited cryptocurrency exchanges, exchangers or similar services
- Always check the addresses of the smart contracts to which you transfer cryptocurrencies when participating in an ICO (use only the data specified on the official website)
