Blog Hackers Are Coming After Crypto Apps

Hackers Are Coming After Crypto Apps

Harker are coming after cryto 8

We watched many heist movies like ‘The Killing’, ‘Ocean's Eleven’, or the ‘Fast and Furious’ series where horse-riders steal gold from moving trains, a team steals money from local banks, or a hacker gets access to a server to take control of elevators, traffic signals, or secure vaults. In the cyberworld, these situations happen every day. They are often more subtle than shown in movies, but they all revolve around stealing something immensely valuable from a person, an organization or a nation-state.

Recently, crypto’s asset value was USD1.4T, which is large enough to attract the attention of bad actors. In 2022 alone, hackers stole more than a billion dollars in cryptocurrency. Hackers often target decentralized finance platforms or new applications with weak security. It is after all software. Even after three decades, every Microsoft Windows major release has zero-day vulnerabilities. It is the nature of the game.

Crypto started with a promise of decentralization and security. Now, a decade into it, the crypto world feels less secure. What happened? A lot of this is attributable to great innovation within the last few years. The downside to this rapid innovation is that many cryptocurrency companies focus less on security, as a core tenant, and may compromise security for an accelerated launch, with seemingly operational performance and usability.

Here are a few ways to ‘up the game’ against hackers:

Cybersecurity is often a ‘cat and mouse’ game. Now, all crypto companies should play the game. We must stay in lockstep, at times a step ahead, with the bad actors and continue the innovation pace.