Exploits threaten the crypto sector.

Originally Posted: Publish0x

The month of july was one of the bloodiest for the crypto sector, with a total loss of $363 million in 47 incidents caused by exploits and hacks (from March to July, $ 785 million was lost in the crypto sector due to these cyber attacks).These computer attacks take advantage of vulnerabilities or errors in systems to steal funds, data or cause damage to networks and users. The Ethereum network was the most affected, with 29 exploits reported, followed by the BNB network with 13 and the Avalanche network with 5.

One of the most impressive cases was that of the Poly Network, a platform that allows the exchange of assets between different chains of blocks. On August 10, a hacker managed to steal more than $600 million dollars in cryptocurrencies, becoming the largest theft in the history of the sector. The hacker took advantage of a flaw in the Poly Network smart contract to transfer the funds to their own addresses. Although he later returned some of the money, the incident caused a great deal of shock and mistrust in the crypto community.

These exploits not only affect the platforms and users who lose their funds, but also the ecosystem as a whole. On the one hand, they reduce trust and adoption of cryptocurrencies, since many potential investors are intimidated by the risk and uncertainty that these attacks imply. On the other hand, the regulatory pressure and the need to improve the security and auditing of the systems are increasing.

As I explained earlier, the goal of these exploits is to steal, manipulate, or damage user funds, data, or networks or cryptocurrency platforms. Some examples are:

📌 Cryptojacking consists of using a user's device without their consent to mine cryptocurrencies, consuming their resources and energy.

📌 Theft of private keys, which are the passwords that allow access and control of funds in the cryptographic world.

📌 Hacking of exchanges or cryptocurrency exchange platforms, these are the places where these coins are bought and sold. The KuCoin hack resulted in an approximate loss of $280 million.

📌 The hacking or manipulation of smart contracts, which are programs that automatically execute agreements between parties in a decentralized network. The Poly Network exploit allowed the hacker to steal more than $600 million.

Is it possible to avoid these threats? The answer is yes, in the worst case we can at least minimize their effects. Although I have mentioned them in the occasional article, here are some tips that could help you protect yourself from these cyber attacks:

📌 Stay informed about the latest news and updates from the crypto sector. You can consult reliable sources such as cointelegraph.com, blockchain.cl or criptonoticias.com So you can be aware of the possible risks and opportunities that arise in the market.

📌 Do not invest more than you are willing to lose. The crypto sector is very volatile and prone to sudden changes. For this reason, it is important that you diversify your portfolio and that you only invest what you can afford to lose without affecting your personal finances.

📌 Use secure and reliable platforms and services. Before depositing your funds or interacting with a platform, check its reputation, its history, its security measures and the opinions of other users. Example: StormGain, QuantFury (JRRU2593), CoinEX, BingX, Doex, PrimeXBT, KuCoin, Cex, MoonXBT, BiBox, BitYard, ZooMex, CoinInn.

📌 Protect your private keys and passwords. These are the elements that allow you to access and control your funds in the crypto world. Therefore, you should keep them in a safe place and not share them with anyone. You can also use devices such as physical wallets or hardware wallets (Ledger,  BixBox02, Ellipal Titan, Keystone), which store your keys offline and prevent them from being hacked.

📌 Don't trust offers that are too good to be true. Many exploits take advantage of the greed or ignorance of users to trick them into stealing their funds. Therefore, you should be cautious and skeptical of any offer that promises exorbitant or guaranteed returns without any risk or effort.

Always remember that cryptographic security is an essential component of any crypto ecosystem. Without strong cryptographic security, your digital assets will be vulnerable to attacks and theft. However, even the most secure ecosystems have a weak link. This link can be an individual, an organization, or a vulnerability in the code. When this link is broken, it can have a devastating impact on the entire ecosystem. Take all the measures at your disposal so that the next headline of a cryptocurrency theft news is not you.

Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

* Tools, Platforms and Applications: Earn active and passive earnings (using referral programs). However, I recommend that you do your own research.

💖 Giveaway 100.000.000.000 $LOVELY - Participate and share your referral link. Luck may be on your side. End: 20.8.23.

💖 Work Remotely At Freelance & Full-Time Jobs - Laborx.

💲 StormGain - Trading - They can start without investment, capital is acquired with the Bitcoin Cloud Miner. Only profits are withdrawable.

💲 QuantFury (JRRU2593) - Trading - Bonus (🎁) in cryptocurrencies or company stock worth up to $250.

💲 CoinEX, BingX, Doex, PrimeXBT, KuCoin, Cex, MoonXBT, BiBox, BitYard, ZooMex, CoinInn - Trading - They offer different bonuses (🎁).

💲 CoinMarketCap, TradingView - Indispensable tool for traders.

💲 Publish0x - Earn daily ETH, AMPL & $POT for reading or writing articles. Similar to Bulb, ArticleCoinPayu, Publisuites.

💲 Bulb - Earn daily Crypto (BULBTokens) and NFTs (BULBmoji) for reading or writing articles and interacting with publications (Airdrops). Similar to Publish0x, ArticleCoinPayu, Publisuites.

💲 ArticleCoinPayu - Similar to Bulb, Publish0x, Publisuites.

💲 Publisuites - Similar to Bulb, Publish0x, ArticleCoinPayu.

💲 Sell Your Own Book - Draf2Digital, Lektu.

💲 Coinpayu, Cointiply, Freebitco, AdBTC - Generate additional income without investment.

💲 AddmeFast - Tools to promote and increase the sources of traffic, visibility, reach and reputation of your social networks. Also earn money and/or cryptocurrencies.

💲 Bitrefill - Living with crypto, a philosophy of financial freedom. Travel, play, eat and live with BTC.

💲 Nowpayments - Non-custodial cryptographic payment gateway that allows merchants to accept payments in more than 50 cryptocurrencies.

💲 Ledger,  BixBox02, Ellipal Titan, Keystone - Hardware Wallet with affiliate marketing.

🎁 Mobile Value Added Services (mVAS +18) - Dating, Sweepstakes, Health, Games, Horoscope, Video, Download, Others, Special +18 Ramdom.

🎁 Mobile Value Added Services (mVAS Mainstream) - Dating, Sweepstakes, Health, Education, Games, News, Music, Video, Horoscope, Download, Recipes, Others, Mainstream Ramdom.

💯❌💯 - Products & Others.

"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.

💖☕ Buy Me a Coffee ☕💖