Why Hackers Can’t Steal Bitcoin (Why Hackers Are Now Fewer)

08/13/2023 16:03 • Tech Trends • 57 views

Why Hackers Can’t Steal Bitcoin Editor’s note: This article comes from Meng-eyes Finance (ID: Meng-eyes), authorized by Odaily Planet Daily.

The anonymity of Bitcoin is considered one of the safest methods worldwide, but with the emergence of increasing hacker attacks and fraud, this possibility has become unlikely. Since Bitcoin itself lacks the fundamental characteristics of currency, such as non-counterfeitability and privacy, many refer to these attacks as “double-spending.” However, in reality, not all of these phishing incidents fall under this category. In fact, if we look at the link below, we can clearly see why most hackers can’t steal Bitcoin.

According to a report from Coindesk, despite the increasing number of recent hacker thefts and the use of encryption technology by some criminals to launder their digital assets and engage in illegal transactions, even allowing third parties to transfer Bitcoin as fiat currency to foreign markets, currently over 50% of individuals cannot access their accounts. Therefore, for users who want to buy Bitcoin through exchanges and acquire funds at a low cost, this is not a good sign. (Image source: coinmarketcap)

Why Hackers Are Now Fewer

In the past few years, the blockchain industry has been exploited by hackers. But now, the situation seems to have improved, right?

Looking at the crypto winter that started last year, we saw a significant trend where more and more organizations and individuals became interested in Bitcoin, considering it a new form of asset class, which might be a scam or Ponzi scheme. However, the emergence of these incidents made people realize the importance of security and shifted their focus to other areas.

According to data from research company Chainalysis, by the end of 2018, cybercrime had caused network attack events surpassing $1 billion in value. And this year, there have been approximately 300,000 hacker intrusions (though the same as before).

Although it is still unclear who owns or controls all these hackers, it would be surprising if someone knew some of the loopholes. Most attacks are actually initiated by the victims themselves. For example, in recent months, there have been significant losses in DeFi protocols, causing some users to lose their funds, leading to platform breakdowns, trading delays, and slow user access.

Ryan Watkins, a researcher at Chainalysis, said, “With more and more users storing their private keys and credentials using digital wallets, we may see more of these hacker attacks.” Today’s hacker attacks mainly target centralized exchanges like Coinbase, which allow customers to anonymize their international remittances and then convert their virtual assets into fiat currency. “I think this is a very important work, especially on decentralized exchanges.”

He added, “If you want to be an expert, you must understand how to deal with this complex risk: you need to know if your identity is involved in fraudulent activities. If you want to establish your own bank account, make sure your bank account has been identified and monitored,” he further stated.

“That’s why many of our companies have adopted an approach instead of accepting such challenges like traditional financial institutions.” He also mentioned that he is not the first to discover any threats in this field but the second. Furthermore, he warned that even if we were able to achieve this, it would only increase the opportunities for hacker attacks.

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Why Hackers Can’t Steal Bitcoin (Why Hackers Are Now Fewer)

Why Hackers Are Now Fewer

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