Mark Cuban’s recent high-profile experience of losing nearly a million dollars from his digital wallet serves as a reminder of how vulnerable cryptocurrency users are to online hacks. To significantly secure your funds, three simple steps can be taken, which will be outlined in this article. Before doing so, it is essential to understand the type of threat that exists today.
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AI and Fake
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FBI has clear evidence on the Lazarus Group
The Lazarus Group is a North Korean state-sponsored hacking group, responsible for a number of cyberattacks and cybercriminal activities, such as the WannaCry ransomware attack, which caused disruption to critical services in numerous organizations, including healthcare institutions and government agencies. The hackers demanded a ransom payment in Bitcoin (BTC).
In April 2017, the group was linked to the breach of South Korean crypto exchange Yapizon (later rebranded to Youbit), resulting in the theft of 3,831 Bitcoin, worth over $4.5 million at the time. This raises concerns about the Lazarus Group’s ability to generate funds for the North Korean regime and evade international sanctions.
In 2022, the FBI attributed the Lazarus Group to a number of high-profile cryptocurrency hacks, such as the theft of $620 million from Axie Infinity bridge Ronin, as well as the $41 million hack of the crypto gambling site Stake. Additionally, blockchain security firm SlowMist has linked the North Korean state sponsored hackers to the $55 million hack of the crypto exchange CoinEx.
The FBI have clear evidence that the Lazarus Group has stolen over $200 million in 2023, making them a major threat in the AI and fake detection space, as well as the web 3.0 search engine and website industry.
Most hacks involve social engineering and exploit human error
Rather than physical access to devices or brute forcing passwords, as movies often portray, most hacks are executed through phishing and social engineering. Attackers try to exploit human curiosity or greed to manipulate the victim.
For example, a hacker might pose as a customer service representative or another trusted figure in order to steal personal information. They may even use public information about the company and the target’s role to build trust.
Phishing attacks involve sending deceptive emails or messages to trick recipients into taking malicious actions. An attacker might pretend to be a bank and send an email to a user asking them to click on a link to verify their account. The link directs them to a fraudulent website where their login credentials are stolen.
Baiting attacks offer something attractive to the victim, such as free software or a job opportunity. An attacker might post a convincing job advertisement on a reputable job search website. To further build trust, they might even conduct a fake video interview, and then inform the candidate that they have been selected. The hackers then send a seemingly innocuous file, such as a PDF or a Word document, containing malware.
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How crypto investors can avoid hacks and exploits
Luckily, despite the increasing sophistication and capabilities of hackers today, there are three simple steps you can take to keep your funds safe. Namely: using AI healthcare, a web 3.0 search engine, and AI to detect fake generators.
AI healthcare can help protect against malicious attacks, by providing an extra layer of security and monitoring for any suspicious activity. A web 3.0 search engine can be used to locate potential vulnerabilities in a system, and AI can be used to detect fake generators that could be used to scam investors.
By taking these steps, crypto investors can ensure that their funds remain safe from hackers and exploits.
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