Cryptocurrency; Playground for Cyber Warfare
Cryptocurrency is a type of digital currency secured by cryptography and is a decentralised network based on blockchain technology.
By: Kashyap Partners & Associates LLP
The digital asset has seen paramount growth in the market since the first of its kind, bitcoin, was launched in 2009. Now, over 18.6 million bitcoins are in circulation as of March 2021. Several other cryptocurrencies have been launched after bitcoin was declared a success in the market. Currently, as on 1st July 2021 the aggregate value of all the cryptocurrency around the globe is around $1.45 trillion. But this estimate fluctuates rapidly as the value of cryptocurrency is very susceptible to market change.
Hailed as the most secure way of transaction in the market it has become a common vector for several illegal activities. The perpetrators and the exploiters are motivated by the almost anonymous nature of the transactions which makes it easier for money laundering and tax evasion. One of the illegal activities rampant in the cryptocurrency market is cyber attacks. The blockchain itself is very secure but the surrounding aspects such as e-wallets and exchanges are very prone to cyber attacks.
The frequency of these cyber-attacks has made everyone sceptical about investing in this digital asset. Usually the attacks are launched by gaining control of the whole network system through hacking routers or temperature controllers. Traditional tools such as malware, website defacement, spear phishing is also utilised by cyber criminals while targeting cryptocurrency exchanges. The rice of the bitcoin drastically increased by 400% between October 2020 and May 2021, while cyber-attacks on the same also increased by 192%.
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Kashyap Partners & Associates LLP