Technology

Just How Safe Is Your Crypto?

High-profile crypto hacks are on the rise. Last month saw the DEFI protocols Agave and Hundred Finance stung in an $11 million raid, just one of a slew of crypto hacks of a similar hue. So what’s the deal? Does crypto suffer from security issues? Who’s hacking what? And is there anything you – the innocent crypto trader or HODLer can do about it? Once upon a time, crypto exchanges were “low-hanging fruit” for crypto hackers with catastrophic effects, in many cases. In Japan, Mt. Gox (in 2014), Coincheck (early 2018), and Zaif (late 2018) all suffered huge hacks. The former was put out of business altogether, while the latter two were bailed out by larger companies that eventually took them over. The last attack of such a scale on a crypto exchange was the KuCoin raid of 2020 – leading some to suggest that, in more recent times, trading platforms have upped their security game. Gina Kim, a South Korea-based cybersecurity expert, tells FX Empire that the security landscape has changed for crypto players in recent years. She says: “Not so long ago, centralized exchanges – even the bigger ones – were notoriously lax when it came to security. Despite the fact that they were often handling millions of dollars worth of coins, they had very low security fences, so to speak. And hackers who targetted them knew that.”

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OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.