Why the cryptocurrency market crash portends bad times for cybersecurity
Ever since the Luna-Terra stable coin crisis surfaced, the global cryptocurrency market has been on a freefall. To give you an idea of the decline, the global crypto market cap has fallen below the $1 trillion mark and is currently resting at $970 billion. The market cap is expected to fall further as more investors exit. Crypto lost almost $30 Bn in just under 24 hours since Monday (it has lost almost 60 percent of its value so far this year). The crash has impacted many investors who have lost interest (many investors have simply not looked at their crypto portfolios since the crash began) in the crypto universe and the fallout of this event is still playing out as I put this blog post together. Now coming to the title of this post, an analyst told me late last evening that anyone who has invested in bitcoins in the last 18 months would have lost some investment value in this crash. In addition to legitimate investors, Bitcoin was also a favorite investment ground for criminals of all hues including cybercriminals and even APT groups that pumped in almost 300 million USD in the last 3 months of 2021 alone.