Cryptocurrency, particularly
Bitcoin, continues to become a prominent element in macroeconomic discussion and considerations with commentators such as
Michael Saylor lauding Bitcoin as a 'cyber Manhattan'. The
SEC established a 'Cyber and Emerging Technologies Unit' to combat crypto fraud and the misuse of emerging technologies. Furthermore, due to the increasing relevance of crypto, organizations like Fireblocks are improving their cybersecurity tools to protect digital assets, such as the recently unveiled tools developed in line with Europe’s
DORA rules.
However, as the prominence of cryptocurrencies increases, so does the frequency and severity of crypto-related
cybercrimes. Countries like North Korea are reportedly acquiring Bitcoin through cyber crime whilst cyber gangs stage significant thefts with $69 million recently stolen from crypto platform Phemex. To counter this, the U.S. government managed to retrieve $3.5 million in Bitcoin to reimburse victims of cyber fraud.
Beyond this, evidence of fraudulent activities through digital currencies have cropped up in Nigeria. Meanwhile, decentralized infrastructure has become a significant need in mitigating damage from cybercrime.
Artificial Intelligence is playing a role in combating this through blockchain trading platforms. Temporary halt of operations such as the one seen at DMM Bitcoin following a major cyber heist underpins the need for proactive safety measures.
The crypto landscape also witnesses ongoing developments of
stablecoins and innovations in blockchain security tech by bodies like the US Navy. Amid all these, cryptocurrencies like Bitcoin continue to play a significant role in ransom requests, highlighting the necessity for effective regulation.
CYBER Coin News Analytics from Fri, 22 Dec 2017 08:00:00 GMT to Wed, 26 Mar 2025 13:46:37 GMT -
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