Tech

Crypto Security Issues, SCAM, and Hacks Affecting the Global Market

The topic of security is an evergreen one in the world of cryptocurrencies, so we’ve invited crypto expert Michael Klias to give us his professional insight into this subject.

Michael Klias

Introduce yourself!

Hello NewsUpdate.uk readers, I am Michael Klias, a crypto enthusiast with 7 years of professional experience in the field. I am passionate about blockchain, finance, and technology, and I have experience working in different organizations from small start-ups to big corporations in the UK and overseas. My focus has always been on improving processes of investing and trading, cryptocurrency, ETFs, and alternative investments. I also previously worked as a reporter with Wilmington Business Journal and as a business producer for HealthCoin LLC in Hong Kong.

Tell us about the current situation regarding crypto security in 2022.

The DeFi industry has been rapidly expanding for the past couple of years, so naturally, it’s become more prone to fraudulent activity. However, I think it’s funny how major media outlets are quick to discredit the whole concept of crypto by describing every single market drop as devastating and pointing out potential flaws in DeFi security. Yes, we are all aware that security should continue to be a priority for all current and emerging projects, and established exchanges have always done so anyway. The fact of the matter is that people should make informed decisions about where and how to invest their digital assets. Crypto trading bots reviews on scammerwatch.com can help with pointing out certain features and properties to keep an eye on when making such decisions.

Have there been any major hacker attacks in crypto lately?

I know we’ve all heard of the one on BadgerDao that happened back in December when the developers issued a plea to the hackers asking them to cooperate regarding the stolen funds (approx. $120M). Crypto.com was also subject to a malicious attack in January when they lost around $35M.

What is your opinion on trading bots?

They can be an incredibly useful tool for beginners, as well as seasoned crypto holders who don’t want to go through the hassle of checking on their trading strategies 24/7 before executing an order. Generally, AI technology is continuously evolving, and I think its implementation can have great benefits for crypto holders – you can check this Bitcoin Revival bot review to get an idea of what I’m referring to. However, they still require manual input and human intervention if the goal is to maximize profits. I think a 60:40 approach, with trading bots doing the larger portion of the work, might be ideal for most traders.

How do you think crypto scams will work in the future?

I think the trend is going towards either making identical copies of renowned projects or starting a fraudulent platform and using more persuasive and articulate language to attract investors. Scammers are trying to improve their content marketing to convince people they are the real deal, even going so far as to create fake profiles on established review sites to leave positive feedback. Luckily, they still fall short of the eloquence and design standards we’ve grown used to on vetted projects. Plus, word travels fast, and crypto investors are a savvy bunch that can suss out fake websites much sooner than later.

How would you advise people to avoid being scammed by Crypto soft?

This and many other fake platforms offering mind-blowing returns on investments should definitely be pegged as suspicious from the get-go. My opinion is that nobody should go down the investment route without extensive prior research. Again, I know that fraudulent platforms have gotten smarter in faking positive reviews online and pushing them to the top of search engine results, and that definitely hinders accurate research. However, if there’s even one article flagging that something is a scam (a good example would be this Bitcoin Storm scam review), then that should be your cue to stop and rethink whether the platform is to be trusted or not.

Scams have been around since the dawn of the internet, and anything digital will always provide fertile ground for fraudulent activity. I don’t think we can fully attribute the current state of the market to that, though I do suppose that people outside of the community might be less trusting of digital assets for this reason. Scams are going to continue to exist, but the technology behind crypto security will also keep being developed. I’m optimistic that the latter will manage to stay ahead.

How do sites like ScammerWatch help the crypto community?

ScammerWatch is a centralized and reliable source of information with over 25,000 readers per month, which I believe is a real testament to its credibility. Our goal is to thoroughly vet and describe the pros and cons of every new and old crypto project to the benefit of crypto users from all over the world. Basically, if you’re not sure whether something is a scam or not, we’ve got you covered.

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