THE DARK SIDE OF CRYPTOCURRENCIES AND WHAT CAN BE DONE ABOUT IT

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CRYPTOCURRENCIES

Cryptocurrency has ushered in a wave of innovations into the digital scenario, which is being highly acclaimed and embraced across the world. There have been innumerable instances when cryptocurrencies made significant strides by addressing the loopholes and complications that users had to face in traditional systems. This is one of the predominant reasons today behind the unabated surge in the overall popularity of cryptocurrencies. There is no denying the fact that ease-of-use & high level of impenetrable security have expedited online transactions. 

Cryptocurrency might be a blessing, but it is a curse too. 

There is no involvement of a third party in the decentralized network, which is a great leeway for all the users to exercise their freedom of carrying the desirable number of transactions. Such transactions are not monitored by any central authority, and the concept of distributed ledger helps the users to keep a proactive track of such transactions. Now, no good thing has ever come without a great cost. Yes, it is a harsh reality that needs to be embraced, just as all the benefits induced from cryptocurrencies have been embraced. Cryptocurrencies are being heavily used as a safe haven by fraudsters, cybercriminals, and scammers across the world. 

A safe haven for hackers who prowl in the digital realm to claim their next victim 

The level of illegal activities in the crypto industry continues to surge, which is a massive concern that cannot be overlooked in any circumstances whatsoever.  Previously some of the major concerns pertaining to cryptocurrencies which also included money laundering and human trafficking were highlighted. Yes, it is the elephant in the room that no one wants to talk about, yet such nefarious activities are being conducted unabated and rampant. This is the dark side of the prevalence of cryptocurrency, and the authorities are now finally waking up from their slumber to address such agonizing cases which continue to plague the digital platforms. To know more about bitcoin trading you can visit (bitcoin-prime.app)

Cyberattacks that seem to proliferate with the advancements in the technology 

The proliferation of ransomware attacks is one such exclusive example that cannot be overlooked as prominent companies succumb to such ransomware attacks quite frequently. The perpetrators of such attacks go undetected and are easily able to coerce millions of dollars in the form of ransom which is usually done in Bitcoin. The authorities and policymakers will have to give due diligence to the fact that such scammers and hackers stay proactive to claim their next victim. One small mistake costs companies millions of dollars as such hackers infiltrate the security systems of prominent activities to acquire sensitive data. 

Public data & customer information is some of the most sensitive pieces of information that should not be taken for granted. Nonetheless, the astute hackers gain access to such data, which is eventually exchanged for millions of dollars in Bitcoin. The FBI had already suggested that prominent companies not give in to the demands of hackers because once the data that they steal from the system becomes almost impossible to retrieve. There may be some minor exceptions, but data goes for good in the majority of the cases once hackers steal it. Hence, the cases of ransomware attacks must be immediately informed to the exercising authorities in the country, which will allow the authorities to act proactively. 

What should companies do in the event of any cyberattack? 

The longer you take in reporting such instances, the more convenient it becomes for hackers to disappear in the shadows of the digital realm. This is an irrefutable fact that is now being taken with utter sincerity by the leading technology firms that are susceptible to such attacks. Cryptocurrency is undeniably a great asset, but the damages that have been done due to such aerodynamic technologies are worth contemplating. The policymakers & lawmakers of various countries have finally stepped up to educate the general public about the menace that such digital assets can user in. Hence, it becomes extremely imperative for the general public to abide by the st

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