The Role of Cryptocurrency in Cybercrime


Cryptocurrency has a significant role in the increase in cybercrimes across the world. Cybercriminals are taking advantage of the rising popularity of cryptocurrency. According to various reports, it has been found that 2021 has the highest ransomware attacks. In 2020 and 2021, the hike in the price of Bitcoin has led to the growth of cybercrime and cybersecurity-related attacks.

The increase in cryptocurrency prices between October 2020 and April 2021 has significantly increased cyberattacks. As per our experts, we can say that, as crypto continues to grow, it can target potential cybercriminals. As a result, there is a huge possibility of cyber-attacks in the near future.

Nevertheless, if you want to know how cryptocurrency affects cybersecurity, then read this blog post. We have discussed the types of cybercrimes that one might face during their trading or investment process. Along with that, we have mentioned one of the best-suited crypto exchange platforms for you as well.

How can cryptocurrency affect cybersecurity?

At present, we can see that cybercrime and cryptocurrency go hand-in-hand. If you wonder ‘how?’ then let us explain. When you operate in the crypto market, you will observe that some advertisements or links often popup, these popup messages have viruses in them, and if you click on them, then it becomes the doorway for the hackers to get access to your computer or the device that you are using. And this technique is known as ‘Ransomware.’

Do you know that cybercriminals can steal your private data with ransomware attacks? Yes, it is true, when these cybercriminals get into your computer, the first thing that they do is steal your private data such as your bank details, personal details, and more. If these criminals get any of these details, then they can misuse them in various ways. As per our experts, they have noticed that around 4.4 million people have faced this issue over the years, and their computers have got infected from a ‘Ransomware’ attack.

Furthermore, cybercriminals can also hack the trading platform and steal your money. If you think, how is that possible? Then you must understand that they install a backdoor and make sure that they have continuous access to your computer or trading account. So that they can control your machine and your trading account without your knowledge. And this benefits them to use your account according to their will.

Types of Cryptocurrency Cybercrimes 

Now coming to various types of cybercrime that are common in the crypto market. For people who do invest in cryptocurrency,  we have listed down some of the most common cybersecurity risks:

  • Phishing
  • Third-party application
  • Cryptojacking
  • Hack the trading platform
  • Compromised the registration forms

The best platform for safely trading in cryptocurrency

After analyzing all these cybersecurity risks, we have listed one of the most trusted and secure crypto exchange platforms, the name of this platform is Crypto Genius. This platform is a safe and secure trading platform, and you can do your trading or investment easily without any worries. And the best part about this platform is their broker verification and privacy and compliance regulations that ensure your provided information and data are not disclosed to anyone else.

The bottom line

The best way to protect yourself from any cybercriminal is to install robust or any antivirus also, you have to make sure they are up-to-date. Hopefully, you have understood how you can get doomed in the crypto market if you do not use precaution.