In 2017, the amount of compromised accounts on cryptocurrency exchanges had increased by over 300+% compared to the previous year.
A Russian cybersecurity firm known as Group-IB, which consists of professionals who provide the service of investigating high-tech crimes and online fraud, recently conducted an investigation into cryptocurrency.
They sought to analyze the extent of cryptocurrency theft and to also recommend possible solutions to the problem.
Their study suggests that Americans might be the main target for cryptocurrency hackers.
In 2018, the number of compromised accounts is still on the rise,...
After the United States, it's suggested that China and Russia are also favorable targets for hackers.
By their estimations, roughly 1 in 3 victims are American.
It's estimated that more than $80 million has been stolen, from crypto exchanges through account leaks.
Weak Passwords And No 2FA
When it comes to making a strong password, tech experts have suggested trying to make one that is longer than 8 characters, or one that also includes a variety of different numbers or characters, though that can sometimes make it more difficult to remember. Previous research on this subject (password strength) however, has suggested that making your password longer, or including symbols, is going to be much more effective than using upper and lower case mixed together with numbers; as many sites recommend for users today when setting up their password.
Researchers concluded that weak passwords and the reluctance to become acquainted with two-factor authentication (2FA) has meant that too many people have been victimized.
Group-IB has a few recommendations for users who might want to improve their chances and safety and that includes using separate passwords for various exchanges and using 2FA. They also urge caution whenever a user might be trying to make exchange transactions while connected to Wi-Fi.
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