As the use of cryptocurrencies gains widespread adoption, so too does the prevalence of associated risks. CMC delves into the distinctions of Hacks, Scams, Attacks & Exploits, and explores strategies for safeguarding oneself against them. 💂♀️
Denial-of-Service
Ransomware attacks involve the encryption of a system or network's files, with the decryption key only being provided upon the payment of a ransom. These attacks can target exchanges or wallets, effectively preventing users from accessing their digital assets until the ransom is satisfied. Some common types of cryptocurrency exploits include flash loan attacks, 51% attacks, and wash trading. Flash loan attacks involve malicious actors taking out cryptocurrency loans to manipulate the market, while 51% attacks occur when a single entity or group gains control of over 50% of a Proof-of-Work network's mining power, enabling them to double-spend coins and disrupt transaction confirmations.
Hacking involves breaking into a system or network, often through exploiting vulnerabilities in software or hardware. This may involve techniques like brute force attacks or phishing scams. Once access is gained, hackers can steal data or digital assets, or cause damage to the system.
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