Concerns about blockchain cybersecurity increase as the cryptocurrency market gains traction
With no intermediary regulatory entity, the cryptocurrency market has gained traction in the financial industry, raising concerns about blockchain cybersecurity. The increasing interest and popularity of Bitcoins was prevalent as Bitcoin futures surged 13 percent at the start of the week.
However, the increased popularity of cryptocurrency comes with an increased interest in blockchain cybersecurity. Many cybersecurity specialists question whether the cryptocurrency industry meets basic security standards.
In an interview conducted by Finance Magnates, the overwhelming response was, “No, the industry does not meet security standards”. This is mainly due to a lack of formal application security verification standards and regular penetration tests on their systems. Additionally, large crypto exchanges are not taking security measures to prevent hacks and cyberattacks.
In a report by TechCrunch, an app masquerading as MyEtherWallet.com, one of the internet’s most popular services for storing ETH and other crypto coins, has made its way to the top of the iOS App Store charts. The app is not official, and users should avoid downloading it. TechCrunch also stated, “Threats aside, the app is also highly unethical/illegal. The developer is monetizing free and open-source software (FOSS).”
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