According to a survey by Chainalysis, the amount of cryptocurrency stolen in hacks and scams has decreased by 65% over the past six months. Only $2.9 billion worth of bitcoin was stolen in the last six months, compared to $8.6 billion in the same period last year, according to the report, which was published on February 7, 2023.
Numerous causes, including the following, have contributed to the reduction in cryptocrime:
More people are becoming aware of the security dangers associated with cryptocurrencies as a result of increased public knowledge of the currency. This has raised demand for safe cryptocurrency exchanges and wallets.
Enhancements to exchange and wallet security: Cryptocurrency exchanges and wallets have been stepping up their security. This entails using two-factor authentication, keeping cryptocurrency offline, and keeping an eye out for irregular behavior.
Governments all across the world are beginning to regulate cryptocurrencies to a greater extent. As a result, using cryptocurrencies for illicit purposes is becoming more challenging for criminals.
Cryptocrime is declining, but it's still necessary to be on guard. Utilizing cryptocurrencies still carries some hazards; therefore, it's critical to take precautions to safeguard your investments.
Here are some pointers for using cryptocurrencies safely:
Use a hardware wallet to store your bitcoin keys. A hardware wallet is a physical gadget. Since it is not connected to the internet, this is the safest option to store your cryptocurrency assets.
Use two-factor authentication and strong passwords: Be sure to use a strong password when setting up an account with a cryptocurrency exchange or wallet. Enabling two-factor authentication, which requires you to enter a code from your phone in addition to your password, adds an additional layer of security, is also recommended.
Be cautious about the websites you visit and the links you click on since hackers frequently use phishing tactics to steal cryptocurrency. Take caution while deciding which websites to visit and which links to click. Entering your login credentials is not recommended if you are unsure of the legitimacy of a website.
Maintain software updates: Exchanges and wallets for cryptocurrencies frequently publish security updates. To safeguard yourself from vulnerabilities, keep your software updated.
These pointers can help you safeguard your cryptocurrency.
The future of cryptocurrency crime:
Cryptocrime's future is unknown. However, it is expected that as the industry develops and security measures advance, the drop in cryptocurrency crime will continue. But you must be alert and take precautions to safeguard your bitcoin investments.