Hackers have stolen nearly $2 billion of crypto this year and the crime trend isn’t likely to stop, according to Chainalysis. Here’s how to protect your funds.
It's also crucial to do your own research before investing in anything in order to avoid potential scams.
There are"fake opportunities and Ponzi [schemes] shining with their neon lights all over the place," Krupyshev warns."No secure wallet can save a young investor from them." Additionally, law enforcement must continue to develop its ability to seize stolen cryptocurrency so that hacks are no longer attractive to cybercriminals, Chainalysis reports.
Although many investors are drawn to the unregulated nature of cryptocurrency, the lack of a central regulating authority means investors typically don't have the same protections offered by traditional financial institutions like banks. And remember, crypto assets can be highly volatile and subject to wild price valuations. There's no guarantee of making a return on your investment, which is why experts recommend only investing as much as you're prepared to potentially lose.
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