In an ever-evolving crypto world, cybersecurity takes the front row seat. The Bank for International Settlements (BIS) recently sounded the alarm on the susceptibility of central bank digital currencies (CBDCs) to cyber attacks. As per Reuters, the BIS has set forth a seven-point plan aimed at guarding these digital assets against cyber risks. The underlying complexity of CBDC systems, along with an expansive attack surface and numerous potential points of failure, magnify these cyber threats. The need for central banks to be well-equipped to detect and deflect both conventional and innovative cyber attacks cannot be overstressed.
The digital realm is rife with scams, too. In a recent incident, local police in Iowa, USA, reported a scam involving a Bitcoin ATM, where a person was misled by a fraudster posing as a Polk County Sheriff’s Deputy into sending $6,600 to address a bogus warrant of arrest. Tactics of fear and pretense are employed to trick unsuspecting parties into transferring funds through Bitcoin ATMs. Once the funds have been transferred, they become almost impossible to trace, much less recover.
Furthermore, the approval management platform Revoke has rendered a solution to combat a new crypto scam that involves people revoking fraudulent approvals and subsequently paying exorbitant transaction fees. Reportedly, scammers are capitalizing on these so-called gas tokens to pilfer money when victims revoke these sham approvals.
Mockery finds its way into fraudulent activities, too, with Crypto Twitter users warning their followers about counterfeit accounts on the newly launched Threads that are impersonating them or others.
In Hong Kong, fraudsters who conned an accountant out of HK$1 million (US$127,750) in a sham cryptocurrency deal are being pursued by the police. The swindlers, believed to operate from a shop basement, duped the woman who intended to sell tether (USDT).
More recently, Terraform Labs co-founder Daniel Shin and seven other former Terraform employees had their preliminary trial hearing for an undisclosed offense.
In other news, Binance announced Arkham (ARKM) as its 32nd token sale project on its launchpad platform. Lastly, decentralized finance (DeFi) service provider 1inch Network observed a consistent growth over the year in the user bases of its Aggregation and Limit Order protocols.
It is clear that while the crypto world continues to expand and innovate, it also casts shadows of security concerns. Vigilance and active countermeasures are key to ensuring a secure digital asset environment.
Source: Cryptonews
