In the crypto market, the strength and resilience of cybersecurity measures remain under constant scrutiny.
Cyber-attacks are scaling up in frequency and sophistication, so cybersecurity experts spotlight the aged crypto infrastructure. This is seemingly becoming the Achilles heel in safeguarding cryptos and information.
Crypto Hacks: It’s All About Cybersecurity
Amer Vohora, the CEO of SwissFortress, shed light on the phrase “antiquated infrastructure” in a recent discourse with BeInCrypto. Vohora elaborated on the monumental challenge the existing cryptocurrency frameworks face. Essentially, it is a persisting reliance on outdated systems.
Despite the quantum leap in technological advancements, the core of cyber defenses, in his view, remains stuck in yesteryears, quite literally dating back to the Satoshi whitepaper from 2008.
The blatant reality is seen in custodial systems for cryptos, where breaches, often stemming from password and phone hacks, have become commonplace.
“We are still using the receiving address from the Satoshi whitepaper from 2008, and everyone is forced to use that. This is a hindrance to mass adoption due to the complexity… That same infrastructure has allowed backend theft, misappropriations, Mt.Gox, or FTX-type incidents,” Vohora said.
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Author: Bary Rahma
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