"No, government policies don't appear to be as big and real of a threat to cryptocurrencies like cybercrimes and Insecurity". This was my response to a statement my colleague made when we talked about how government policies affected cryptocurrencies around the world. Cyber crimes are much bigger problems and they would forever lurk around the crypto space so long there's money involved.
Before cryptocurrencies, when criminals attacked banks and other financial establishments for money, it was probably the most difficult thing they had to do from planning their entrance to the banks, to accessing the secured vaults/ armoured bullion vans, to escaping with the money and finally to even spending the money they've stolen. Also in money laundering and crimes involving ransomes, criminals face the problems of hiding both their identities and the money they've gotten money illegitimately. These days, all you need is a laptop and an expert in hacking to succesdfully cart away with millions of dollars.
Cryptocurrencies have become the safe haven for most ciminals around the world. It's decentralised, not very traceable to individuals and can be accessed easily using various means. This has paved ways for cybercriminals and I can boldly say we're currently in a time with the most cyber attacks in history. Website hacks, Money laundering, hacks using phishing links and extortion has never been easy on the cyber space as it currently is today. This is why cryptocurrencies and blockchain projects need extraordinary forms of security to ensure they're not compromised easily and even if at all theft happens, it can be easily tracked and stopped.
However, regardless of the phishing links flowing around Hive and Leofinance, Hive and Leo appear to have the least hacks and cybercrimes I've ever seen. Thanks to the long term staking period, the very pro active community that's always alert and awesome devs in the community. These featured also make criminals look the other way because it's almost impossible to hack through Hive accounts unless a user actually clicks on a phishing link, uses an unverified third party app or gives you their unique key. Cyber crimes aren't so much here although it's still a thing but in less disturbing ways.
Statistics show that there's a successful and untraceable hack in the crypto space everyday and more criminals are looking into this direction for a more swifter and easy way to commit financial crimes. Most of the cyber crimes I stated earlier may be resolved easily with topnotch cybersecurity experts and more alertness, but some are currently unavoidable and hence makes cryptocurrencies the criminal's safe haven for a very long time.
For the meantime, we can protect our selfs from cyber attacks by using verified apps to access our funds, avoiding suspicious links no matter how appealing they may appear and most especially being very careful and alert. In my perspective, Hive and Leo are currently the best place to keep funds so long you don't lose your keys. Hopefully in the future, more cybersecurity measures would be taken to completely eliminate crimes in this space.
