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- Snapshot technology enables the platform to accurately detect the wallet balances at any particular instance
- CSIRO Data 61 researchers have developed a blockchain protocol that will withstand the attacks from quantum computers
The cryptocurrency market, which is hosted over the blockchains, is valued at $325 billion, with $50 billion traded daily. With such huge amounts being traded, they are always prone to attack and risk of a substantial data breach by the quantum computers. This is due to the reason that the prevailing cryptocurrencies are either quantum-safe or privacy-preserving.
Big exchanges with the best in class security measures are also not secured from these attacks. Altsbit, an Italian Exchange, lost digital currencies worth $70,000, Upbit in November last year reportedly lost Ethereum worth a whopping $51 million, and most recently, in an attack, lost ERC20 tokens worth $150 million. The attack was orchestrated by compromising the hot wallets to newer ones and suspending all the withdrawal transactions and deposits on the platform.
Steps Taken Over the Time to Protect From Cyber Attacks
The NOIA network, in a partnership with PARSIQ, a blockchain monitoring, and automation solution company, has created ‘Snapshot.’ This technology enables the platform to accurately detect the wallet balances at any particular instance. This helps the NOIA implement the hard fork for restoring the stolen tokens in case of an attack or theft.
Blockchain Protocol: MatRiCT
Monash Blockchain Technology Centre, along with the Australian Commonwealth Scientific and Industrial Research Organization (CSIRO) Data 61 researchers, have developed a blockchain protocol that will withstand the attacks from quantum computers. The developed protocol is called MatRiCT, which is simply a set of rules that will govern the blockchain network’s operations. The developed blockchain protocol is being said to protect the user’s privacy and safeguarding the transactions.
Israel Based Cryptocurrency Tracking Tool
As a respite to crypto users worldwide, Israel-based digital forensics firm Cellebrite recently announced the launch of its cryptocurrency and blockchain tracing tool powered by CipherTrace’s crypto intelligence tool. To help investigators identify illicit transactions using digital currencies by allowing users to scour the blockchain for transactions, evaluate risk level and flag addresses are known to be associated with illegal activities. This will also enable law enforcement and corporate users to conduct a crypto fraud investigation.
No matter how crypto-savvy you are, criminals out there in the digital space can still outsmart you. Regardless of your confidence level concerning handling digital assets, the trick is never to let your guard down. Hard-forking can be one of the many possible solutions of the future that can invalidate the stolen tokens but at present, completely abandoning the hot wallets or the crypto exchanges isn’t the solution to the problem.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
