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Are Majority Americans Aware About The Consequences Of Cryptocurrency?

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  • Nearly seven out of ten Americans (68 %) are informed of the hazards associated with cryptocurrency. According to these findings, nearly every other American (51%) is aware of phony coin and system scams, and more than half of those polled (59%) are aware that other threats include hacking of trading platforms, systems, and cryptocurrency exchanges
  • Despite the fact that 69 % of all participants had some grasp of what cryptocurrency is and how it may be used, the survey noted that, concerningly, practically every third individual in that group of crypto-aware did not express any awareness of the hazards associated with it.
  • The bad news is that while 32% of people are aware of cryptocurrency, they don’t seem to know much about the dangers of crypto-related crime and cyberattacks, the survey stated, stressing that such a lack of awareness might become a significant concern as the use of crypto grows.

According to a recent NordVPN study, as public interest in crypto grows, individuals are becoming more aware of the hazards associated with adopting this new technology. The VPN service provider polled over 1000 people in the United States to gauge overall awareness about the dangers of crypto-related crime and cyberattacks.

Awareness Of Cryptography And Cybersecurity

According to the survey, nearly seven out of ten Americans (68 %) are informed of the hazards associated with cryptocurrency. According to these findings, nearly every other American (51%) is aware of phony coin and system scams, and more than half of those polled (59%) are aware that other threats include hacking of trading platforms, systems, and cryptocurrency exchanges. Furthermore, 57 % are aware of the risk of account takeover. At the same time, the majority of respondents (56 %) are aware of phishing dangers lurking in emails, phone calls, or texts alerting them to a change in funds.

Despite the fact that 69 % of all participants had some grasp of what cryptocurrency is and how it may be used, the survey noted that, concerningly, practically every third individual in that group of crypto-aware did not express any awareness of the hazards associated with it. The bad news is that while 32% of people are aware of cryptocurrency, they don’t seem to know much about the dangers of crypto-related crime and cyberattacks, the survey stated, stressing that such a lack of awareness might become a significant concern as the use of crypto grows.

This is only part of a bigger, more alarming trend, according to the paper, and the real problem is that many individuals in general have a poor grasp of cybersecurity. The ABC of basic protection, according to the research, includes practicing password hygiene by utilizing a password manager and 2FA, remaining vigilant to sophisticated phishing attempts, and setting up a virtual private network (VPN).

ALSO READ – BITCOIN MINING DIFFICULTY SURGED BY 45% IN 6 MONTHS

Microsoft Issues A Warning About ‘Ice Phishing’ Attacks Aimed At Blockchain Systems

Meanwhile, Microsoft has cautioned that the adoption of Web3 may result in new types of phishing attacks. Some attacks resemble standard credential phishing assaults found on Web 2, while some are unique to Web 3, according to the warning, which addressed some of the more common strategies used to mislead bitcoin users into handing over their private keys. The instructive article, on the other hand, focuses on the ‘ice phishing’ technique, which does not entail acquiring the private keys of the end user.

Cybercriminals employ this tactic to trick victims into signing a transaction that delegates approval of the user’s tokens to the attacker. In DeFi contexts, such transactions can be utilized to enable token swaps, for example. In an ‘ice phishing’ attack, the attacker simply changes the sender address to his or her own. This can be highly effective because the user interface does not disclose all essential information that can indicate that the transaction has been altered with, Microsoft explained, citing the BadgerDAO hack from last year as an example.

By acquiring access to a Cloudflare API key, Badger’s front-end infrastructure was hacked. This allowed the attacker to inject malicious content into the Badger smart contract front end, tricking users into signing transactions and giving the attacker’s account approvals. Attackers can phish many approvals in such attacks, accumulating them over time and quickly draining victims’ cash.

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