#CryptoSecurity101 How attacks occur and how to protect yourself

As the cryptocurrency industry continues to grow, so does its focus on security. With billions of dollars traded and stored on both centralized finance (CeFi) and decentralized finance (DeFi) platforms, ensuring the protection of assets has become an absolute priority. While the sector has faced numerous challenges, the good news is that cryptocurrency platforms are constantly evolving, adopting advanced security measures to protect users and build trust. From multi-layer authentication in CeFi to smart contract audits in DeFi, the industry is actively working to anticipate potential threats. In this blog, we will explore how security in cryptocurrencies has strengthened over time, the proactive measures that platforms take to protect funds, and how users can contribute to maintaining a safe trading environment.

CeFi Tricks

Phishing attacks: fraudulent emails or websites that trick users into revealing their login credentials.

Insider threats: employees who abuse access due to financial misconduct or compromise security through negligence, resulting in financial losses.

Hot wallet breaches: attackers exploiting vulnerabilities in wallets connected to the internet.

API exploits: unauthorized access to the API leading to unauthorized transactions or fund withdrawals.

DeFi Hacks

Smart contract vulnerabilities: bugs in the code that allow for exploits, such as reentrancy attacks.

Oracle manipulation: attackers influencing prices to execute fraudulent trades.

Flash loan exploits: unsecured loans used to manipulate markets within a single transaction.

Fund withdrawal scams and exits: developers that drain