Cryptocurrency and Crypto Attacks (and How Regulation Can Help)

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Cryptocurrency and Crypto Attacks (and How Regulation Can Help)

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We’re just two months into 2018 and $2,653,302,364+ of real money has already been spent to buy virtual money. Cryptocurrencies  whether regulated or not  have buyers all over the world, even in countries where their status lies in the limbo. Just read out the PPT you will come to know more about Cryptocurrency and Crypto Attacks – PowerPoint PPT presentation

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Date added: 14 May 2019
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Title: Cryptocurrency and Crypto Attacks (and How Regulation Can Help)


1
Cryptocurrency and Crypto Attacks (and How
Regulation Can Help)
2
Introduction
  • Were just two months into 2018 and
    2,653,302,364 of real money has already been
    spent to buy virtual money. Cryptocurrencies??whe
    ther regulated or not??have buyers all over the
    world, even in countries where their status lies
    in the limbo.
  • However, just like real money, virtual money is
    also being stolen. And just like real money
    investment scams, the virtual currency space,
    too, has its share of investment scams with
    cheats floating schemes promising lucrative
    returns and running away with all the money.

3
ICOs and the Disappearing Act
  • ICOs (or Initial Coin Offerings) is a means of
    crowdfunding that allows new ventures/startups to
    raise capital without following the regulated
    processes and compliance needed by venture
    capitalists, stock exchanges, and banks.

4
Phishing and Virtual Currency Thefts
When dealing with virtual currencies, customers
face the same risks as they face when doing net
banking. Cryptocurrency users are prone to all
kinds of cyber attacks like phishing, password
hacking, trojan software and others. IBMs
X-Force research group states how cyber criminals
have modified TrickBot, a banking trojan, to
target cryptocurrency trading platforms by
redirecting the virtual currency to their wallets
during transactions.
5
Cashing in on the Hype
When a technology is so new and disruptive as
blockchain, it creates hype. A stream of
scamsters use nothing but this hype and lure
unsuspecting victims into investing their
money. The Suppoman scam is one such scam. A
youtuber scammed hundreds of his viewers by
promising information on a secret ICO if they
bought one of his Udemys paid courses and joined
his Facebook mastermind group. To join this group
and get access to the password, the viewers were
required to pay 10.
6
The Regulatory Red Tape on Cryptocurrencies
Treating cryptocurrency companies like any other
financial institutions and forming regulations
for the same will clamp down??if not
eliminate??most of the different crypto
attacks. Regulating to avoid tax evasion and
ensure the money isnt used for sponsoring shady
activities Subjecting cryptocurrency trading
companies to stringent KYC, AML, user data
privacy and other financial norms will help
monitor the flow of fiat currency to crypto and
vice-versa. This will also impose checks on
issues like tax evasion.
7
About Signzy
Signzy helps financial institutions transform
current semi-manual processes into real-time
digital systems, using Artificial Intelligence
and Blockchain. This ensures that the new
processes are user-friendly, yet secure and
compliant. 
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Bannerghatta Rd, Bengaluru, Karnataka 560076
Mumbai office Rise 1902, 19th Floor, Peninsula
Business Park, Tower B, Lower Parel, Mumbai
400013
reachout_at_signzy.com
https//signzy.com/
8
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