The ever-evolving nature of crypto assets has attracted criminals to prey on the digital sector. The surge in crypto-related crimes has compelled key industrial players to share their insights on the causes of these crimes and the measures they can take to mitigate risks related to digital assets.
In an interview with the chief executive of Consensys, Joseph Lubin, lamented that a lack of adequate security measures on crypto assets could lead to substantial financial losses.
Consensys CEO Joseph Lubin Predicts Increase in Crypto Crime
The executive described crypto as the hardest thing in the history of software. Lubin noted that crypto is complex and prone to threats and vulnerabilities. Citing the development within the crypt sector, Lubin urged the developers and users to enhance the security of digital assets.
The official advised the crypto enthusiast on various approaches to improve the security of digital assets. Besides improving the security of digital assets, Lubin urged developers to create a suitable environment that encourages the responsible use of crypto and blockchain technologies.
He noted some similarities between crypto and the old banking system. Lubin lamented that one hundred years ago, criminals could spot vulnerabilities in the banking system.
Eventually, the banks strengthened their security protocol, making it hard for criminals to compromise the banking system. Lubin remains optimistic that the crypto industry will evolve to become secure like banks.
Lubin Urges Crypto Developers to Implement Adequate Security Measures
The official predicts the crypto industry will experience significant threats as it grows. Lubin expects more criminals to prey on the crypto industry before it reaches maturity.
Also he noted a repetitive pattern of detecting vulnerabilities involving conducting security audits or issuing bounties. Despite the measures embraced in combating crypto crime, Lubin expects more people to migrate from traditional financial sectors to Web3, decentralized protocols, and the internet.
The Ethereum co-founder expects more threats to be witnessed in the crypto sector over time. Lubin projects that criminals looming in the crypto industry will become well-resourced with time.
He encouraged the crypto firms to be prepared for more sophisticated threats. Revisiting a recent incident where a developer lost $40,000 worth of crypto assets a minute after accidentally disclosing his private keys on GitHub, Lubin noted that criminals are actively preying on the digital sector.
Lubin stated that bad actors were actively looking out for mistakes made by investors. Besides highlighting the crypto sector’s threats, Lubin advised the investors on ways to avoid losing their funds.
Factors Contributing to Increase in Crypto Crime
The executive urged the public to avoid taking financial advice from individuals purporting to be investment experts on social media. He warned the crypto community from sending funds or crypto assets to strangers.
During the interview with Cointelegraph Lubin, noted that criminals are using the easy way to defraud crypto investors. To avoid falling into scammers’ traps, Lubin advised investors to avoid clicking suspicious links or websites.
Crypto investors are advised to store their assets in cold storage on their self-custodial wallets to keep their funds safe. He noted that the inception of crypto resembles the web and the internet.
Lubin observed that when the internet was still a new concept, individuals in the tech and science fields showed some interest in the latest technology. Lubin fears that the crypto evolution has more threats than the internet.
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