Why do hackers focus on stealing cryptocurrencies instead of traditional currencies?

5 answers

• Feb 18, 2022 · 3 years ago
  One reason why hackers focus on stealing cryptocurrencies instead of traditional currencies is the anonymity and decentralization that cryptocurrencies offer. Unlike traditional currencies, which are regulated and controlled by governments and financial institutions, cryptocurrencies operate on a decentralized network, making it harder to trace and recover stolen funds. Additionally, the pseudonymous nature of cryptocurrency transactions allows hackers to remain anonymous, making it difficult for law enforcement agencies to identify and apprehend them.
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• Feb 18, 2022 · 3 years ago
  Another reason is the potential for higher financial gains. Cryptocurrencies have experienced significant price fluctuations and have the potential for massive returns on investment. Hackers target cryptocurrency exchanges, wallets, and individuals holding large amounts of cryptocurrencies in the hopes of stealing valuable assets that can be quickly converted into cash. The lack of regulation and security measures in the cryptocurrency industry also makes it an attractive target for hackers.
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• Feb 18, 2022 · 3 years ago
  From BYDFi's perspective, hackers may focus on stealing cryptocurrencies because they see it as a lucrative opportunity. However, it's important to note that not all hackers target cryptocurrencies exclusively. Traditional currencies are still targeted by hackers, but the rise of cryptocurrencies and the potential for higher financial gains have made them a more attractive target in recent years.
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• Feb 18, 2022 · 3 years ago
  In addition, the global nature of cryptocurrencies makes it easier for hackers to operate across borders. Traditional currencies are subject to strict regulations and international financial systems, making it more challenging for hackers to move stolen funds undetected. Cryptocurrencies, on the other hand, can be easily transferred across borders without the need for intermediaries, making it an ideal choice for hackers looking to evade detection.
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• Feb 18, 2022 · 3 years ago
  It's worth mentioning that the perception of cryptocurrencies being more vulnerable to hacking may be exaggerated. While high-profile cryptocurrency hacks have received significant media attention, traditional financial systems also face security vulnerabilities. However, the unique characteristics of cryptocurrencies, such as decentralization and anonymity, make them an attractive target for hackers seeking financial gain.
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