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More Americans are buying and spending crypto-currency, resulting in an enormous spike in crypto-crime.

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Do you might have your money in crypto?  Are you able to protect that digital money? Experts say now could be a

time so as to add an additional layer of security, with the Feds reporting an enormous uptick in crypto-crime over the past 12 months.  

It has been a turbulent 12 months for crypocurrency, with prices fluctuating wildly and crypto-crime on the rise. In 2021, thieves stole about 11 billion dollars value of bitcoin and other online currencies – five times as much as in 2020. And criminals are increasingly targeting each large firms and infrastructure.  For instance, the Colonial Pipeline ransomware attack resulted in a multi-million dollar payout. “Ransomware is a big issue and last 12 months we saw some massive demands. We have seen, , an escalation of demands, and that is the extortion a part of it,” based on cybersecurity veteran Tony Anscombe, the chief cyber threat officer at digital security firm ESET.  

And individual scams are also on the rise: an estimated 34 million Americans own cryptocurrency, and its payment value is anticipated to spike about 70 percent this 12 months alone, prompting officials to induce users to observe out for scammers, ignore unsolicited emails and messages, and in case you own a *lot* of crypto, get yourself a vault – or “cold storage” because it’s called within the cyber world. “Holding it offline, in order that the important thing to that investment, in effect you are putting it in your secure at home,” based on Anscombe.   

Ultimately, cryptocurrency is not going away, and neither will crypto-crime.  Experts predict an enormous uptick in regulations as lawmakers work to bring crypto out of the shadows. And last Tuesday, the Justice Department released a recent report calling on the U.S. to share more details about crimes related to cryptocurrency.  Anscombe says that is the profit and curse of cryprocrurrency, noting “It’s anonymized to the person.  And unfortunately due to that anonymization, it is the currency of selection for cyber criminals.”
 

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