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Hotline To Prevent Cryptocurrency Hacking Establsihed

Cryptocurrency was once considered the safest asset, but the growing value of this digital currency over the past few years has also attracted hackers active in the cyberworld.

According to blockchain research firm China Analytics, hackers have stolen more than 2 2 billion worth of cryptocurrencies this year alone.

To protect digital assets, China Analytics has set up an ‘anti-cryptocurrency’ hotline. The phone line, which is open 24 hours a day, seven days a week, can report complaints of theft, code change or any ransomware attack.

Also Read: Russia Involved In 58% of Hacking Attacks: Report

The hotline, called CryptoVentureDentResponse, aims to reduce the risk of crypto hacking.

To address complaints on this hotline, a team of researchers specializing in blockchain technology and cryptocurrencies has been deployed, which will immediately look for stolen or hacked cryptocurrencies and determine the motive for the attack.

China Analysts say the main reason for people withdrawing money from the crypto market is increasing hacking. That has put the digital finance sector at risk.

Also Read: Cryptocurrency Fall: Investors Are Withdrawing Money

The research firm says: “The severity of cyber attacks and the reduction in the number of cycles have shaken the confidence of the cryptocurrency. There are no assets that can be stolen anonymously. ‘

China Analysts Manager Investigator Gash Jarnolati Kenyan will head the department, but it is not yet clear in which regions of the world the hotline service will be introduced in the first phase.

Recently, hackers stole 97% of digital assets worth 1 1.7 billion from the Decentralized Finance (DeFi) protocol.

Also Read: 5 Ways To Avoid Cyber Attack And Internet Fraud

Wormhole attacks in February of this year, 20 320 million, while in March, hackers stole cryptocurrency worth 600 600 million from cryptocurrency Ronan.

In March alone, hackers stole 6 600,000 worth of cryptocurrency from the blockchain protocol LiFi. According to security experts, the stolen currency included polygon, tether, USD coin and DAI coin.

In the attack, the hackers targeted about 29 cryptocurrencies of Le Finance and made smart contracts with the help of swiping feature and wiped out all the digital currency in these cryptocurrencies. Hackers later converted all stolen cryptocurrencies into 208 ethertokens.

Also Read: Linkedin Data Leaking Of Above 500 Million Users: Facts

Experts say hackers have used the swipe aggregator of the Li-per-Block China protocol, which allows users to use the cryptocurrency they have to convert it into other cryptocurrency assets.

The hacking operation on the platform took place on March 20, after which all swap procedures in the protocol were temporarily suspended.

A post on the company’s Twitter account states that 25 of the 29 hacked vaults have been repaired.

Also Read: Android Security Issue Discovered By Cybersecurity Experts

Following the widespread hacking of digital assets, the US Federal Bureau of Investigation (FBI) has set up a special unit for crime and exported digital currency in the field of cryptocurrency and digital assets.

The US Department of Justice has set up a new National Cryptocurrency Enforcement Team at the FBI to prevent computer-assisted crime.

The new FBI unit, called Virtual Asset Exploitation, will analyze blockchain technology in the context of cryptocurrency, take care of confiscated virtual assets and prevent crimes in this category.

Also Read: Meta Is Working On Virtual Currency Called Zuckbox

The decision to set up the new department was made by the US government following the department’s largest financial seizure this month.

The FBI arrested two people in February and seized ب 4.5 billion worth of bitcoins from their possession. They were hacked in 2016 by hacking into the digital currency exchange Bit Phoenix.

The new FBI unit is headed by Yoon Young-chui, who has been instrumental in prosecuting the government as a public prosecutor in the case of Russian hackers stealing the information of more than 80 million users of JPMorgan and Chase Company.

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