The Greek philosopher Heraclitus is known for asserting that “change is the only constant in life.” In regards to cryptocurrency prices, this is the case to a great degree since the thing that is most predictable about them is that they rise and fall quite significantly. Even within a single day, the price of a given cryptocurrency can rise and fall by several percentage points.
Considering the different types of cryptocurrency available on the market, you may be wondering which one you should purchase. A clear overview of the current prices and trends comes in really handy when you are considering options of the best cryptocurrency to buy today, and whether you want to invest, trade, or manage it in some other way.
Making an informed, safe, reliable, and secure decision is advisable when it comes to both finances and digital ventures. With crypto being between these two worlds, it is of utmost importance that you don’t fall prey to the many scams, and fraud that can target these markets.
How falling crypto prices affected cybercrime
A recent article details how cryptocurrency users are becoming victims of address poisoning attacks. On the sunnier side of the street though, there has been a positive trend about cybercrime – financial scams and ransomware payouts have actually decreased in 2022. Some experts hypothetically correlate the lowered crime to declining crypto prices.
Cryptocurrencies have decreased significantly in value since the previous two years. During the same time period, the expenses associated with certain types of cybercrime have also gone down. Could there be a strong link between the two?
Crypto prices lower and cyber crime declines
In the past months, crypto prices have been on a downward trend. One of the contributing factors to this decrease in value is the strength of the US dollar. This year has demonstrated an ongoing negative correlation between the US dollar and cryptocurrency. So, in short, the recent past has witnessed the US dollar going up in value, the value of cryptocurrency decreasing and cybercrime is considered declining.
Hackers typically use dark web exchanges when they are committing cyber crimes because they don’t have to input a user identity and they can safely remain anonymous. Dark web exchanges are usually used to exchange crypto from one service to another at higher fees than the previous transaction, and not for storing the currency.
The decreasing cryptocurrency prices are making dark web exchanges less common since they in turn lowered the purchasing power of groups who had been using cryptocurrency to support illegal transactions.
Stay safe and secure steering clear of scams
Even though there has been a decrease in some types of cyber crimes due in part to the drop in crypto prices, it is still of utmost importance to be cautious of any financial or digital venture you enter. These days, there are many types of malware, phishing, cyber attacks, and scams, and it is wise to keep an eye out and remain watchful. The official website of the United States government, the United States Secret Service, speaks about combating the illicit use of digital assets.
Some red flags for crypto scams include excessive margins, loan offers, or matching funds. Offers that seem too good to be true most likely are. Luckily, there are some ways to recover funds from cryptocurrency scams, but the best way to go is to prevent them as much as possible. Some steps you can take to protect yourself are separating your bank accounts from crypto accounts, not responding to unknown users, doing thorough research before any business undertaking, and taking care not to click links that seem suspicious.
Working as a cyber security solutions architect, Alisa focuses on application and network security. Before joining us she held a cyber security researcher positions within a variety of cyber security start-ups. She also experience in different industry domains like finance, healthcare and consumer products.