According to a study from Web3 platform De.Fi, Crypto hackers stole $390 million in cryptocurrency in July. Some people are turning to cold storage wallets, offline devices made to secure cryptocurrency assets, for more protection due to the crypto crime shaking the sector.
Crypto Hackers
According to Mark Venables, proprietor of The Crypto Merchant, “When the markets are in a bull run, more investors invest, and more traders trade, creating a greater demand for security and, as a result, a greater demand for cold wallets to protect their assets from digital theft.”
Venables claims that prominent hacks in the market for digital assets have prompted many people to look for this remedy. “You may get infinite digital assets for as low as $30. The key is education.
That does not imply that all investors know cold storage wallets, though. According to Venables, “I come across investors weekly with an eye-watering amount in crypto, but they are not aware of these devices.”
Although there is a crypto crime, blockchain analytics company Chainalysis reported last month that there had been a 65% reduction in crypto crime and a 42% decline in inflows to high-risk exchanges and mixers (frequently used for crypto money laundering).
While scams continue to be the most lucrative type of cryptocurrency-based crime in 2023, overall scam revenue has decreased compared to last year, according to Chainalysis. Source
