According to the specialist, exchanges do not report every robbery that they suffer. Sawhney considers that the best way to protect the funds in cryptocurrencies is through cold wallets.

One of the most sensitive issues in the cryptocurrency environment is that of security. This is especially true, given the large number of hacks and thefts of funds that have occurred in recent years, with a trend of growth in terms of losses. On average, those losses amount to about USD 2.5 million per day, according to Hartej Sawhney, a cybersecurity specialist from the firm Zokyo.

Sawhney considers that that figure is also remarkable, taking into account that money exchanges do not always report the robberies that they suffer. In recent days, he explained this situation during a panel discussion focused on security, as part of a virtual meeting.

Those figures are based on recent data from the firm CipherTrace, according to the specialist. The latest report available on the site of this firm indicates that, only in robberies and hacks, there were losses of over a million US dollars per day. With the addition of fraud and other criminal practices, that average exceeds USD 12 million.

For the computer security specialist, the cryptocurrency ecosystem, which includes exchanges, investment firms, and other companies in the area, does not take security seriously enough.

During the virtual meeting, Sawhney advised that it is always important to hire external teams to verify security. He said that potential threats within each organization are countless, adding that the main one lies in human error itself.

The biggest threat to cybersecurity is usually the human being. If someone in the company opens the wrong e-mail or makes a mistake, then the funds are at risk.

It Is Best to Opt for Cold Storage

There are various security risks that the cryptocurrency industry faces. Among the ones that Sawhney mentioned, the most prominent are the mismanagement of private wallet keys, theft of credentials, and various forms of malware.

In this regard, the cybersecurity expert stated that companies in this industry should be more careful with the security of their products. He especially highlighted the importance of seeking external teams to audit and test their systems, as a way to improve their security.

Likewise, he recommended using as few as possible hot wallets connected to the internet. In his opinion, cold wallets are pieces of hardware that safeguard private keys offline, which makes them more secure. However, he added that they are not infallible.

This position seems to coincide with that of Leo Wandersleb, the creator of the Wallet Scrutiny tool. He recently said that none of the wallets in the market is completely secure.

Wandersleb also showed concern that most wallet providers do not even bother to seek external audits. Both Sawhney and Wandersleb also agree on this point, which shows evidence of the little attention paid to security in the cryptocurrency environment.

By Alexander Salazar


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