news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

No Result
View All Result
news4global
No Result
View All Result
Home Blockchain

UK IT executive warns Cayman about security issues in crypto

June 2, 2022
Reading Time: 6 mins read
0
UK IT executive warns Cayman about security issues in crypto
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

The EU introduces new crypto rules to protect against fraud and climate impact

The EU introduces new crypto rules to protect against fraud and climate impact

July 1, 2022
Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

June 30, 2022

According to the FBI’s annual Internet Crime Complaint Centre Report, cybercrime put a $6.9 billion hole in the US economy last year, and with widespread hacking events hitting some high profile crypto projects in recent months, the issue of cyber security has consistently been in the headliines– and Cayman is not immune.

In August last year, the Securities and Exchange Commission (SEC ) in the United States issued its first charges against the operators of Cayman Islands-based Blockchain Credit Partners for unregistered sales of more than $30 million in securities. The SEC found that two executives from the Blockchain Credit Partners company used the Ethereum blockchain to sell cryptocurrencies to investors while misleading them about the company’s profitability.

Ian Thornton-Trump, Chief information security officer at Cyjax UK Ltd, has been watching developments such as these for years. With over 25-years’ experience in IT security and information technology, having previously served in the Canadian Forces Military Intelligence Branch, Military Police and Royal Canadian Mounted Police.

Ahead of the 5th annual Cayman Islands Digital Economy Conference (CYDEC) in Grand Cayman, where Mr. Thornton-Trump is among the speakers, he discusses some of the key issues dominating the cyber security space from the perspective of the crypto currency industry.

Loop Cayman: How would you characterise the environment for cyber crime in 2022?

Ian Thornton-Trump: What we are seeing today in cyber, is a situation where traditional bank fraud has been weaponised by cyber criminals, combined with a healthy dose of investment complexity with the financial instruments involved, due to a lack of understanding by some investors. For legitimate crypto currency firms in this environment the biggest issue is their reputation and the volatility in the crypto industry. If a cyber attack is directed at a bank in the UK, for example, then it will not have a negative impact on the value of the pound, but if a cyber attack takes place against a crypto exchange then the impact on the value of its digital tokens will be dramatic. With the vast institutional flows of funds in this area and the sudden destabilisation of some stablecoins we have seen recently, all with the absence of effective regulation, when you mix it all together, you have what I would describe as the richest target environment ever for insiders or malicious actors to exploit.

What I see now is a hyper-awareness problem for crypto investors and essentially a galaxy sized attack area. You can go back to asking to the old question of why do people rob banks? Well of course it’s because that’s where the money was, but it’s not there anymore. It’s all online – and now we see these ransomware attacks, including state sponsored attacks from places like Iran and North Korea targeting holders of cryptocurrency and the exchanges – in fact the entire industry eco-system.

Loop Cayman: How big is the issue of cyber crime?

Ian Thornton-Trump: The scale of the problem is staggering when you consider that in 2020, the amount defrauded in the crypto space was over $12 billion and in spite of best efforts, some 98 per cent of cases are going unsolved. It’s such a large number and if you think about it, if there had been a $12 billion bank robbery, then you would expect the FBI to break down every door to get it back, but it really is a new frontier.

Cyber criminals don’t do surveys, so to some extent it’s hard to get inside the exact scale of the loss. What we do know, however, is Bitcoin is the currency of choice for large-scale industrial ransomware gangs. Bitcoin has a reputation problem but, you would have to say the US dollar would be the number one choice for drug dealers, so there is a vast amount of criminal use of US dollar, but with crypto there is the reputational issue and it’s very much ‘buyer beware.’

Loop Cayman: How sophisticated are some of these cyber attacks?

Ian Thornton-Trump: Really, we are seeing both sophisticated and simple attacks and it really does highlight the lack of investor understanding. We’ve all heard about these ‘get rich quick’ schemes and just as some people have made a lot of money from crypto, a lot of people have lost an awfully large amount. Again the level of understanding of the crypto sector is easily exploited when you consider, according to research by Cardify, that regardless of investor experience in the sector, most still have moderate to low levels of cryptocurrency knowledge, which makes them vulnerable to social engineering attacks

Cybercriminals are exploiting weaknesses at the intersection of finance and digitisation. The Wormhole attack, earlier this year, was one of most sophisticated attacks we have seen recently. That saw $326 million stolen from the DeFi platform, after an attacker found a bug in the code where the site was not correctly validating input accounts, allowing the attacker to spoof guardian signatures. We have seen several cases where a weakness in the code has been exploited by different types of highly sophisticated actors.

At the other end of the scale there are these simple ‘double your bitcoin’ scams, where you have people hacking Twitter accounts and impersonating them, promising that if you send them an amount of bitcoin, they will send you back double. Again it’s so indicative of investors being unaware of the risks and when you have exchanges and creators not adopting best practice, you really do have what I call a perfect storm of fraud..

Loop Cayman: What is important to change from a cybersecurity perspective – and can the industry keep up with how quickly this space is evolving?

Ian Thornton-Trump: One important point to consider is the anonymity in crypto and the fact that there are no real rules about KYC, but it’s something the EU is now talking about and I think we are going to see transformative change. Earlier this year, the Committee of Economic and Monetary Affairs (ECON) and the Committee of Civil Liberties (LIBE) voted to bring forward proposed legislation to remove privacy aspects from crypto transactions. This would mean extending AML requirements that apply to traditional payments of more than EUR1000 to even the smallest crypto payments, requiring the identification of payers and receivers. It’ s important because as things stand, even the correctly intended KYC and AML practices have done little to prevent billions washing through the traditional financial system.

In terms of keeping up with the cyber criminals, it does feel like this giant hosepipe, similar to the post 9/11 fight against terrorism. We really are on a war footing in financial services and the industry is not incentivised to spend the effort educating law enforcement, which is really focused on traditional criminals. Furthermore, the charges being brought by the SEC in this area, for example, are only the tip of the iceberg. What needs to change is that AML teams and cyber teams need to work together and adopt the FEMA model, which I mean requires plans for every kind of threat and be able to scale a response to a security incident – physical or cyber.

CYDEC 2022 – Remodelling the Future

This year’s Cayman Islands Digital Economy Conference ‘Remodelling the Future’, will take place on June 21 at The Westin, Grand Cayman. Ian Thornton-Trump will present a session on “NFTs Just a fad? Or here to stay? A discussion on the future of NFTs and what they mean for the Cayman Islands”. For further information about CYDEC 2022, and to register, visit www.cydec.ky

Share76Tweet47

Related Posts

The EU introduces new crypto rules to protect against fraud and climate impact

The EU introduces new crypto rules to protect against fraud and climate impact

by admin
July 1, 2022
0

Europe and its member states have provisionally agreed on new crypto regulations that aim to protect consumers and service providers,...

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

by admin
June 30, 2022
0

Cory Klippsten is a big fan of Bitcoin. But his affinity for cryptocurrencies ends there. Klippsten, head of a company...

Ebay Nft Trademark Application USPTO Services Twitter Tweet

Ebay Nft Trademark Application USPTO Services Twitter Tweet

by admin
June 30, 2022
0

NFTs, or non-fungible tokens, are increasingly gaining popularity among investors and companies alike. Several leading brands have already forayed into...

FTX’s Bankman-Fried Hints Some Crypto Exchanges ‘Secretly Insolvent’ | News

by admin
June 29, 2022
0

FTX Founder and CEO, Sam Bankman-Fried, revealed in a recent interview with Forbes that some cryptocurrency exchanges are "secretly insolvent"...

ASCI Crypto Guidelines Trespassed by Social Influencers – Investing.com India

by admin
June 29, 2022
0

ASCI Crypto Guidelines Trespassed by Social Influencers  Investing.com India

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

March 4, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Fact-Checking 8 Claims About Crypto’s Climate Impact

Fact-Checking 8 Claims About Crypto’s Climate Impact

July 1, 2022
How cryptocurrency could have saved the Roman Empire

How cryptocurrency could have saved the Roman Empire

July 1, 2022
The new TC Pod, Chain Reaction, Found, Equity and The TechCrunch Live Podcast – TechCrunch

Crypto cults, 2022 term sheets, and how to win Startup Battlefield – TechCrunch

July 1, 2022
The EU introduces new crypto rules to protect against fraud and climate impact

The EU introduces new crypto rules to protect against fraud and climate impact

July 1, 2022

Latest News

Fact-Checking 8 Claims About Crypto’s Climate Impact

Fact-Checking 8 Claims About Crypto’s Climate Impact

July 1, 2022
How cryptocurrency could have saved the Roman Empire

How cryptocurrency could have saved the Roman Empire

July 1, 2022

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global