A significant question can arise in anyone’s mind, “Is my money completely safe in the digital form?” Well, to answer this and clear out several of your doubts, Bryan Legend presents a few vital points. Have you ever thought about what the real motive of a hacker is? I think most of you will be able to guess it correctly. The reason is undoubted, the cash. But there is a slight difference between hacking a normal site and a blockchain-based platform. However, the purpose remains the same.
Bryan Legend is the owner of one of the top-notch financial companies, Clever DeFi. This platform is entirely based on blockchain technology. Dealing with cryptocurrencies is now very common among modern investors. However, Bryan’s company claims to provide a highly secured platform to ensure no loss of money. Furthermore, there are guaranteed chances to earn regular interests. But, with new technical advancements, the hackers are also adopting techniques. In a recent interview, Bryan Legend speaks about the possibility of hacking such a secured platform.
Facts About Hacking A Blockchain
Today’s hackers are really very smart. Now, they are trying their hands on the cryptocurrency exchanges too. Therefore, DeFi projects are also at risk. This can seriously be a matter of concern for the regular dealers and investors. Practically speaking, about 70% of modern applications have some hidden vulnerabilities. Thus, including a blockchain in an organization is equivalent to inviting more risks. So, cybercriminals get enough chances to materialize the risks and launch an attack. So, looking at the present scenario, Bryan Legend talks about implementing more controls over the blockchain.
Moreover, frequent checking and periodical audit of blockchain is mandatory to determine any vulnerabilities. This is more necessary while you are introducing a new product. A pre-implementation audit can save you from launching something with vulnerabilities.
Some Hacking Methods At A Glance
There are multiple methods of hacking a website. Some of the most popular methods are;-
- Typosquatting: Some capable attackers can register the highly-used and well-known blockchain platforms. Thus when a user enters the credentials on a false website, a typosquatter gets to know all the confidential information. It is regarded as a crime in the eyes of the law for most countries.
- Phishing: This is a widespread technique to earn easy money. In this method, hackers can send malicious emails. As you open the file or click on the malicious link, the virus enters your system. In this way, the authorized user is basically transferring various important information like bank details, credit card information, passwords, and others.
- Route Attack: The traffic passes through various intermediaries like Internet Service Providers. When you are dealing with cryptocurrencies via this network, the hacker can intercept the data by attacking the router. Moreover, the whole attack goes unnoticed by the user. Therefore, such a scam leads to the theft of millions of dollars within a few minutes.
Some other attacks, like Denial of Service, Attack 51%, etc., are also there. So, Bryan is making the users aware that such hacking is possible even in blockchains. However, CLEVER DeFi has in-built safety measures. These allow the customers to keep the money protected with the help of the private keys. So the chances of malicious occurrences are minimal.