Close Menu
Soup.io
  • Home
  • News
  • Technology
  • Business
  • Entertainment
  • Science / Health
Facebook X (Twitter) Instagram
  • Contact Us
  • Write For Us
  • Guest Post
  • About Us
  • Terms of Service
  • Privacy Policy
Facebook X (Twitter) Instagram
Soup.io
Subscribe
  • Home
  • News
  • Technology
  • Business
  • Entertainment
  • Science / Health
Soup.io
Soup.io > News > Business > What are the Crypto Attacks that changed the Direction of Cryptocurrencies?
Business

What are the Crypto Attacks that changed the Direction of Cryptocurrencies?

Cristina MaciasBy Cristina MaciasDecember 8, 2022No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
What are the Crypto Attacks that changed the Direction of Cryptocurrencies?
Share
Facebook Twitter LinkedIn Pinterest Email

The lifespan of a cryptocurrency is not limited to years and decades. The range is much bigger than we can imagine. According to some studies, the very first Bitcoin differs blockchain are still in circulation and there are chances that many people using the facility today may have acquired them then. The popularity of crypto is up to a such an extent that many new members are ready to try their skills and luck and those who are already present in the competition are striving their luck as hard as they can so there could be some gains and profits. Every popular thing attracts the eyes of good people as well as bad people. By bad people, we mean the scammers and fraudsters that are constantly keeping their eyes on the gains of legit people, and with a chance, they can easily grab the bounty of these people.

Though everyone believes that this kind of fraud cannot happen to them but similar has happened in the past and the extent of losses was quite considerable. In this article, we are going to discuss some of the attacks in the history of crypto that forced the chain to change according to some genuine needs and requirements. So, let us start the journey:

Crypto attack- An introduction

The emails are received imitating that these are from some legit platform and they need your serious and confidential information for your benefit only! These types of emails and messages are mostly found to be frauds and despite awarding their associates and users, many companies have reported that they receive thousands of such complaints from their customers about falling into the trap of these attacks. The sensitive information once leaked will bring no profit to you but no scale can measure the extent of losses after that.

Popular attacks of all the time

As discussed, the number of attacks is many but some noticeable ones are consolidated here. Some have been discussed for general information:

1. The reentrancy Attack

Many developers and programmers work day and night to devise smart contracts and other digital entities. These attacks are concerned with low-level algorithms and poor skills of coders while devising a code and algorithm. As the entire structure of the software is based on its codes and programs, if that thing is weak then no one can expect its performance to the point. The first attack of reentrancy was pointed out in the year 2016. In this attack, the attacker can withdraw the economic asset more than available causing liability on the head of the legit user. This became serious with the advancement and evolution of technology.

2. The 51% attack

These types of attacks are related to the miners. We all know that it is only because of miners that transactions get approved and rejected and as a result, the miners enjoy some sort of monopoly on some particular section of the blockchain. In this attack, the miners decide which transaction to approve or to fail. Thus, it becomes a game of go, no go wherein the decisions are taken according to one’s interests and not according to the flow of funds.

3. The Flash Loan attacks

These kinds of attacks are related to the advancement of loans in the digital field. It is one of the popular attacks on the Defi platform and involves nil capital risks for the attacker. The advancement of loans without any collateral is the most important point for this attack. As far as the mean of paying back is the same as that of the issue, no one can even notice it. Thus, this is a matter of concern for the whole fund flow on the digital platform.    

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleCan ETFs Contribute to the Systemic Risk Compass?
Next Article The Future of Crypto: How to Advance the Digital Asset Strategy with Financial Services?
Cristina Macias
Cristina Macias

Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.

Related Posts

Google Dumps Samsung for TSMC: Chip Giant’s 50% Yield Crisis Sparks Market Shift

July 7, 2025

Top 10 Free Digital Marketing Tools Every Marketer Should Use in 2025

July 3, 2025

From Perks to Priorities: What Today’s Workforce Wants from Benefits Packages

July 3, 2025

Subscribe to Updates

Get the latest creative news from Soup.io

Latest Posts
This ChatGPT App Made Me $300K in 30 Days – Then I Sold It
July 7, 2025
I Made $100K Selling a Notion Template – ChatGPT Did 80% of the Work
July 7, 2025
Google Dumps Samsung for TSMC: Chip Giant’s 50% Yield Crisis Sparks Market Shift
July 7, 2025
Dungeons And Dragons Honor Among Thieves Box Office
July 7, 2025
Crunchyroll Membership Fee: Unlock Anime
July 7, 2025
Sean Connery James Bond Blu Ray: The First James Bond Icon
July 7, 2025
Contract law in Hungary: Essential legal safeguards for international business deals
July 7, 2025
UX design’s influence on your KPIs – From research to revenue
July 7, 2025
How does multilingual SEO work? A Budapest-based agency explains how to rank in multiple languages
July 7, 2025
Sherlock Gnomes Blu Ray: What You Need to Know
July 6, 2025
Tubi Revenue: Navigating Digital Media Growth with Tubi
July 6, 2025
Bloodline Detectives TV Show: Season Four Highlights Revealed
July 6, 2025
Follow Us
Follow Us
Soup.io © 2025
  • Contact Us
  • Write For Us
  • Guest Post
  • About Us
  • Terms of Service
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.