The herald of digital assets and by extension cryptocurrency presents an innumerable opportunities for the global financial system. In fact, it has been touted by observers to be the best innovation of the 21st century. Cryptocurrency is very appealing to users as a result of its anonymity and elimination of middle men often involved with traditional payment options- fiat.
However, over a decade since the publication of the popular Bitcoin wallpaper by Satoshi Nakamoto, cryptocurrencies have failed to live up to expectations. The reason for this isn't farfetched as frauds of different magnitude have robbed investors of their hard earned funds.
Statistically, a whopping sum of $2.7b has been lost to theft between 2011 to 2019 and successfully hacking attempts on cryptocurrency exchanges, wallets, marketplaces across the global crypto ecosystem stood at a staggering number of 62. (Medici,2019)
Besides, more hacking (25) and loss of funds ($1.26) have occurred in the last two years and this year alone, $729.03 has been lost to the men of the underworld. All this shows an upward trend in hacking activities.
Source: Medici,2019
Therefore, investors apprehension is rightly justified and new investors are wary of the uncertainties and challenges poise by this malady.
It's based on this millieu, that expert with requisite experience in the cryptocurrency domain have sought to proffered solutions to this menace bedevilling the cryptocurrency ecosystem.
