Cryptocurrency and NFT hacks exceeded $14 billion in losses last year and persist at a staggering pace. Alex Iftimie, partner and co-chair of Morrison Foerster’s global risk and crisis management practice, and Michael Burshteyn, a crypto and data security litigator at the firm, detail legal risks of the latest threats and how companies can mitigate them.
Over $14 billion in cryptocurrency was lost to cybercrimes in 2021, followed by billions more this year. These staggering losses underscore the need to understand and stay ahead of security threats and legal risks facing the crypto industry.
Types of Threats
As blockchain technologies reduce friction for decentralizing financial infrastructure and other novel use cases, they also present an attractive target for threat actors that exploit the evolving industry’s nascent security controls.
Private Key Theft. Many crypto holders store their own keys in hot (software) wallets or cold (physical hardware) wallets. Whoever holds the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...