Fight against cryptocurrencies China closes data centers

As of: 06/22/2021 8:26 am

Virtual means of payment like Bitcoin are a thorn in the side of the Chinese government. That is why it is vehemently against it: Now data centers have been switched off in several parts of the country.

From Steffen Wurzel, ARD studio Shanghai

The Chinese government continues to vehemently oppose everything that has to do with Bitcoin. Banks and financial service providers were again asked not to offer any more services that have to do with crypto payment methods. One wants to preserve the stability and the security of the financial market and protect the assets and property of the population, said the state central bank of China.

China had banned trading in crypto-currency such as Bitcoin as early as 2017, as the first large country in the world. The so-called mining, however, i.e. the electronic generation of Bitcoins and Co with huge computer networks, was still tolerated by the Chinese authorities. The government has only been systematically taking action against decentralized and digital means of payment for around six weeks. Huge data centers were shut down in several parts of the country. Most recently, around two thirds of all new Bitcoins worldwide were generated with computers in China. This share will now decrease rapidly and significantly, say analysts.

Concept of bitcoin contradicts politics

Monetary and currency policy are centrally controlled in China. The central bank is directly under the communist leadership. The Chinese currency, renminbi or yuan, is not freely convertible. The decentralized and open concept of Bitcoin contradicts this policy and is therefore rejected by the Chinese government. At the same time, the government is working on its own digital currency, which, however, has almost nothing to do with Bitcoin.

The stricter action taken by the Chinese authorities against crypto-currency has helped Bitcoin to lose around half of its value in the past two months. The Bitcoin price is still a good three times as high as a year ago

The tweet that the Tesla CEO released Sunday was part of an exchange with twitter users that omitted to refer to a CoinTelegraph article accusing him of “bitcoin manipulation.” Musk said that the company kept $1.5 billion of its initial investment in bitcoin, but sold about 10% to “confirm it’s easy to pay off.” [bằng bitcoin] without distorting the market”. Elon Musk has become a prominent and influential figure in the crypto world. He tweeted in May that Tesla would no longer accept bitcoin as a means of payment for its vehicles, citing the large amount of carbon emissions in bitcoin mining. esla will continue to allow transactions in bitcoin at the car manufacturer’s stores, once it is confirmed that the “mining” energy source is clean energy. Photo: Getty. This action is believed to be the cause of the sell-off of the world’s No. 1 cryptocurrency. Musk’s comments on the sustainability of bitcoin “mining” continue to resonate in the crypto community. A commonly cited metric from the University of Cambridge pegged the annual electricity consumption of bitcoin mining at around 99 terawatt-hours. This consumption is more than that of the Philippines or Pakistan. Some of Musk’s recent tweets have also sparked a mix of excitement, confusion, apprehension, and sometimes even fear in the crypto community. Earlier this month, investors attempted to analyze a mysterious tweet from SpaceX that included a bitcoin symbol and a broken heart emoji. The information that Elon Musk transmits has had a great influence on the price of dogecoin and bitcoin. Musk is also partly blamed for the current drop in bitcoin and the broader cryptocurrency complex. The Wall Street Journal has described him as the biggest influence on bitcoin. By the end of June 13, the bitcoin price was up nearly 8%, changing hands at $38,808.09 on CoinDesk. As of now, Bitcoin is up over 28% for the year but is down about 40% from its mid-April peak at $64,829.14. The world’s No. 2 cryptocurrency, Ethereum, gained nearly 5%, changing hands at $2,521.81. Back in February, Tesla revealed that it had acquired about $1.5 billion in bitcoin in a filing with the Securities and Exchange Commission. At the time, Tesla paid about $38,000/bitcoin for each bitcoin. This is the average price at the time of Tesla’s Q4 conference on January 27. This conference did not mention any bitcoin holdings and the date of filing with the SEC. Overall, the prices of digital assets like bitcoin are outperforming traditional markets.

Accordingly, the image shared by Elon Musk shows a couple having problems in love. (Photo: Reuters) The girl said that the love affair between the two would end if the boy continued to post the lyrics of the group Linkin Park. And the guy replied, “So in the end it didn’t even matter?” – are the lyrics to the band’s famous “In The End”. With the hashtag #Bitcoin and a broken heart, along with a photo of an angry couple and the song “In the End,” it seems like Elon Musk is hinting that his love of Bitcoin is over. (Screenshots) Bitcoin immediately dropped 2.8%, to $37,800. Prior to that, Bitcoin was on a rebound from multi-month lows, to climb to nearly $40,000. The cryptocurrency market was also affected and dropped heavily after Bitcoin unexpectedly plunged. Before that, Elon Musk has repeatedly made Bitcoin and other digital currencies go up and down like a “roller coaster” with his tweets. (Image: POOL/AFP via Getty Images) Most notably, last month, he took a 180-degree turn when he decided to stop allowing customers to buy Tesla cars with Bitcoin, citing concerns that Bitcoin mining would harm the environment. “Tesla has stopped accepting car purchases with Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and trading, especially coal. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but that cannot come at a cost to the environment. (Photo: AFP) Tesla will not sell any Bitcoin and we plan to use it for transactions as soon as we transition mining to more sustainable energy,” Elon Musk said in an announcement posted on Twitter on the 13th. /5. Even so, Bitcoin supporters still argue that this drop will be a stepping stone for the currency to continue setting new records in the near future.

“This group leaves cash in specific places – behind a bush or under a bus seat – for criminals to get. They send specific location instructions. This is a whole new profession.” Financial Times quoted Dr. Tom Robinson, founder of Elliptic organization specializing in analyzing cryptocurrency transactions. The dark web site Hydra (Russian) offers a variety of methods for criminals to exchange cryptocurrency for cash, for example exchanging Bitcoins for gift certificates, debit cards or iTunes vouchers. Special software is required to access the Hydra dark web. Photo: ZDNet. Anonymous but still leaving traces According to experts, the ability to store cryptocurrency without providing an identity makes this currency especially attractive to many criminal gangs, especially hackers specializing in breaking into networks of businesses. and demand ransom. Statistics from research firm Chainalysis show that in 2020, businesses and organizations paid at least $350 million in cryptocurrency ransoms to a number of hacker groups, including DarkSide, the group that attacked the pipeline system. Colonial Pipeline earlier this month. But while anonymous, cryptocurrency transactions are recorded on an immutable blockchain system, leaving a clear trail for anyone with any knowledge of the technology. A number of investigative firms have been established to assist national authorities in tracking various criminal gangs by analyzing the flow of cryptocurrency transactions. Chainalysis (headquartered in New York, USA) is one such company. Binance cryptocurrency exchange. In 2011-2019, cryptocurrency exchanges supported the conversion to cash of about 60-80% of Bitcoin transactions by criminal groups. Photo: Binance. Chainalysis raised $100 million in its initial public offering, reaching a valuation of over $2 billion. There are also Elliptic (headquartered in London, UK) and CipherTrace, a company supported by the US government. Chainalysis said that in 2020, some illegal organizations receive about 5 billion USD and transfer 5 billion USD to other organizations. This represents almost 1% of all global crypto flows. Initially, the criminals only withdrew funds through major cryptocurrency exchanges. Elliptic estimates that between 2011 and 2019, cryptocurrency exchanges supported the conversion of about 60-80% of Bitcoin transactions by illegal organizations into cash. Take advantage of crypto ATMs Since last year, exchanges have been concerned about the tightening of regulations by many governments, so they have begun to apply anti-money laundering (AML) and customer identity verification (KYC) processes. This change pushes criminals to unlicensed exchanges. Still, expert Michael Phillips of online insurance company Resilience said that unlicensed exchanges have low liquidity, making it difficult for criminals to convert crypto to fiat. “The goal is to make it more expensive for criminals to convert money,” he explained. However, criminals still have a way around. Research by Chainalysis shows that some intermediaries are quietly assisting gangs in conducting many illegal money conversion transactions. Meanwhile, small-scale transactions still flow through more than 11,600 crypto ATMs worldwide without any control, or through gambling sites that accept crypto payments. Criminals can use crypto ATMs to get cash. Photo: EPA. Faced with that situation, crypto security companies use the technology of analyzing blockchain transactions and intelligence to determine which crypto wallets belong to criminal gangs. At the same time, they provide an overview of the global crypto crime ecosystem. As a result, companies discovered that many hacker groups lease ransomware to criminal networks. Kimberly Grauer, director of research at Chainalysis, said hackers also pay support services to other criminal groups in cryptocurrency. Thus, a criminal cryptocurrency ecosystem has been formed on a global scale. “We were able to see the ransom transactions, how the gangs split the money and how that money went to groups in the system,” Grauer said. The tricks are getting more and more sophisticated However, cybercriminals are increasingly using a variety of high-tech tools to obscure the traces of cryptocurrency transactions. Some criminals use “chain-hopping” – repeatedly switching between different cryptocurrencies – to avoid the eyes of security companies. In addition, they use a “privacy cryptocurrency” like Monero, which has a high degree of anonymity. Another tool commonly used by criminals is a “mixer,” a third-party service that mixes illegal cryptocurrencies with clean money, before pushing them back onto the market. In April, the US Department of Justice arrested a Swedish citizen of Russian origin, who specialized in operating a “mixing” service called Bitcoin Fog. During the past 10 years, this guy has transferred a total of 335 million USD in Bitcoin. Governments need to modernize confiscation and asset freezing processes to make it easier to confiscate cryptocurrencies from exchanges. Tom Kellerman, director of cybersecurity strategy at VMware V “It is possible to untangle mixed cryptocurrencies. However, that requires high technology and a lot of processing and data power,” said Katherine Kirkpatrick, director of law firm King & Spalding. According to Elliptic, the popular 2020 coin mixers are highly anonymous “personal wallets”. They supported 12% of Bitcoin wash transactions last year. Tom Kellerman, director of cybersecurity strategy at VMware and a member of the US Secret Service’s advisory board, said that governments need to modernize the process of confiscating and freezing assets for law enforcement. easily confiscate cryptocurrencies from exchanges. In the past, blockchain security experts have floated the idea of ​​sharing a “blacklist” of crypto wallets used by criminals with exchanges, analytics firms, and governments. “Now is the right time to consider that initiative.” he Kemba Walden of Microsoft’s Digital Crimes Unit.

According to the job posting posted on May 26, candidates need to have experience “working at alternative payment method providers including e-wallets, BNPL (buy first, pay later), fast payments (Fast Payments). ), cryptocurrency…” for 5 years or more. Apple is hiring for a position with experience in the areas of payments, including cryptocurrencies. Photo: Forbes. According to Apple, the hire will take on the position of business development director of Apple Wallets, Payments and Commerce (WPC). Job duties include model identification, planning, screening, negotiation, and maintaining relationships with alternative payment program partners. In addition to experience in the payments sectors, this role will work with senior partners in the company, providing “direction based on market research and Apple’s opportunities”, influencing “the strategy of the company”. business strategy and product roadmap”. While crypto experience is not required if the candidate has knowledge in other areas of payment, the inclusion of crypto on the list suggests that Apple may consider adding a cryptocurrency payment method in the future. future. Earlier in April, leaked photos showed that the Apple Pay service could support Visa cards integrated with Coinbase e-wallet, a cryptocurrency trading platform. In 2019, Apple Pay VP Jennifer Bailey said that she was “watching cryptocurrency”, calling it an area with “long-term potential”. Apple services or stores have never accepted payments in cryptocurrencies, in addition to a strict payment policy for all apps released on the App Store. According to the MacRumors , does not rule out the possibility that Apple is looking for people with experience in the payment fields to ensure its ability to compete with competitors if needed. Expensive price for Bitcoin mining Since the advent of cryptocurrencies, the amount of electricity required for mining has increased significantly. This leads experts to believe that cryptocurrency mining is not environmentally friendly.

The move comes after Chinese Vice Premier Liu He said last week in a statement that it was necessary to “suppress the behavior of Bitcoin mining and trading” to prevent “the transmission of personal risk to social spheres”. Those comments are seen as Beijing’s intention to further block Bitcoin trading and other crypto-related activities. Inner Mongolia’s latest draft proposals are aimed at telecommunications and internet companies involved in cryptocurrency mining. The Inner Mongolia Development and Reform Commission said such companies could have their business licenses revoked if they are found to be involved in Bitcoin mining. In addition, cloud computing or data centers may have their government incentives revoked. In addition, there are severe penalties for individuals involved in money laundering through cryptocurrencies. Inner Mongolia’s tough stance on crypto mining began in March after it announced plans to ban new crypto mining projects and shut down existing operations to cut consumption. energy. China’s Northern Region failed to meet Beijing’s energy use targets in 2019 and subsequently set out a plan to reduce power consumption. In the case of Bitcoin, miners purposefully use computers to solve complex mathematical puzzles that allow a Bitcoin transaction to take place efficiently. These miners are rewarded with Bitcoins. But because the computer has a large capacity, it consumes a lot of energy. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining consumes around 112.57 terrawatt-hours (TWh) per year, more than the consumption of countries like the Philippines and Chile. China accounts for about 65% of the world’s Bitcoin mining. Of that, Inner Mongolia accounts for about 8% globally due to cheap energy prices, a larger share of Bitcoin mining in the United States. China’s tough stance towards cryptocurrencies is not new. China previously shut down local cryptocurrency exchanges in 2017 and that same year also banned initial coin offerings (ICOs). But Bitcoin trading continues to operate in China even though exchanges have moved overseas. Inner Mongolia’s scrutiny of Bitcoin mining activity in particular comes as China tries to continue the move. Chinese President Xi Jinping said last year that China has set a goal of becoming carbon neutral by 2060. But according to a study published in Nature Communications in April 2021, Bitcoin mining could “undermine emissions reduction efforts” going on in the country. The energy consumption of Bitcoin mining operations came back into focus in early May after Tesla CEO Elon Musk said the electric carmaker would stop accepting the digital currency for the reason due to environmental concerns. On Monday (May 24), Musk said in a tweet that he has met Bitcoin miners in North America and that they are “committed to announcing current and planned uses of renewables.”

Ethereum has skyrocketed in recent times. (Source: CNBC) Price hits all-time high According to Coin Metrics, Ethereum (also known as Ether) reached an all-time high of $4,196.3 at 12:15 p.m. on May 10. The value of Ether is up nearly 7% in the past 24 hours and is currently at $4,141.99. The total market capitalization of this coin is $476.3 billion, almost half the market capitalization of the world’s largest digital currency – Bitcoin ($1.1 trillion). With the new milestone just set, the price of Ether has increased 5 times from the price of $ 800 at the beginning of 2021. Compared to the same period last year, the price of Ethereum has increased about 20 times in just 1 year. . Ether was founded in 2013 by Russian-Canadian programmer Vitalik Buterin and several other crypto entrepreneurs. Similar to Bitcoin, Ether operates on the Blockchain technology platform. The biggest difference between Ether and Bitcoin is the intended use and core technology. Ether was created with the goal of becoming a platform for smart contract development. Ether serves as a means of paying for the network’s operating costs. Meanwhile, Bitcoin was born with the sole purpose of becoming a means of payment and a store of value. For programmer Buterin, Bitcoin is too limited in functionality. In an interview with Business Insider , founder Ether compared Bitcoin to a pocket computer that “does one thing well,” while Ether is like a smartphone with many apps. Ethereum is not perfect yet However, according to the page CNBC , Ether is not perfect yet. In 2017, the popularity of the game CryptoKitties caused Ether’s network to become severely congested, slowing transactions and causing game developers to raise fees. Scalability is one of the biggest problems with the Ether network today. This cryptocurrency currently works using a proof-of-work protocol (a mechanism that prevents double-spending), similar to Bitcoin. This means that cryptocurrency miners with purpose-built computers must compete to solve complex mathematical puzzles to validate transactions and get the miners’ networks to “mine”. Electrons must consume huge amounts of energy. But Ether is currently “running” an ambitious upgrade called Ethereum 2.0. Specifically, the cryptocurrency moves to a proof-of-stake model and relies on investors holding Ether to process new transactions. Cryptocurrency investors say the upgrade will help the Ether network run at scale, process more transactions at faster speeds, and support applications with millions of users. This can also lead to short-term price increases. However, some experts are still skeptical and refuse to trade digital currencies like Bitcoin and Ether. The latest volatility of the world’s top two cryptocurrencies reminded them of the 2017 crypto bubble, during which Bitcoin surged to a peak of $20,000. But a year later, it “sloped” down to $3,122. Some cautious investors say that the cryptocurrency is in a bubble waiting to burst. What do experts think about Ethereum and Bitcoin? Ed Egilinsky, CEO – Head of Alternative Investments at Direxion said: “Ethereum’s blockchain technology has more uses and functionality than Bitcoin, making it a potentially lucrative game in the long run. Also, at the present time, the price difference between Bitcoin and Ethereum could make Ethereum an ‘affordable’ investment for investors.” “Ether is a blockchain platform that acts like the Apple and Android app stores,” said Pat LaVecchia, CEO of trading platform Oasis Pro Markets. Meanwhile, Bitcoin is a commodity like gold, or a store of value. Unlike Bitcoin, where many properties (such as supply) have been fixed since its inception, the Ethereum platform is still evolving with new updates that promise to improve the system. It’s even entirely possible that regulations change and cause the supply to drop, which will cause the price of Ethereum to continue to rise.” (according to CNBC, Business Insider)

What Apple is in the mobile phone industry and Amazon in online trading, that should be Coinbase in the cryptocurrency scene. At least that’s what Thomas Rappold, financial expert for the tech industry and author of numerous books on technology stocks, thinks. On Coinbase, 56 million investors buy and sell around 50 different crypto currencies – from Bitcoin to “SushiSwap”. An estimated eleven percent of the market flows through the platform. Coinbase is one of the biggest beneficiaries of the current Bitcoin boom. No wonder the crypto heavyweight’s IPO caused a stir on Wall Street today. Investors fought for stocks. The initial price was $ 381 – $ 131 above the reference price of $ 250. This corresponds to an increase of a good 52 percent.

Worth more than the New York Stock Exchange

Thus, the crypto trading platform is now worth almost $ 100 billion more on the stock exchange than any other exchange operator. For comparison: The operator of the New York Stock Exchange, the Intercontinental Exchange, currently only has a market capitalization of just under $ 66 billion. Some analysts believe that price soaring will continue on the first day of trading. They think a valuation of $ 100 billion to $ 170 billion is possible.

From the niche to the Wall Street mainstream

The first IPO of a company whose business model is based purely on trading cryptocurrencies is a satisfaction for many fans of cyber currencies. You will see the listing as a Milestone for Bitcoin & Co . on the way to the Wall Street mainstream. “As of today at the latest, Wall Street can no longer ignore cryptocurrencies,” said expert Timo Emden from the analysis company Emden Research. Coinbase is currently highly profitable. In the first quarter, the profit should have been between 730 and 800 million dollars, the platform operator recently announced. Sales even climbed to $ 1.8 billion. The number of users more than quadrupled in the first three months of this year – from 13 to 56 million.

Depending on the Bitcoin rate

The trading platform mainly earns its money through fees. The higher the price of Bitcoin & Co. rises, the higher the fee. Accordingly, business is currently booming. The price of Bitcoin has increased almost tenfold within a year – from $ 6,500 to almost $ 65,000. A new record of $ 64,899 was hit on Wednesday. But the profitability of Coinbase stands and falls with the rates and trading volume of cryptocurrencies. If a crash occurs, for example in 2018, when the Bitcoin rate fell by over 70 percent and other cyber currencies such as Ethereum even more sharply, Coinbase’s business also collapses. “We can also make money,” admits Coinbase co-founder and CEO Brian Armstrong. The business model is therefore extremely prone to fluctuations.

Coinbase CEO Brian Armstrong

Fee pressure is likely to rise

Should the competition increase further and the crypto rush evaporate, the fees of the trading platforms could also come under pressure – similar to the last one with online brokers or the operators of share trading apps. Especially smaller of the more than 200 crypto exchanges are trying to attract customers with lower fees. The PayPal group, which has now also started trading Bitcoin, could further fuel competition. Experts see regulation as a further risk. Jesse Powell, head of Coinbase competitor Kraken, recently warned on CNBC that governments would crack down on digital currencies – whereby criminals like to use cryptocurrencies. Coinbase is trying everything to avoid ending up in this dirty corner. The company sent its managers to the FBI and the Secret Service to explain to them that Coinbase was not an Eldorado for money launderers and drug dealers.

Safe from total loss?

The best Regulation in this country offers protection against a total loss of the investment , says Philipp Sandner, Head of the Blockchain Center at the Frankfurt School of Finance. In addition to three other trading platforms, Coinbase has applied for a license from BaFin. The cryptocurrency industry is also not immune to the risk of hacker attacks. In 2013, hackers stole millions on various crypto exchanges. Coinbase claims it has never been hacked. The entrepreneur secures his customers’ money by mainly keeping the key codes separate from the internet.

From Till Bücker, tagesschau.de On Wednesday, the largest US trading platform for cryptocurrencies will venture onto the trading floor. Proponents of Bitcoin and Co. see this as a further step towards broader acceptance of digital currencies as an asset class. According to the company’s own information, 114.9 million shares are to be listed under the symbol “COIN” on the New York technology exchange Nasdaq via a direct placement without the support of investment banks and pricing procedures. This makes Coinbase the first crypto company to be listed on a major American stock exchange. Experts also describe the stock market debut as a groundbreaking event for the regulation of digital currencies.

43 million users

The company from San Francisco was recently valued by investors at almost 68 billion dollars. According to the business magazine “Forbes”, Coinbase could achieve an overall valuation of more than 100 billion dollars in the transaction – making it one of the largest IPOs in recent years. In October 2018, the company was valued at just eight billion dollars in a financing round. In 2012, Coinbase boss Brian Armstrong and Fred Ersham, who is no longer operational as a director, founded the platform to enable easy and fair trading in cryptocurrencies – apparently with success. According to the company, around 43 million investors in over 100 countries use Coinbase to invest. 2.8 million at least once a month.

Brian Armstrong is the boss and founder of Coinbase. At least Coinbase is benefiting from the transactions: for 2020, the company reported revenues of around $ 1.3 billion, which was more than double the previous year. The bottom line was a profit of $ 322 million. In 2019, Coinbase had earned a minus of 30 million. The soaring is closely related to the Hype about cryptocurrencies. Bitcoin and Ether in particular have only known one direction since autumn, with minor exceptions: up. Both currencies recently reached a new record high. At the end of September, a Bitcoin had cost $ 10,000. Today, investors have to pay more than $ 60,000 for the oldest and largest cyber currency.

How does trading on crypto exchanges work?

Anyone who wants to trade cryptocurrencies – for example, shares in Bitcoin – has several options. Usually there is different from the stock market no middleman like a bank or broker. Investors can therefore buy and sell mainly via crypto exchanges. In addition to Coinbase, this also includes, for example, the Stuttgart Stock Exchange with its BISON app and the BSDEX (Stuttgart Stock Exchange Digital Exchange) as well as FTX, Binance, Bitstamp, Bitso or Kraken, which are also planning an IPO in the coming year. Investors set up an account at the crypto exchanges and can trade with relatively low transaction costs, store their coins and exchange them for traditional currencies. With traditional exchanges, on the other hand, brokers are always interposed to process the transactions. What is an advantage in terms of transparency is, on the other hand, also a risk. “It can happen that stock exchanges are exposed to hacker attacks and the money disappears,” said Leon Berghoff from the crypto trading company Sixtant. According to a report by the server service provider “Atlas VPN”, there were more than 120 hacker attacks on cryptocurrencies in 2020 alone. A lack of government regulation could also become a problem.

Investors should look carefully

“There are now over 200 crypto exchanges worldwide. Some of them are well done, but others are not”, says Philipp Sandner, head of the Blockchain Center at the Frankfurt School of Finance & Management, in an interview tagesschau.de. Regulation in this country offers the best protection against a total loss of the investment. For example, Coinbase, the Stuttgart Stock Exchange, bitcoin.de or the Berlin crypto bank Bitwala have applied for approval from the Federal Financial Supervisory Authority (BaFin).

Expert Sandner advises paying attention to licenses. “These four companies should get the licenses pretty sure. With all the others, investors should stay away from it if they are not entirely sure,” said Sandner. Many foreign exchanges have not applied for a BaFin license and deliberately circumvented regulation due to high costs.

Security through a good reputation

In addition, a certain reputation is also helpful. “Once a company has built up a good reputation like the Stuttgart Stock Exchange, it will do everything possible not to damage it,” says Sandner. That is an additional protective mechanism. The reputation also contributes to success at Coinbase. The group has always complied with the rules and is therefore even allowed to advertise. In addition, hackers have never got through. “You can compare it a little with airlines. As soon as an airplane had problems, the whole country suddenly no longer wants to fly with it – and vice versa,” said the crypto expert. Investors should first be careful with unknown and non-established crypto exchanges. The IT measures on many platforms have meanwhile become more professional. In general, however, cybercrime can never be ruled out.