Risks Are Accelerating, Yet Traditional Security Vulnerabilities Plague Cryptocurrencies

Of utmost importance to any investor is always risk. However, as technology grows ever more complex, the nature of that risk – much less the actual mechanics of the risk – become harder and harder for the average person to grasp. 

Nowhere has this trend of risk acceleration and risk complication been more pronounced than within the cryptocurrency vertical.

In previous articles we have explored quantum cryptography and the fact that it seems inevitable it will destroy the only cryptocurrency that the regulators at the SEC see as legitimate – Bitcoin – although they may be out of their depth. You can read more about that here. In this piece, we focus on something much more fundamental to our day-to-day lives: Cryptocurrency and the distributed ecosystems where it is utilized are woefully insecure – in a traditional sense. While no network today is functionally decentralized, they are all at least distributed and generally open to anyone who wishes to participate, including malicious actors. 

Let's examine a common threat to crypto investors, the stealer. As people download sketchy apps such as odd mining packages and other oddities from websites with dubious credentials – or even more worringly, from compromised legitimate resources – millions of dollars worth of digital tokens are stolen each day. 

Hacked servers and services are also a huge and growing risk for cryptocurrency projects. For example, stolen databases and credentials from exchanges, platforms and services are still the main precursor to theft of funds. Compromised wallets, libraries and websites lead to legitimate transactions being rerouted and stolen. 

In a distributed ecosystem, where myriad applications are built by diverse groups with divergent goals and no central quality standards or level of knowledge or experience, is there a way to mitigate this risk?

At the Quantum Resistant Ledger (QRL), we believe the answer is yes. With unique post-quantum secure cryptography, and a sophisticated community security program, the QRL is the only future-proof solution for securing digital assets from the quantum threat. 

QRL’s community security program, administered by the Quantum Resistance Corporation and RedSense, monitors community projects and core network participants using the same tools used by Fortune 500 threat intelligence teams. Through netflow, mass scanning and direct collections, RedSense monitors the network elements of the QRL ecosystem to proactively discover and disrupt traditional security problems. 

This quarter alone RedSense has discovered many users with stealer style malware installed on their systems, exploitable servers and out of date services with multiple critical severity incidents such as the deployment of Cobalt Strike implants. This has all been done passively through the rapid correlation of data, and deep level Signals Intelligence (SIGINT).

That means not only is the QRL ecosystem the best solution to protect your assets from blockchain's inevitable quantum reckoning, the QRL is the only blockchain expending resources towards any semblance of real security for its users and ecosystem participants. 

The U.S. government and private corporations are well along in the process to transition to post-quantum cryptography to safeguard critical data from store-now-decrypt-later and future quantum computing attacks. 

Crypto investors should also begin the transition. 

Learn more about the QRL at https://www.theqrl.org/

Featured photo by Kanchanara on Unsplash.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.