McAfee Cybersecurity Company Warns About Blockchain Crypto Risks

McAfee Company Warns About Emerging Security Risks Associated with Blockchain

Almost every crypto enthusiast knows who John McAfee is. He has been working in the cryptocurrency space during the last years, and it became an important influencer in the space. At the same time, McAfee, has created the cybersecurity company that has his name, but it has highlighted some security risks associated with blockchain and some cryptocurrencies.

It is also important to mention that there are several companies all over the world that decided to embrace blockchain technology and cryptocurrencies as a way to stay ahead of other competitors and improve services and products. There are different industries, including finance, health care, retail and automotive that are using distributed ledger technology.

In 2024, the blockchain market is expected to reach %9.6 billion dollars, but McAfee sees that there are tremendous potential for cyber security risks. And his company says that they could threaten the revolutionary technology, its rapid growth and its adopters. Moreover, some virtual currencies could also be threatened by these risks.

According to the report presented by McAfee Security, different actors have tried to take advantage of this industry and virtual currencies. The company highlights four different attack vectors: phishing, malware, implementation exploits, and technology vulnerabilities, which are heavily damaging the industry.

The report mentions as an example a scam where a criminal set up a fake virtual currency wallet service. After receiving authentication information from the service’s users he was able to drain $4 million dollars from unsuspecting customers’ accounts. And this is just one of the many cases out there.

Additionally there have been attacks that tried to steal users’ CPU power to mine cryptocurrencies like Monero or Zcash. This technique is known as Cryptojacking and has been affecting big companies like YouTube and governments.

Moreover, cryptocurrency exchanges are also an important target for cyber criminals. The truth is that an important number of exchanges have been hacked in the last months. We can mention BitGrail, Coinrail and Coincheck.

Raj Samani, Chief Scientist at McAfee, commented about that:

“Like so many other new robust technologies, blockchain can have a revolutionary impact in solving very real business problems, but only so long as security does not fall victim to urgency in the rush to adopt the technology.”

According to Mr. Sarmani, cybercriminals will try to strike at all available technical and human vulnerabilities that they will see in the blockchain ecosystem. He adds that it is important to educate users and industry leaders with strong technical security standards for the technology to spread in a healthy environment.

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