What is the use of blackcoin? (Risks of blackcoin transactions)
What is the use of blackcoin? According to Cointelegraph, many companies have r
What is the use of blackcoin? According to Cointelegraph, many companies have recognized the benefits of using anonymous digital assets like Bitcoin as more and more investors have started to understand the use of cryptocurrencies and blockchain technology and the need for security. Therefore, in conducting blackcoin transactions, caution is also needed because these exchanges often provide platforms for dark web markets or decentralized exchanges.
Risks of Blackcoin Transactions
Editor’s note: This article is from Odaily and has been authorized for reprinting.
According to PeckShield’s situational awareness platform, there have been multiple incidents of blackcoin transactions involving risks such as token theft and money laundering, with the total value of digital currencies involved exceeding $1 billion. One situation involves hackers using the anonymous technology provided by exchanges to make large exchanges (including spot, leveraged, and contract) without complete verification. Blackcoin transactions pose a threat to user asset security, and the cryptocurrency market has seen an increasing number of blackcoin trading activities.
PeckShield’s security researchers found that “attackers carry out targeted fraud by whitelisting a specific address in the exchange account.” This scam mainly targets various types of “mining” projects on Ethereum, such as YFI, YFII, and SUSHI in the DeFi space, which are typically supported by funding pools provided by exchanges. “If an account holds a large number of tokens and its private key or control is held in such an address, similar fraudulent activities may occur, so once blackcoin appears, it is likely to become the main target of hackers.” PeckShield’s security personnel believe that “unlike centralized exchanges, as they use anonymous methods and most of them are not owned by publicly-trusted third-party custodians, blackcoin can bypass traditional centralized exchanges. We recommend that anyone participating in such financial services should exercise caution. For those who can avoid this risk, the most important thing is to stay away from this high-risk investment.” The loss of user assets in black market transactions has increased with the continuous development and maturity of the blockchain industry and the rising price of Bitcoin. Many investors have started to pay attention to the potential opportunities in the altcoin market. However, the recent price performance of some altcoins has not been ideal, such as Tether, whose issuer USDCoin recently fell below the support level of 1 USDC for stablecoin USDC.
But in fact, since the second half of 2020, news about the significant increase in black market trading volume in the market has gradually emerged, especially on June 18 this year, Huobi announced the launch of the decentralized exchange Uniswap based on the ERC20 protocol, which is the first specialized solution to address cross-chain DEX interoperability issues; in addition, Huobi has also launched a new feature called Binance Smart Chain (BSC), aiming to make it easier for traders to conduct feeless transactions, reducing the expensive experience for ordinary players. (Image source from the internet)
So, what exactly has caused the sudden surge in black market trading volume? How can black market blackcoin transactions be prevented? Below, we will provide a detailed interpretation of the relevant information from multiple angles. 1. Whether the exchange’s hot and cold wallet addresses will be monitored according to official announcements.
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