Security is a major issue in the crypto industry. Despite the vulnerabilities, the Bitcoin network itself has never been hacked in its 16-year history. It remains the most secure and resilient computer network ever built. This is a testament to the fact that P2P works. However, the problem is that there are still centralized crypto services.
Centralization is nothing short of a double-edged sword. It promises streamlined operations and liquidity, but it also creates a single point of failure that cybercriminals exploit and wipe out billions in value overnight. Moreover, centralization undermines one of the founding principles of cryptocurrency: decentralization.
The whole idea behind blockchain was to eliminate the need for a middleman. So, when you consolidate power in a central hub, you recreate the vulnerabilities that crypto was meant to overcome. It pays to look at the landscape, why most crypto services remain vulnerable, and how the crypto community can leverage secure solutions to navigate the problems.
The Current Crypto Security Landscape: 2025 Findings
Although blockchain technology stands tall and remains unbreakable, the same cannot be said for the platforms built around it. Recent attacks serve as stark reminders of these problems in the crypto space.
Security Threats Rising
In 2024, the cryptocurrency industry faced significant security challenges, with a notable increase in cyber threats. According to a report by CertiK, the ecosystem experienced losses totaling $2.36 billion across 760 security incidents, marking a 31.61 percent rise from the previous year.
Notable Incident: Bybit
One of the most significant breaches that occurred on February 21, 2025 was the Bybit hack, a Dubai-based crypto exchange, in which approximately $1.5 billion in Ethereum was stolen.
This heist is so far the largest seen in crypto history, revealing existing weaknesses in centralized exchanges and sparking concerns about industry security. It proved that hackers are always finding new ways to break through defenses.
FBI accuses North Korea of perpetuating the hack, there exists a group of hackers called the Lazarus Group. They aggressively target the crypto industry, pulling off high-value thefts like the Bybit hack. They use phishing scams, software exploits, and insider manipulation to steal funds.
Most Common Cases
According to TheCrytptoDesk, phishing emerged as the most prevalent and financially damaging attack vector, accounting for $1.05 billion in losses across 296 incidents. This represents nearly half of the total losses from security breaches in the cryptocurrency space for that year.
The theft of private keys was the second most costly threat, leading to losses of approximately $855.39 million across 65 incidents. These thefts often result from sophisticated social engineering and malware attacks targeting individuals and organizations.
The Core Challenges: Why Most Crypto Services Get Hacked
Crypto is built on secure blockchain technology, but the platforms we use, exchanges, wallets, and apps are often easy targets for hackers. Here’s a deeper dive into the underlying reasons why cryptocurrency services are prime targets for hackers:
Compromised Credentials
Despite having sophisticated infrastructures, many services falter at the human level. Weak or stolen passwords, often the result of phishing scams or poor password transferring, offer hackers a convenient entry point. Once inside, they can navigate systems with ease, siphoning off funds before any alarms are raised.
Social Engineering Attacks
Hackers don’t always need to break through firewalls; sometimes, they just need to break trust. Through meticulously crafted phishing emails or fraudulent communications, attackers trick employees into handing over access credentials or clicking on malicious links. This psychological manipulation bypasses even the most robust technical defenses, giving cybercriminals unfettered access to sensitive systems.
Poor Account Management
Inefficient oversight within organizations can be a silent killer. When test accounts remain active in live environments or when roles and permissions aren’t strictly enforced, unintentional backdoors are created. These oversights in account management give hackers an easy path to breach systems, turning routine internal processes into major security vulnerabilities.
Insufficient Hot Wallet Protection
Hot wallets provide the convenience of instant access to funds, but that same accessibility leaves them exposed. Permanently connected to the internet, these wallets are a magnet for hackers. Without robust, continuously updated security measures, hot wallets remain an Achilles’ heel—vulnerable points that can be exploited to steal assets in a flash.
How EXTRA SAFE Addresses These Challenges
EXTRA SAFE is a peer-to-peer video-conferencing platform that secures communications using asymmetric encryption, the same model used by blockchain systems like Bitcoin and Ethereum. It prioritizes privacy, allowing users to join conference calls without registration, where all communication data is destroyed upon ending the meeting.
It is made for crypto users, traders, investors, entrepreneurs, and businesses who value privacy and security.
EXTRA SAFE Browser Lite
This is the most effective security guarantee for:
Communicating with partners
Negotiating contracts and agreements
Sharing wallet addresses or transaction details
Collaborating with team members on blockchain projects
Coordinating token transfers or investments
Ensuring private messages remain private
Maintaining a secure line of communication for crypto market strategies
Discussing crypto projects with investors
Here’s how EXTRA SAFE stands out:
P2P Video calls, encrypted chat messages and screen-sharing being transferred directly between participants, without passing 3rd party servers.
On EXTRA SAFE encryption keys are created on your device, keeping you the only one with the “keys” to access this meeting.
EXTRA SAFE operates without any registration. Users share a link between them and start a private call.
After every meeting ends, all messages are destroyed. As a result, there is simply no metadata to collect or track.
Enjoy free, unlimited P2P video calls today. Start your free browser video call now. Visit extrasafe.chat.
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