The cryptocurrency industry promises freedom and decentralization, but cyberattacks reveal a lack of security.
Security Challenges in the Crypto Industry
In February 2025, the North Korean Lazarus Group stole $1.46 billion from Bybit, using phishing emails to gain access to employee cold wallets. Hackers redirected 499,000 ETH due to system vulnerabilities. Within 10 days, they used THORChain to convert the cryptocurrency, and other decentralized exchanges failed to spot suspicious activity.
Barriers to Crypto Adoption
Most users cite security as the main barrier to cryptocurrency adoption. Amid high fraud levels and losses, many lose their savings due to platform vulnerabilities. Moreover, developers focus more on promotion than on establishing robust security.
Hope Lies in System Improvement
Security should be a higher priority than marketing activities. Crypto leaders must focus on building resilient systems, or regulators will solve the problem by enforcing stricter rules.
True fintech innovation requires creating systems that work for ordinary users, not just theoretically prepared ones. The industry must adapt and evolve to justify the trust of its users.
