It is not intended to address jurisdiction-specific claims. This resource is designed to debunk common misinformation and disinformation narratives and themes that relate broadly to the security of election infrastructure and related processes. Elections are administered by state and local officials who implement numerous safeguards to protect the security of your vote pursuant to various state and federal laws and processes. More needs to be done on the regulatory side, Habermacher said, to ensure that вЂњcrypto service providers such as exchanges and custodians are properly regulated and adhere to minimum security and process standards.вЂќД¬rypto criminals stole $1.9 billion in 2020, according to a report from blockchain sleuthing firm Ciphertrace, down from $4.5 billion in 2019.Mis- and disinformation can undermine public confidence in the electoral process, as well as in our democracy. вЂњThe market is dominated by startup managers who are operationally weaker than their established counterparts in traditional asset management and, as such, they often do not have the necessary cybersecurity procedures in place to completely satisfy institutional due-diligence processes.вЂќ вЂњCrypto asset funds are like hedge funds in the 1990sвЂќ, said Habermacher. However, leakage of confidential information, intellectual property and personal data can be equally harmful and the issues in this regard can sometimes be internal.вЂќД«ut not all thatвЂ™s new is without precedent. Peter Habermacher, CEO of Aaro Capital, said the вЂњkey targets for criminals are usually bank accounts or the assets of a fund.

Investors looking to launch funds in the post-COVID era are having to hire people they have never met before conducting checks on potential new hires is harder in this current paradigm, Ralph said. With regard to crypto fund launches, the key thing in terms of threats is event-driven, there is a huge focus on insider threats, said RFAвЂ™s Ralph, and this has been exacerbated by the move to working from home following the COVID-19 outbreak. Read more: The Poly Hack and CryptoвЂ™s Trust Issues вЂњMore than $8 billion in crypto has been hacked or stolen in 2021 thus far, doubling the previous year, including examples of crypto exchanges being hacked, personal devices being compromised, or usernames and passwords being phished that were part of these growing losses,вЂќ Wilk said. вЂњSimple and secure storage solutions are urgently needed for the more than 221 million crypto users around the world who are targets for fraud and theft,вЂќ according to Jon Wilk, CEO of CompoSecure.

Gox, the worldвЂ™s largest bitcoin exchange at the time, filed for bankruptcy in March 2014 after hackers stole $460 million worth of crypto.

In an unexpected twist, the hacker responsible returned a large majority of the stolen funds after experts and businesses said they would track their activity on the blockchain. Hackers were able to exploit a vulnerability in Poly Network, a decentralized finance platform that allows different blockchains to connect to work together. In August, more than $600 million was stolen in one of the biggest crypto heists to date. Read more: Are Cryptocurrencies Secure? Yes and No вЂ“ HereвЂ™s WhyД®xploits remain common in the digital assets space, especially in the more experimental realm of decentralized finance (DeFi). Ralph says the three biggest challenges that traditional funds cited when looking at a potential move into the crypto space were вЂњregulatory uncertainty, reputational risk and lack of infrastructure.вЂ™вЂ™

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