Warning: Recent Crypto Price Surge Could Attract Hackers, Says Thai Digital Asset Association
The Thailand Digital Asset Association has issued a warning to Thai users about the potential risks of the recent cryptocurrency price surge. The association, which consists of a network of blockchain enthusiasts, aims to educate citizens about the dark side of the crypto-asset bubble.
According to Suppakrit Boonsat, founder of Bitcast and director of the association, even though the price of cryptocurrencies has been increasing, the cost of carrying out a theft remains unchanged, making it an attractive target for fraudsters.
The cautionary statement comes after Thailand experienced losses of 867 billion baht ($24.2 billion) due to crypto hacks last year. The association members believe that the challenges associated with storing cryptocurrencies have hindered Thailand’s crypto development.
Boonsat emphasized the importance of preventing damage from occurring rather than trying to recover stolen assets. He also stressed the need for investors to understand proof of ownership in order to protect their investments.
Another issue highlighted by the association is the lack of understanding when it comes to digital asset storage. Customers do not need to rely on exchanges for storing their digital assets and should instead have knowledge, awareness, and access to appropriate technology to ensure the security and sustainability of their investments.
Thai’s Massive Crypto Scams
In September 2023, Thai authorities arrested five suspects in connection with a cryptocurrency scam that defrauded local investors out of over $76 million. This incident highlighted the ongoing problem of investment schemes in Thailand and prompted regulatory action.
The scammers involved in these schemes are becoming increasingly sophisticated and have even used deceptive government-owned website URLs to gain access to users’ crypto wallets.
Educating Users on Crypto Security
Given the risks associated with the crypto industry, it is crucial for users to be educated about security measures to protect their assets. The Thai Digital Asset Association has identified several key areas of focus:
1. Awareness of Potential Threats
- The recent surge in crypto prices may attract hackers looking to exploit vulnerabilities.
- Users should be cautious and vigilant when engaging in cryptocurrency transactions.
2. Understanding Proof of Ownership
- Investors must have a clear understanding of how proof of ownership works in the crypto world.
- This knowledge will help them identify and protect their assets effectively.
3. Proper Storage of Digital Assets
- Users should not solely rely on exchanges for storing their digital assets.
- They should explore alternative storage options and employ appropriate technology to ensure the security of their investments.
The Importance of Prevention
According to Suppakrit Boonsat, preventing damage is the most cost-effective approach to protecting one’s assets. Once an asset is stolen, recovery becomes nearly impossible. Therefore, it is crucial to take proactive measures to prevent theft and hacks from occurring in the first place.
A Safer Future for Crypto Investors
The Thai Digital Asset Association believes that with better understanding and education, investors can make informed decisions and safeguard their assets from hacking attempts. By promoting awareness and providing access to relevant knowledge, the association aims to create a safer environment for crypto investors in Thailand.
Hot Take: Stay Informed and Stay Safe in the Crypto World!
Cryptocurrency offers exciting opportunities for investors, but it also comes with risks. To protect yourself and your assets in the crypto world, keep the following in mind:
1. Stay Updated on Security Measures
Stay informed about the latest security measures and best practices to keep your crypto assets safe. Regularly educate yourself on new threats and how to mitigate them.
2. Be Skeptical of Unusual Promises
Be cautious of investment schemes that promise unrealistic returns or use deceptive tactics to lure investors. If something seems too good to be true, it probably is.
3. Take Control of Your Digital Assets
Don’t rely solely on exchanges for storing your digital assets. Explore alternative storage options and make sure you have a clear understanding of how to secure your assets.
By staying informed and taking proactive measures, you can navigate the crypto world more safely and confidently!
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