What Is Hacking?
Hacking refers to the act of compromising or manipulating computational devices or systems by identifying and exploiting vulnerabilities.
Hacking can be driven by various motives, including terrorism funding, money laundering, and sanctions evasion.
Hacking can be categorized into different types:
- White Hat Hacking: Also known as ethical hacking, white hat hacking aims to improve security by identifying and patching system vulnerabilities.
- Black Hat Hacking: Black hat hackers engage in hacking activities for illicit purposes, such as unauthorized access, data theft, or financial gain.
- Grey Hat Hacking: Grey hat hacking involves hacking systems using unconventional or unethical means, often without malicious intent but without proper authorization.
A Complex Relationship Shaping Security
Hacking plays a significant role in studying, designing, and exploiting cryptocurrencies.
Since blockchain technology enables users to bypass traditional systems and assets, hackers have targeted the crypto industry, stealing billions of dollars annually from exchanges, custodial services, and users’ hot wallets connected to the internet.
Hackers often employ malicious techniques like phishing, malware, and viruses to breach security systems or deceive users into revealing their private crypto credentials.
To learn more about the largest crypto hacks in history and their impact on affected exchanges, refer to our comprehensive list.