Rising crypto prices invite hackers, Thai Digital Asset Association warns

The Thai Digital Asset Association (TDAA) warned of an increased threat from hackers targeting cryptocurrencies, as soaring prices are attracting both investors and fraudsters to the market. The alarm comes after digital assets in Thailand suffered a staggering US$24.2 billion loss to hackers in the previous year.

Suppakrit Boonsat, a founder of Bitcast, a digital asset education firm, and the association’s director, expressed that the burgeoning prices of cryptocurrencies make them lucrative targets for cyber criminals. The cost of executing the theft remains the same, but the rewards amplify as more investors enter the market, said Suppakrit.

“Many people are accustomed to relying on service providers such as Marketti because if any damage occurs, those organisations are ready to help recover or reverse transactions.”

Suppakrit noted that this does not apply to online financial services dealing with crypto transactions, where reversing a transaction is unfeasible. He emphasised that preventive measures are the most effective and cost-efficient strategies when dealing with crypto assets.

Suppakrit also highlighted the issue of insufficient understanding of digital assets, stating that investors should understand proof of ownership to know what they need to protect. The blockchain system, where cryptocurrency is stored, is impervious to hacking. However, the hackers’ main objective is the private key, which allows them to claim ownership and control over the asset, reported Bangkok Post.

Suppakrit further pointed out that most investors misunderstand digital asset storage. They consider exchanges as storage facilities for Bitcoin and other digital assets, mainly because exchange operators possess superior skills compared to average investors. As technology continuously evolves, investors must learn, adapt, and update their knowledge to protect their assets against cyber threats, said Suppakrit.

“Later this year, Bitcast plans to launch new services such as a crypto wallet recovery service for investors, including for assets stuck in a wallet that cannot be managed manually, as well as services to help investors store their assets safely.”

Boonsat added that to achieve sustainable market growth, investors must possess knowledge, and awareness, and utilise appropriate technology.