Cryptocurrencies are the rage: But how secure is your money in a crypto wallet?

From billionaire Elon Musk to Indian actor Amitabh Bachchan joining the crypto space, the hype around cryptocurrency is growing and the prices of these digital coins are seeing a spike as well. But while the crypto coins do give a high rate of returns, they are equally susceptible to cyber attacks.

Cybercriminals are now taking advantage of the ongoing craze around Bitcoin to trick potential victims and steal their digital money, reveals research by Barracuda, a provider of cloud-enabled security solutions. At least 7,000 people lost more than $80 million in crypto scams between October 2020 and March 2021 — a 1,000% increase from a year ago, according to the US Federal Trade Commission.