Alternative cryptocurrencies (altcoins) emerged on the wave of the success of the first and most famous digital currency, Bitcoin. The main reason for the appearance of altcoins was the need to overcome the limitations and shortcomings of BTC. Bitcoin became the first currency, essentially a revolutionary technology, but slow transactions, high fees, and smart contract limitations did not make it the best.
The first altcoin that gained widespread recognition was Litecoin, launched in 2011. The blockchain was based on BTC technologies but with faster transactions and improved token mining algorithms. Shortly after, others appeared: Ethereum, Ripple, Solana, etc., offering many unique features. The concept of smart contracts was introduced with the advent of Ethereum, which allowed for the creation of decentralized applications (DApps) on its basis.

Reasons for Altcoin Popularity

The popularity of alternative cryptocurrencies is based on several important factors. First of all, it’s about technological innovations. Many altcoins offer improved technological solutions, such as fast and cheap transactions, increased security, and anonymity. Of course, the support of smart contracts and decentralized applications should not be forgotten. These advantages make altcoins attractive to both users and developers.

Secondly, a plus of altcoins is considered the ability to diversify cryptocurrency portfolios to reduce risks and increase potential profits. Due to their diversity and support from market makers on major markets, altcoins offer various investment options.

Thirdly, the community and developer support. Many popular altcoins have active communities and developer teams that tirelessly work on improving technologies and promoting their projects. Communities, in turn, play an important role in the popularization and development of altcoins, attracting new users and investors.

How to Add Popular Altcoins to Your Investment Portfolio?

First of all, you need to assess all risks and familiarize yourself with the market. If you don’t own any cryptocurrency, you can use exchanges to purchase initial funds. If you already have cryptocurrency, you can use online exchangers to replenish your portfolio and quickly control your investments.

A convenient and secure platform for exchanging cryptocurrencies, such as SwapGate.io [https://swapgate.io/?utm_source=abnw], will help you easily exchange crypto assets for others, more in-demand ones like ETH or XMR. You need to take just three simple steps directly on the site to exchange crypto-to-crypto on SwapGate.io.

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Create an account by providing the necessary data, which will be useful for subsequent work with the site. The registration process also ensures security and compliance with regulatory requirements.

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Select the altcoins you have in your wallet and those you want to exchange, then specify the amount. A wide choice of coins on the platform signifies a good exchanger that meets users’ need for variety.

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After confirming the exchange details, you need to wait for the transfer and check your wallet.

In 2024, altcoins continue gaining popularity thanks to innovative technologies that continuously emerge in the media. Alternative cryptocurrencies offer users and investors many advantages, making them an essential part of the cryptocurrency market. Platforms like SwapGate.io [https://swapgate.io/?utm_source=abnw] simplify the cryptocurrency exchange process, making it accessible and convenient for everyone.

Disclaimer: This release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements.

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This release was published on openPR.

On-chain sleuths have linked the latest attack on Indian cryptocurrency exchange WazirX to North Korea-based cybercriminals, the latest in a series of coordinated attempts by groups present in the East Asian nation to bleed the growing industry.

After blockchain analytics firm Elliptic’s preliminary inquiry, which tied the $230 million exploit to North Korea, on-chain detective ZachXBT suspected the involvement of the notorious Lazarus Group.

North Korean hackers have long tormented the cryptocurrency space, stealing a whopping $2 billion over the last two years, according to analytics firm Chainalysis.

Benzinga talked to experts to understand why the industry has become a soft target for these unscrupulous players.

‘A Tool To Circumvent Financial Sanctions’

Stephanie Talamantez, a former FBI agent, and currently the Managing Director at security consultancy firm Guidepost Solutions, told Benzinga that these are nothing but financially motivated crimes that exploit the relative ease of cryptocurrency transfers. 

“These hacks enable North Korea to swiftly acquire funds while circumventing imposed restrictions and sanctions,” Talamantez stated. 

She added that the FBI has been relentlessly pursuing Lazarus Group, the syndicate believed to be behind many of the high-profile cryptocurrency hacks, but faces challenges in acting against the perpetrators due to the sanctuary provided by the North Korean government.

“These hacks are state-sponsored activities, and there have been many published reports that these hackers are recruited and trained from an early age,” the former FBI officer said. “They are believed to be part of a grand internal vision for the future of strengthening North Korea’s economy.”

These assertions are not unfounded, as even the U.S. government claims that the illegal proceeds from the thefts are used to fund North Korea’s weapons and missile program.

See Also: Bitcoin, Ethereum, Dogecoin Fall As Trump’s Presidency Odds Dip On Prediction Market: Analyst Highlights ‘Long The Dip Time’

Lack Of Regulations To Blame?

Dr. Michael Skiba, an international expert on financial crime and fraud, said the cryptocurrency industry remains at the top of Lazarus Group’s list as they see it as a low-risk, high-reward endeavor. 

Skiba, who is currently the Criminal Justice Program Director at Colorado State University Global, blamed the industry’s regulatory landscape in part for its undoing. 

“The Lazarus Group employs very sharp IT people who have a high degree of expertise in cryptocurrency, as it is very unchartered ground as far as regulation, law enforcement jurisdiction, and penalties are concerned.”

The vulnerabilities of the cryptocurrency space were acknowledged by people working within the industry as well. 

Jared Grey, CEO of Sushi Labs, linked to the decentralized exchange SushiSwap, admitted that the pseudo-anonymity, decentralized nature, and high value of cryptocurrencies have made it an attractive target for North Korean groups. 

These insights set the stage for deeper discussions at the upcoming Benzinga Future of Digital Assets event on Nov. 19.

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Read Next: 

• WazirX has suffered a massive security breach, with hackers stealing cryptocurrency from the platform.
• Over $230 million in cryptos was stolen from the company’s wallets.
• The company has suspended withdrawals in rupees and cryptos.

WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency.

WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused.

“A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X.

The breach reportedly occurred in one of the exchange’s multisig wallets, which require multiple private keys to unlock and withdraw funds.

The incident was linked to a discrepancy between the data displayed on Liminal’s digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023.

WazirX has suspended all withdrawals, in both rupees and crypto on its platform.

“To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We’ll keep you posted with further updates,” the company added.

“We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added.

This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government’s introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022.

Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies.

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