Mercury Cyber Security comes up with a new solution for losses in the crypto industry

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Introduction

Recently, Mercury Cyber Security launched a solution that is proving to be worth the money, crypto recovery services. This might be among the most revolutionary advancements that happening in the crypto universe. The company uses advanced forensic tech that strengthens the security of the digital asset space, something that is vital for the victims of crypto theft and fraud.

The crypto universe is growing bigger by the day with more people investing in various cryptocurrencies. Bitcoin and different altcoins are gaining much popularity even as their value increases with every passing year. For example, in 2018 during the initial SOL seed sale, the value of Solana was $0.04. However, the token has experienced a bullish trend over the last few years, currently trading at $136.3 as of September 3, 2024. This token in addition to other tokens like Ethereum, BNB, Dogecoin, and others, has become a major investment strategy by investors over time.

However, even as the market increases, so do the challenges, and one of them is that which Mercury Cyber Security is trying to solve.

How does Mercury Cyber Security do it?

But maybe the question in your mind is, how do these people do it? Well, Mercury Cyber Security operates using computer forensic science to help its clients recover cryptocurrencies lost through fraud and hacks. But why do we call it computer forensic science? This is because the organization uses investigative and analytical methods in order to obtain evidence that can be accepted in a court of law. They work hand-in-hand with essential suppliers of blockchain methods, including trades, research procedures and on-chain analysis.

The solution by Mercury is timely since the crypto world requires all hands on deck to deal with this cybersecurity threat cropping up. A report by Immunefi, released in the second quarter of 2024, shows that criminal activities in the crypto space have increased, with the Q2 of 2024 reporting losses totaling $564,238,811 from hacks and $8,450,050 from fraud. Despite the disheartening report, there is a ray of light, as the same report shows an increase in the recovery rate compared to last year’s Q2. The 2024’s Q2 reported a 5% recovery rate compared to 2023’s rate of 3.9% in the same period.

Malicious schemes to be aware of

Cyber security experts are warning crypto users to be aware of malicious scams in a bid to reduce the number of fraud cases happening. One of these scams is rug pull scams which involve scammers pumping up a new project, NFT or crypto coin to get funding. After the scammers get the money they want, they end the scam and disappear with it. The biggest problem with this kind of investment is that they input a coding that makes it impossible for the investor to sell the coin after buying it. The investor is then left with a valueless investment.

A good example is the Squid coin scam that involved playing to earn crypto. The price of the Squid token quickly went up from 1 cent to about $90 per token. The coin would even reach a peak of $2,861. However, on November 1, 2021, before people could realize it, the trading stopped and the token value reached almost zero. Just imagine, in a twinkling of an eye, the market capitalization had dropped from $2.2 trillion to almost Zero. The rug pull was even caught live by one Twitch streamer in real-time. The scam was able to get away with over $3.3 million from investors. Such a pain! A report by Statista showed that rug pulls made up for a third of the money lost through fraud in 2021.

Other causes of crypto losses

Fraud is not the only way that investors lose their money in crypto. According to a 2023 analysis by ReWallet, approximately 20% of all Bitcoin in circulation are likely lost. One common way that people lose their crypto is by forgetting their passwords and private keys. A New Hampshire duo claims that they have helped clients recover more than $6 million worth of lost crypto throughout their career. According to Chris and Charles Brooks through Cointelegraph, 70% of their clients are people who have lost their Bitcoin wallet password.

Another cause of crypto loss is hardware failure. Well, even though having specialized devices to store your crypto keys is one of the best ideas, you should know that these devices are not immune to failure. If the device malfunctions, gets damaged or gets misplaced, there is a very good chance that you might never recover your fortune. A classic example is back in 2013, when an IT specialist, James Howell, threw away a hard drive containing 8000 BTC when clearing out his office for clutter. This is just premium pain.

All in all, despite the crypto universe growing at a rapid pace, there are also growing challenges with the same. A company like Mercury Cyber Security is trying to combat one of these challenges, fraud and hacking, by providing crypto recovery services to investors. Also, other companies like Binance are making extra effort in order to join into the asset recovery bandwagon. For instance, in 2022, Binance recovered $5.8 million that was connected to the Ronin bridge case. This crypto recovery thing might be the biggest advancement in crypto that will ensure more people are willing to invest in it.

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