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The Rising Problem of Crypto Theft, and How to Protect Yourself

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Part of the appeal of cryptocurrency is that it exists “outside” of the system.

Using complex cryptography and decentralized ledgers, a blockchain can operate independently from the world’s most powerful countries, corporations, and banking institutions.

While this detachment from authority is extremely powerful, existing almost exclusively in the digital realm does have its drawbacks.

Preventing Crypto Theft

Today’s infographic from CryptoGo shows that as cryptocurrencies rise in prominence, so does its appeal to hackers, criminals, and other bad actors.

With millions of dollars being stolen via crypto theft, investors and other dabblers in cryptocurrency must take precautions to protect their assets for the long haul.

The Rising Problem of Crypto Theft, and How to Protect Yourself

Crypto theft comes in many different forms, and at least $225 million of cryptocurrency has been stolen as of mid-2017.

There are various forms of crypto theft that have made this possible, including brute forcing, phishing, phone-porting, mining malware, and Ponzi schemes.

Strategies Used by Crypto Thieves

Here are the most prominent forms of crypto theft:

Brute Forcing
This is the form of hacking that most are familiar with. It involves automated software that simply tries different passwords until one works.

Phone-Porting
Using your phone number and a little “social engineering”, a hacker can convince a customer service rep that they are actually you. This allows them to reset your password and access your funds.

Phishing
In this case, a hacker will send you suspicious links through email or social media messages. By clicking on one of those links, malware is installed.

Ponzi Schemes
Multi-level marketing schemes that provide signing bonuses. These eventually collapse when prices change or signups stop. Once over, the thieves takes the money and run.

Mining Malware
Hackers hijack a computer’s power to mine cryptocurrency remotely.

Protecting Yourself

Crypto theft can be prevented by taking appropriate precautionary measures.

These include using encrypted backups to hold private keys and other data, using proper anti-virus software for crypto, and opting for multi-factor authentication.

Further, other general measures can also be taken to protect assets, such as holding only small amounts of cryptocurrency in hot wallets, using safety deposit boxes to store USB and private paper keys, turning off SMS authentication and email recovery options, and diversifying holdings through various exchanges.

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Ranked: The Top Startup Cities Around the World

Here are the global startup ecosystem rankings, highlighting the scale and maturity of major tech hubs worldwide.

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This bar chart shows the top startup ecosystems in the world in 2024.

The Top Startup Cities Around the World

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A richly connected network of founders, venture capital firms, and tech talent are some of the key ingredients driving a startup ecosystem.

As engines of growth, these tech clusters are evolving on a global scale. While the worldโ€™s leading startup cities are concentrated in America, several ecosystems, such as Beijing and Seoul, are growing in prominence as countries focus on technological advancement to spur innovation.

This graphic shows the best startup cities worldwide, based on data from Pitchbook.

The Global Startup Ecosystem Rankings

To determine the rankings, each city was analyzed based on the scale and maturity of their startup ecosystem over a six-year period ending in the second quarter of 2023.

Among the inputs analyzed and used to calculate the overall development score were fundraising activity, venture capital deals, and exit value:

RankCityDevelopment ScoreCapital RaisedDeal CountExit Value
1๐Ÿ‡บ๐Ÿ‡ธ San Francisco90$427.6B19,898$766.3B
2๐Ÿ‡บ๐Ÿ‡ธ New York76$179.9B13,594$171.7B
3๐Ÿ‡จ๐Ÿ‡ณ Beijing76$161.2B8,835$279.2B
4๐Ÿ‡จ๐Ÿ‡ณ Shanghai73$130.3B7,422$186.8B
5๐Ÿ‡บ๐Ÿ‡ธ Los Angeles71$144.6B9,781$181.4B
6๐Ÿ‡บ๐Ÿ‡ธ Boston70$117.0B6,044$172.8B
7๐Ÿ‡ฌ๐Ÿ‡ง London64$99.0B11,533$71.9B
8๐Ÿ‡จ๐Ÿ‡ณ Shenzhen63$46.4B5,020$66.3B
9๐Ÿ‡ฐ๐Ÿ‡ท Seoul61$31.1B6,196$71.0B
10๐Ÿ‡ฏ๐Ÿ‡ต Tokyo60$26.2B5,590$28.0B
11๐Ÿ‡จ๐Ÿ‡ณ Hangzhou59$50.7B3,361$88.7B
12๐Ÿ‡บ๐Ÿ‡ธ Washington D.C.55$43.7B2,706$28.2B
13๐Ÿ‡บ๐Ÿ‡ธ Seattle54$31.7B2,693$35.6B
14๐Ÿ‡ธ๐Ÿ‡ฌ Singapore52$45.7B4,507$38.0B
15๐Ÿ‡บ๐Ÿ‡ธ San Diego52$33.5B2,023$44.7B
16๐Ÿ‡บ๐Ÿ‡ธ Austin52$26.4B2,636$22.9B
17๐Ÿ‡จ๐Ÿ‡ณ Guangzhou52$24.7B1,700$24.0B
18๐Ÿ‡ฎ๐Ÿ‡ฑ Tel Aviv51$21.0B1,936$32.2B
19๐Ÿ‡บ๐Ÿ‡ธ Denver51$26.8B2,489$29.9B
20๐Ÿ‡ฉ๐Ÿ‡ช Berlin50$31.2B2,469$15.9B

San Francisco dominates the pack, with $427.6 billion in capital raised over the six-year period.

Despite a challenging funding environment, nearly 20,000 deals closed, highlighting its outsized role in launching tech startups. Both OpenAI and rival Anthropic are headquartered in the city, thanks to its broad pool of tech talent and venture capital firms. Overall, 11,812 startups were based in the San Francisco Bay Area in 2023, equal to about 20% of startups in America.

Falling next in line is New York City, which raised $179.9 billion over the same time period. Crypto firm Gemini and machine learning company, Hugging Face, are two examples of startups based in the city.

As the top-ranking hub outside of America, Beijing is home to TikTok’s parent company, ByteDance, which is one of the most valuable private companies in the world.

In recent years, much of the startup funding in China is being driven by government-backed funds. In particular, these funds are focusing heavily on โ€œhard techโ€ such as semiconductor-makers and electric vehicle companies that align with the governmentโ€™s strategic long-term goals.

Another leading tech hub, Singapore, has the highest venture capital funding per capita worldwide. In 2023, this was equal to an impressive $1,060 in venture funding per person. By comparison, venture funding was $345 per person in the U.S., the second-highest globally.

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