Cybercriminals are driving cryptocurrency adoption in Canada
The survey shows that 40% of Canadian crypto owners either used crypto to convert it to cash or exchanged it for other crypto assets. Only 18% of them actually used digital assets for buying goods or services. The same percentage of Canadian crypto owners are earning yield from stablecoin lending. Roughly 36% of Canadians hold less than $1,000 of crypto, which shows that this is still a nascent asset in most portfolios.
The vast majority of Canadians rely on four popular cryptocurrency platforms: Coinbase, Wealthsimple, Binance, and Crypto.com. published by Chainalysis, cryptocurrency ransom attacks surged to a whopping $1.1 billion in 2023. The firm described it as a"watershed" year for ransomware due to record-breaking earnings.
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