#CryptoAwareness
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The Top 5 Ways to Stay Safe When Investing in Cryptocurrency
Cryptocurrency has become a popular investment choice for many individuals due to its potential for high returns. However, investing in cryptocurrency is not without risks. It is essential to take precautions to ensure that your investments are safe and secure. In this blog post, we will discuss the top 5 ways to stay safe when investing in cryptocurrency.
1. Do Your Research
Before investing in any cryptocurrency, it is crucial to do your research. Learn about the cryptocurrency you are interested in, its history, and its potential for growth. Read reviews and feedback from other investors to get a better understanding of the cryptocurrency's reliability and security. It is also essential to research the platform or exchange where you plan to buy and sell your cryptocurrency.
2. Use a Secure Wallet
A cryptocurrency wallet is a digital wallet that stores your cryptocurrency. It is essential to use a secure wallet to protect your investments from theft or hacking. Look for wallets that offer two-factor authentication and use encryption to secure your private keys. Avoid using online wallets or exchanges to store your cryptocurrency for extended periods.
3. Be Cautious of Scams
Cryptocurrency scams are becoming increasingly common. Scammers may use social media, email, or other channels to trick investors into sending them cryptocurrency. Be cautious of any offers that seem too good to be true, and always verify the authenticity of the person or platform you are dealing with. Never share your private keys or send cryptocurrency to unknown individuals or platforms.
4. Diversify Your Investments
Diversifying your cryptocurrency investments can help reduce your risk. Do not put all your investments into one cryptocurrency or platform. Instead, spread your investments across different cryptocurrencies and exchanges. This way, if one investment fails, you will not lose all your money.
5. Keep Your Investments Safe
Finally, it is essential to keep your investments safe. Use strong passwords and two-factor authentication to protect your accounts. Keep your private keys and login details safe and secure. Avoid accessing your accounts on public Wi-Fi networks or shared computers.
In conclusion, investing in cryptocurrency can be a lucrative venture, but it is not without risks. By following these top 5 ways to stay safe when investing in cryptocurrency, you can help protect your investments and reduce your risk of losses. Remember to do your research, use a secure wallet, be cautious of scams, diversify your investments, and keep your investments safe.
#cryptocurrencyinvesting#InvestmentTips#CryptoSafety#SecureWallet#CryptocurrencyResearch#ScamPrevention#DiversifyInvestments#InvestmentSecurity#CryptocurrencyTips#CryptoRiskManagement#ProtectYourInvestments#InvestingSafely#CryptoAwareness#InvestmentPrecautions#CryptoEducation#StaySafeWithCrypto#InvestmentAdvice#RiskReduction#cryptocurrencysecurity#investmentstrategies
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Riding the Wave of Curiosity: The world tunes into the Bitcoin Halving event like never before!
Are you ready for the shift? 🌐🔍
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Another story with scammers
In the United States, authorities captured about $9M in the USDT, belonging to the organized scammers. Recently, a significant amount of scammers' funds have been confiscated, and this case has only caught my attention because it has been used, in my opinion, one of the most heinous criminal techniques.
The attackers created several dozens of sites simulating the operation of crypto-currency exchanges. Such crypto exchange attracted clients who invested significant amounts. In order to keep customers on the exchange for as long as possible and invest new and new funds, trusting, friendly and sometimes romantic relationships have been established with them. The methods of social engineering made it easy to build trust and persuade people to pay as much as possible. Well, how can you not listen to a friendly recommendation or even a request from such a nice girl or romantic man... The customers waited in vain to arrive: the intruders quickly disappeared along with all the money. In total, about 200 people were victims of this scheme.
I have no intention of scolding unscrupulous criminals and innocent victims again. Both act within their own morals and are unlikely to accept my emotions.
Why do you think the criminals worked with cryptocurrencies instead of traditional fiat? The fact is that cryptocurrencies are still associated with the possibility of quick easy earnings and ultra-high profits. And this is bad for business. On the one hand, this attracts scummers and discredits the crypto business. Increased fraud risk automatically reduces investment attractiveness, especially for sophisticated projects that do not involve simple trading.
Business needs calm, and this is not yet. It should take time until market participants learn to work properly, first of all, assess risks. Until then, we will hear more such sad stories.
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The best cryptocurrency news as well as the updates are always reliable. This infographic will tell you how to get this news and daily crypto updates.
#CryptoNews#CryptocurrencyUpdates#DigitalCurrency#CryptoInsights#DailyCrypto#CryptoTips#BlockchainNews#CryptocurrencyGuide#InvestingInCrypto#CryptoAwareness
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How to Invest in Cryptocurrencies Without Getting Scammed | Family FIRE 2025
How to Invest in Cryptocurrencies Without Getting Scammed | Family FIRE 2025
https://www.youtube.com/watch?v=c9ygTn1N4hc
Are you interested in investing in cryptocurrencies, but worried about falling victim to scams? In this video, we've got you covered! Learn essential tips and strategies to safeguard your investments and make smart choices in the fast-paced world of digital assets. Our experts will guide you through the process of identifying red flags, choosing reputable platforms, and staying informed about the latest security practices. Don't miss out on this valuable information – watch now and protect your crypto investments!
🔔Ready to achieve Financial Independence by 2025? Click 'Subscribe' and embark on a transformative journey with us: https://www.youtube.com/@family.fire.by.2025
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https://www.youtube.com/watch?v=OSsqUU0UnJ8&list=PLFbNQzXkUGyw0P-rfVrdiC4-ph8ky3uL_&pp=iAQB
👉 Financial Independence
https://www.youtube.com/watch?v=VG-32QwZ1T0&list=PLFbNQzXkUGyytYLW5TZHFg_Kxdd-bEOfU&pp=iAQB
✅ Other Videos You Might Be Interested In Watching:
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https://www.youtube.com/watch?v=1Jq-nmMxplU
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https://www.youtube.com/watch?v=_uRVmjuZyWU
👉 A Surprising Way to Retire Early & Keep Your Luxury Life! Financial Independence Retire Early
https://www.youtube.com/watch?v=w0GfswvQmrI
👉 Location is the Key to Financial Freedom--But How? Financial Independence Retire Early
https://www.youtube.com/watch?v=SbGOvfoTptE
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Welcome to "Family Fire 2025"! Join our Singaporean family's quest for Financial Independence Retire Early (F.I.R.E) by 2025.
Our channel is your ultimate guide to understanding the F.I.R.E movement, achieving financial freedom, and exploring effective investment strategies, personal finance, budgeting, stock market investing, real estate, saving techniques, and essential financial tools.
We're on a mission to educate and inspire you by sharing our family's journey toward financial independence and demonstrating how smart money habits can lead to a life free from financial stress. We believe everyone can achieve F.I.R.E. with dedication and the right knowledge.
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Disclaimer: We do not accept any liability for any loss or damage incurred from you acting or not acting as a result of watching any of our publications. You acknowledge that you use the information we provide at your own risk. Do your research.
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November 12, 2023 at 01:00AM
#FinancialIndependence#Budgeting#SavingMoney#Investing#PassiveIncome#DebtReduction#WealthCreation#Entrepreneurship#FinancialFreedom#MoneyManagement#PersonalFinance
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THE NEXT CRYPTO CRASH IS COMING
Right now, new crypto coins are coming into the crypto market with innovative ideas, VCs all around the world are investing like hell,....
Watch Complete Video For Better Understanding.
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Bitcoin akan mencecah kapital $1 trilion dalam larian bull seterusnya
https://t.co/BlmYnrs2c5
Bagaimana untuk mendapatkan Bitcoin tanpa risiko kehilangan wang ?, yang berminat kami akan invite! www.wasap.my/601118889786
#coindotmy #ilmukripto #duniakripto #bitcoin #bitcoinmalaysia #blockchain #eth #btc #blockchainmalaysia #fintech #ripple #ethereum #cashless #xrp #cryptoeducation #cryptoawareness
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South Korean Cryptocurrency Exchanges Struggle To Find Insurers
Due to recent security breaches and thefts among some large-scale cryptocurrency exchange platforms, the need for exchange insurance is booming. Many insurance companies, however, are hesitant to take the risk — citing their distrust in current security measures.
Cyber-Thieves On The Offensive
It has been a tough year — and an especially tough month — for cryptocurrency exchanges around the globe.
According to CryptoAware, hacks and scams have accounted for $2,679,045,200 of lost funds, between 2011 and present. In 2018, alone, $1,659,580,000 worth of cryptocurrencies have been stolen. That makes up almost 62 percent of the total for the past seven years — and there are still six months left to go.
This year has already seen one of the largest cryptocurrency thefts in the history when cyber-thieves made off with $530 million worth of New Economy Movement (NEM) tokens from Japanese exchange Coincheck.
Meanwhile, June has seen two instances of thefts from large South Korean cryptocurrency exchanges. On June 10th, the relatively small Coinrail reported $40 million worth of cryptocurrency had been stolen. More recently, Bithumb was hit with a DDoS attack while hackers stole almost $32 million worth of funds from the exchange’s hot wallets.
[Jun 20th Incident Report]
We would like to share with you the events that took place on June 20, 2018 and the steps we're taking to ensure that your asset is safe and secure with Bithumb.
https://t.co/JjSnTtSsDj
— Bithumb (@BithumbOfficial) June 21, 2018
Insurance Companies To The Rescue?
With attacks coming at a higher frequency, exchanges are proactively searching for any and all means to better defend their funds. Many exchanges are now seeking digital currency insurance as an extra layer of protection for their customers — but this is proving to be a difficult task for various reasons.
The cryptocurrency market is still in its infancy stage and there aren’t enough statistics available for most insurance companies to be able to develop contracts to offer exchanges. Trust is also a big factor, as insurers are hesitant to work with exchanges with so many instances of security breaches and fraud.
An insurance official told Business Korea:
The Korea Blockchain Association emphasized a stronger internal control system and security at the earlier sessions. But we cannot trust it as even the largest cryptocurrency exchange in South Korea was exposed to cyber attacks. There are no statistics related to the risks of virtual currencies both at home and abroad and it is still not sure whether an insurer can accept exchanges as its policyholders as a group, which are smaller and riskier than Bithumb.
Even the few exchanges that are currently insured have relatively low limits of liability — around $2.5 million to $5.2 million. Compared with the tens or hundreds of millions of dollars stolen from exchanges recently, these liabilities don’t even come close to covering some attacks.
Some of the bigger exchanges have taken matters into their own hands by independently creating emergency funds to cover any funds stolen from an attack. Bithumb announced earlier this week that any lost funds would be reimbursed from its $450 million ‘insurance’ fund.
What are your thoughts on the recent exchange thefts? Do you think more exchanges will seek insurance or is it their responsibility to cover stolen funds out of their own pockets? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, Twitter/@BithumbOfficial.
The post South Korean Cryptocurrency Exchanges Struggle To Find Insurers appeared first on Bitcoinist.com.
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Jika Bitcoin Anda Dicuri, Hanya Ada 20% Peluang yang Akan Anda Dapatkan Kembali
Jika Anda sangat tidak beruntung menjadi korban pencurian bitcoin, sangat kecil kemungkinan Anda akan melihat aset cryptocurrency Anda lagi.
Untuk alasan ini, pakar keamanan menyarankan bahwa hanya sebagian kecil dari kasus-kasus ini yang pernah dilaporkan, karena para korban percaya bahwa mereka tidak mungkin untuk mengambil cryptocurrency yang dicuri. Reuters melaporkan bahwa sifat unik dari cryptocurrency telah menciptakan pedang bermata dua di mana investor tidak mengharapkan para penjahat ditangkap setelah perampokan kripto yang sukses, dan penjahat cyber berubah menjadi crypto dalam jumlah yang lebih besar, didorong oleh persepsi bahwa ia menawarkan isolasi lengkap dari mereka. hukum.
Tantangan yang aneh
Menyinggung sifat unik bitcoin dan aset cryptocurrency lainnya - dan masalah keamanan khusus yang mereka ajukan - Patrick Wyman, supervisor khusus agen di bagian kejahatan keuangan unit anti pencucian uang FBI, mengatakan:
“Sistem mata uang terdesentralisasi seperti bitcoin atau bentuk mata uang virtual lainnya tidak diatur oleh entitas apa pun, aktivitas pelaporan yang mencurigakan, dan setiap kepatuhan anti pencucian uang.”
Pasar cryptocurrency adalah pasar yang tumbuh cepat, dan begitu juga kejahatan yang terkait, ungkap data tersebut. Para profesional keamanan yakin tingkat kejahatan yang tinggi ini adalah mengapa para penyelidik cenderung lebih sibuk dengan kasus-kasus yang menonjol, sementara para investor kecil dibiarkan tanpa pengawasan. Jaroslav Jakubcek, seorang analis di Europol - pusat kerjasama penegakan hukum Uni Eropa, keahlian, dan intelijen - mengatakan kepada Reuters bahwa tidak mungkin bagi setiap lembaga penegak hukum untuk melakukan sumber daya untuk setiap kejahatan.
Autonomous NEXT dan Crypto Aware, sebuah firma riset keuangan yang berkolaborasi dengan korban penipuan crypto, memperkirakan bahwa sekitar $ 1.7 milyar cryptocurrency, dicuri antara tahun 2012 dan paruh pertama tahun 2018. Data tersebut juga mengungkapkan bahwa lebih dari $ 800 juta telah dicuri tahun ini. Per penelitian, sekitar 85% dari kejahatan tidak pernah dilaporkan.
20 Persen Tingkat Pemulihan
Dikutip dalam laporan Reuters, David Jevans, CEO CipherTrace yang berbasis di California , menyatakan bahwa hanya sekitar 20 persen crypto yang dicuri yang pernah ditemukan, bahkan ketika platform perdagangan atau pertukaran diretas, karena kemudahan yang dapat digunakan token untuk bergerak melintasi batas yang berbeda. . Mengikuti protokol, mendapatkan penegakan hukum di beberapa negara yang terlibat, dan mengumpulkan bukti untuk membuka sebuah kasus biasanya memakan waktu lama, dan pada saat ini dilakukan, uang telah dipindahkan. Uang yang dipertaruhkan harus sangat besar untuk membenarkan upaya tersebut.
Selain itu, targetnya hanya pertukaran cryptocurrency besar. Pada bulan Agustus, Detikdax melaporkanbahwa pengusaha AS dan investor cryptocurrency Michael Terpin memiliki $ 24 juta dalam crypto yang dicuri dari dompet ponselnya oleh peretas sim, menyebabkan dia mengajukan tuntutan $ 224 juta terhadap penyedia layanannya AT & T, yang menolak bertanggung jawab.
Baru minggu ini, seorang investor bitcoin berusia 24 tahun Norwegia dibunuh tidak lama setelah menukarkan sejumlah besar mata uang cryptocurrency untuk uang tunai. Menurut laporan, pelakunya mungkin setelah hasil itu, yang ia simpan di apartemennya.
Read the full article
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South Korean Cryptocurrency Exchanges Struggle To Find Insurers
New Post has been published on https://cryptnus.com/2018/06/south-korean-cryptocurrency-exchanges-struggle-to-find-insurers/
South Korean Cryptocurrency Exchanges Struggle To Find Insurers
Due to recent security breaches and thefts among some large-scale cryptocurrency exchange platforms, the need for exchange insurance is booming. Many insurance companies, however, are hesitant to take the risk — citing their distrust in current security measures.
Cyber-Thieves On The Offensive
It has been a tough year — and an especially tough month — for cryptocurrency exchanges around the globe.
According to CryptoAware, hacks and scams have accounted for $2,679,045,200 of lost funds, between 2011 and present. In 2018, alone, $1,659,580,000 worth of cryptocurrencies have been stolen. That makes up almost 62 percent of the total for the past seven years — and there are still six months left to go.
This year has already seen one of the largest cryptocurrency thefts in the history when cyber-thieves made off with $530 million worth of New Economy Movement (NEM) tokens from Japanese exchange Coincheck.
Meanwhile, June has seen two instances of thefts from large South Korean cryptocurrency exchanges. On June 10th, the relatively small Coinrail reported $40 million worth of cryptocurrency had been stolen. More recently, Bithumb was hit with a DDoS attack while hackers stole almost $32 million worth of funds from the exchange’s hot wallets.
[Jun 20th Incident Report]We would like to share with you the events that took place on June 20, 2018 and the steps we’re taking to ensure that your asset is safe and secure with Bithumb.
▶ https://t.co/JjSnTtSsDj
— Bithumb (@BithumbOfficial) June 21, 2018
Insurance Companies To The Rescue?
With attacks coming at a higher frequency, exchanges are proactively searching for any and all means to better defend their funds. Many exchanges are now seeking digital currency insurance as an extra layer of protection for their customers — but this is proving to be a difficult task for various reasons.
The cryptocurrency market is still in its infancy stage and there aren’t enough statistics available for most insurance companies to be able to develop contracts to offer exchanges. Trust is also a big factor, as insurers are hesitant to work with exchanges with so many instances of security breaches and fraud.
An insurance official told Business Korea:
The Korea Blockchain Association emphasized a stronger internal control system and security at the earlier sessions. But we cannot trust it as even the largest cryptocurrency exchange in South Korea was exposed to cyber attacks. There are no statistics related to the risks of virtual currencies both at home and abroad and it is still not sure whether an insurer can accept exchanges as its policyholders as a group, which are smaller and riskier than Bithumb.
Even the few exchanges that are currently insured have relatively low limits of liability — around $2.5 million to $5.2 million. Compared with the tens or hundreds of millions of dollars stolen from exchanges recently, these liabilities don’t even come close to covering some attacks.
Some of the bigger exchanges have taken matters into their own hands by independently creating emergency funds to cover any funds stolen from an attack. Bithumb announced earlier this week that any lost funds would be reimbursed from its $450 million ‘insurance’ fund.
What are your thoughts on the recent exchange thefts? Do you think more exchanges will seek insurance or is it their responsibility to cover stolen funds out of their own pockets? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, Twitter/@BithumbOfficial.
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The Cryptocurrency Market Needs a Solution to the Hacking Menace - VipCryptoSignals.com
New Post has been published on https://vipcryptosignals.com/bitcoin-news/the-cryptocurrency-market-needs-a-solution-to-the-hacking-menace-vipcryptosignals-com/
The Cryptocurrency Market Needs a Solution to the Hacking Menace - VipCryptoSignals.com
The Coinrail hack of June 10, 2018, led to the theft of more than $40 million in cryptocurrency. Although not one of the more prominent exchange platforms, the Coinrail hack is yet another reminder of the tenuous nature of the emerging digital currency landscape.
More Hacking Incidents in 2018
According to CryptoAware, more than $670 million was lost due to cryptocurrency hacks in the first quarter of 2018. This figure has risen to $1.1 billion in the second quarter of 2018. The year began with the Coincheck heist, one of the biggest digital currency thefts in the history of the market. Almost half a billion dollars’ worth of NEM tokens were carted away from the Tokyo-based exchange by suspected cybercriminals. The incident served as the catalyst for sweeping changes in the Japanese cryptocurrency landscape.
Long-time cryptocurrency aficionados no doubt remember the Mt. Gox hack and the DAO hack. The former is the largest Bitcoin hack while the latter is the most massive Ethereum hack. Both had profound impacts on the virtual currency landscape leading to arrests and hard forks. Perhaps most importantly, they revealed the alarming security issues plaguing cryptocurrency investments.
No Safe Haven
Blockchain enthusiasts often say the technology is immutable and theoretically cannot be hacked. However, in 2018, blockchains like Verge, Bitcoin Gold, and Electroneum suffered repeated 51 percent attacks. Even if cryptocurrency exchanges are easy targets for cybercriminals, blockchains should be more secure. In reality, as the aforementioned attacks demonstrate, this clearly isn’t the case.
From startups to exchanges, and even blockchains, the situation is largely the same – hackers are having a field day. A recent report by Qihoo 360 Netlab revealed that hackers now crawl the web scanning for unsecured nodes on Ethereum-based apps. So far, one group has even managed to steal $20 million in Ether.
An asset class that wishes to attain legitimacy in the mainstream finance environment can do with fewer levels of vulnerabilities. $2.3 billion lost to hackers since 2011 is a troubling statistic. Even more worrying is the fact that several unreported cases don’t make it to the news.
The activities of cybercriminals are a clear and present danger to the legitimacy of the cryptocurrency market. Before any sustainable progress can be achieved in the market as far as widespread adoption is concerned, stakeholders need to find a solution to the coin theft problem.
How important do you think it is for the community to develop a lasting solution to the hacking problem? Do you have any suggestions that could aid stakeholders in their quest to arrest the situation? Share your views with the community in the comment section below.
Images courtesy of AmChart.org, Shutterstock
The post The Cryptocurrency Market Needs a Solution to the Hacking Menace appeared first on VipCryptoSignals.com.
Telegram: Vip Crypto Signals
#bitcoin #cryptocurrency #ripple #xrp #tradebot #ethereum #news #tron #litecoin
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The Cryptocurrency Market Needs a Solution to the Hacking Menace
The Coinrail hack of June 10, 2018, led to the theft of more than $40 million in cryptocurrency. Although not one of the more prominent exchange platforms, the Coinrail hack is yet another reminder of the tenuous nature of the emerging digital currency landscape.
More Hacking Incidents in 2018
According to CryptoAware, more than $670 million was lost due to cryptocurrency hacks in the first quarter of 2018. This figure has risen to $1.1 billion in the second quarter of 2018. The year began with the Coincheck heist, one of the biggest digital currency thefts in the history of the market. Almost half a billion dollars’ worth of NEM tokens were carted away from the Tokyo-based exchange by suspected cybercriminals. The incident served as the catalyst for sweeping changes in the Japanese cryptocurrency landscape.
Long-time cryptocurrency aficionados no doubt remember the Mt. Gox hack and the DAO hack. The former is the largest Bitcoin hack while the latter is the most massive Ethereum hack. Both had profound impacts on the virtual currency landscape leading to arrests and hard forks. Perhaps most importantly, they revealed the alarming security issues plaguing cryptocurrency investments.
No Safe Haven
Blockchain enthusiasts often say the technology is immutable and theoretically cannot be hacked. However, in 2018, blockchains like Verge, Bitcoin Gold, and Electroneum suffered repeated 51 percent attacks. Even if cryptocurrency exchanges are easy targets for cybercriminals, blockchains should be more secure. In reality, as the aforementioned attacks demonstrate, this clearly isn’t the case.
From startups to exchanges, and even blockchains, the situation is largely the same – hackers are having a field day. A recent report by Qihoo 360 Netlab revealed that hackers now crawl the web scanning for unsecured nodes on Ethereum-based apps. So far, one group has even managed to steal $20 million in Ether.
An asset class that wishes to attain legitimacy in the mainstream finance environment can do with fewer levels of vulnerabilities. $2.3 billion lost to hackers since 2011 is a troubling statistic. Even more worrying is the fact that several unreported cases don’t make it to the news.
The activities of cybercriminals are a clear and present danger to the legitimacy of the cryptocurrency market. Before any sustainable progress can be achieved in the market as far as widespread adoption is concerned, stakeholders need to find a solution to the coin theft problem.
How important do you think it is for the community to develop a lasting solution to the hacking problem? Do you have any suggestions that could aid stakeholders in their quest to arrest the situation? Share your views with the community in the comment section below.
Images courtesy of AmChart.org, Shutterstock
The post The Cryptocurrency Market Needs a Solution to the Hacking Menace appeared first on Bitcoinist.com.
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The Cryptocurrency Market Needs a Solution to the Hacking Menace
New Post has been published on https://cryptnus.com/2018/06/the-cryptocurrency-market-needs-a-solution-to-the-hacking-menace/
The Cryptocurrency Market Needs a Solution to the Hacking Menace
Osato Avan-Nomayo · June 12, 2018 · 4:00 pm
The Coinrail hack of June 10, 2018, led to the theft of more than $40 million in cryptocurrency. Although not one of the more prominent exchange platforms, the Coinrail hack is yet another reminder of the tenuous nature of the emerging digital currency landscape.
More Hacking Incidents in 2018
According to CryptoAware, more than $670 million was lost due to cryptocurrency hacks in the first quarter of 2018. This figure has risen to $1.1 billion in the second quarter of 2018. The year began with the Coincheck heist, one of the biggest digital currency thefts in the history of the market. Almost half a billion dollars’ worth of NEM tokens were carted away from the Tokyo-based exchange by suspected cybercriminals. The incident served as the catalyst for sweeping changes in the Japanese cryptocurrency landscape.
Long-time cryptocurrency aficionados no doubt remember the Mt. Gox hack and the DAO hack. The former is the largest Bitcoin hack while the latter is the most massive Ethereum hack. Both had profound impacts on the virtual currency landscape leading to arrests and hard forks. Perhaps most importantly, they revealed the alarming security issues plaguing cryptocurrency investments.
No Safe Haven
Blockchain enthusiasts often say the technology is immutable and theoretically cannot be hacked. However, in 2018, blockchains like Verge, Bitcoin Gold, and Electroneum suffered repeated 51 percent attacks. Even if cryptocurrency exchanges are easy targets for cybercriminals, blockchains should be more secure. In reality, as the aforementioned attacks demonstrate, this clearly isn’t the case.
From startups to exchanges, and even blockchains, the situation is largely the same – hackers are having a field day. A recent report by Qihoo 360 Netlab revealed that hackers now crawl the web scanning for unsecured nodes on Ethereum-based apps. So far, one group has even managed to steal $20 million in Ether.
An asset class that wishes to attain legitimacy in the mainstream finance environment can do with fewer levels of vulnerabilities. $2.3 billion lost to hackers since 2011 is a troubling statistic. Even more worrying is the fact that several unreported cases don’t make it to the news.
The activities of cybercriminals are a clear and present danger to the legitimacy of the cryptocurrency market. Before any sustainable progress can be achieved in the market as far as widespread adoption is concerned, stakeholders need to find a solution to the coin theft problem.
How important do you think it is for the community to develop a lasting solution to the hacking problem? Do you have any suggestions that could aid stakeholders in their quest to arrest the situation? Share your views with the community in the comment section below.
Images courtesy of AmChart.org, Shutterstock
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect those of Bitcoinist.com. Claims made in this article do not constitute investment advice and should not be taken as such.
Blockchain securitycoincheck hackCryptocurrency SecurityExchange hacksMt.Gox Hack Show comments
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