![]() ![]() Some of the main reasons for the surge in Bitcoin’s value in 2017 was due to the general public’s consensus on the lack of growth in the global economy and the decentralized nature of the process of mining and selling Bitcoins in general. Bitcoin transactions have since rebounded, but is still trying to remain relevant in the sea of new cryptocurrency competitors. Speculations surrounding the imposing global regulations of the cryptocurrency market, the percentage of Bitcoins left in existence ( there are currently less than 4 million Bitcoins left to mine ), and Bitcoins massive market share decrease in January 2018 were the main culprits behind this cryptocurrency’s fall from fame. After being valued at nearly $20,000 per Bitcoin in December 2017, Bitcoin has since been hovering around $6,000 to $8,000 per Bitcoin since Spring 2018. As of early August 2018, Bitcoin one of the largest cryptocurrency platforms still accounted for 47.6% of all cryptocurrency market transactions. The major form of cryptocurrency that most people are aware of due to its meteoric rise to fame due to a 2000% increase in exchange rate in 2017 alone is Bitcoin (BTC). Let’s look deep into the top 5 cryptocurrency exchange provider security breaches, why they happened, and what the exchange providers could have done to deter the breaches.īefore we dive into our top 5 list of cryptocurrency exchange provider security breaches, we need to give you a quick overview on cryptocurrency and what services cryptocurrency exchange providers perform for investors.įirstly, cryptocurrencies are a form of digital currency that function as a type of exchange for other types of global currency. Recently, there have been several large, high transaction volume cryptocurrency exchange providers that have been hit by data breaches that have lost hundreds of millions of dollars in cryptocurrency practically overnight. Since transactions are mainly carried out via cryptocurrency exchange providers that maintain completely digital databases, there is always the threat that security does not hold up against the threat of a data breach. But even with all the positives that investors can receive from their cryptocurrency efforts, hackers still pose a considerable threat to their sizable profits. This perfect storm of positives is the main reason why many people are making a ton of money from mining and selling off their cryptocurrencies. It’s new -ish, digital, and an insanely lucrative endeavor to get into. At this point, the intruder gained access to Coincheck’s server housing the private key for its NEM hot wallet before siphoning over 500 million tokens.Cryptocurrency is a constant source of media attention. ![]() Coincheck’s computers then began transmitting data to external servers in the US and Europe for weeks leading up to midnight January 25. While Coincheck executives hinted at a possible malware-related compromise leading to the theft, a report by the Nikkei today revealed further details about the intrusion that began with phishing emails directed at Coincheck employees.Ĭiting a source close to the Tokyo Metropolitan Police Department’s ongoing investigation – over 100 police officers are reportedly deployed to look into the ase – English-language emails purporting to be an internal message deployed malware when clicked, enabling an external attacker to gain access to the computer(s). ![]() ![]() The claim was repeated during a press conference last week wherein the company’s chief executive and operations chief outlined the compensation plan on a day when the exchange was slapped by a ‘business improvement order’ by Japan’s financial regulator. In the immediate aftermath of the attack, Coincheck promised to reimburse customers affected by the theft. ![]()
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