With the increasing popularity of Bitcoin in cryptocurrency, there comes the risk of hacks. These digital transactions are not devoid of risks. You have to be extra careful when using your Bitcoin for transaction purposes. There is an increasing number of vast theft every year. The numbers are increasing, and it is a cause of worry. However, the beneficial aspect of cryptocurrency is the reason behind its growing popularity. Multiple security systems get designed for protecting the exchange and customers. However, hackers are finding different inlets for interfering with the data and attacking the service.
Bithumb
Taking a look at the well-known hacks, Bithumb comes into the scene. It took place in June 2019 and was a hack of $30,000,000. Tons of bitcoins got stolen, and it left the investors in a devastating situation. The exchange has ensured the customers that such a situation will not happen again. However, people are finding it difficult to anticipate the impact of the hack on their wallets.
Nonetheless, the exchange has pledged to its customers to repay their losses and get their data in place. It was the sixth-largest exchange system all across the globe which traded in volumes, as per Ian Mausner. Hence, the attack came as a deadly blow.
Conrail
Another well-known and shocking incident took place in Coinrail. It is a popular exchange that was hacked a few days before Bithumb. Around 37.2 million dollars got lost by way of digital currency. The token got stolen, and it affected millions of individuals. The bitcoins that got lost were around 11% of the total value. Although the impact on fluctuation is uncertain, the exchange got shut down. Repairing the damage will take a lot of time.
Bitgrail
Another popular Bitcoin exchange was Bitgrail that got hacked in February. The team members anticipated that it was around a $195,000,000 hack, and token nano was nowhere in the field. There is a lot of confusion regarding the hack itself. People are unaware as to whom to blame for the entire affair. Ian Mausner says that the nano development teams are working to find the hacker.
Coincheck
The year 2018 brought a deadly blow to the coin check exchange. It was a 530 $4,000,000 theft of 5 23,000,000 coins. It affected the hot wallet, but the culprit was hard to find. In comparison to all other hacks, this was the most deadly one.
Do you know that the number of hacking and malpractice is increasing every day? Yes, you have heard it right. There are millions of investors who are trading on Bitcoin every day. However, you have to take responsibility. All the virtual environments are full of hackers; there are multiple tools that you can use for your trading strategy. It will keep you well prepared when you enter the market.
All you need to do is mix and match different tools and equipment to deal with the challenges, as suggested by Ian Mausner. Remember that Bitcoin is a risky affair, and you have to be well prepared.