We’re going to tell you about Bitcoin exchange hacks that have rattled the cryptocurrency world. Why have those things happened in the first place? You see, the thieves go where the money is. And there’s so much money in the cryptocurrency sphere we’re afraid to count.
And if you want to have some of that money yourself, you better start trading too. The sooner, the better. It is vital for you to educate yourself before you jump into the deep end, though. You better learn at least two of the most important aspects of the job: how to trade and where to trade.
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Okay, so let’s get back to the times when the hackers managed to breach the system:
Hack #1. NiceHash was hacked – $64 000 000 were stolen
This mining marketplace was set up in Slovenia in 2014. They developed an innovative technology for the users themselves. The platform allowed people to sell and buy the amounts of computing power needed for them to mine bitcoins. This technology – called cloud mining – ended up being hacked in 2017. The thief took 4700 bitcoins and disappeared. Back then, in December of 2017, one Bitcoin cost $20 000.
The NiceHash representatives said that this security violation was an outright attack carried out by some skilled and experienced professional hackers. The investigation made it possible to reveal that complex engineering was applied.
The attack has resulted in harm so serious that the exchange platform froze all the operations for a day. In such a way, the investigation was easy to conduct.
NiceHash also recommended all the users to change their passwords.
Hack #2. Bitpoint exchange was hacked – $32 000 000 were stolen
July 2019 was the month when 55 000 Bitpoint users were hacked. Genki Oda, the Bitpoint CEO told the masses that $23 000 000 of the money stolen belonged to the users and $9 000 000 was the money of the company.
Hot wallets were hacked by the thieves. What is more, more than $2 300 000 of Bitpoint funds was stolen in foreign exchanges.
All those funds have yet to come back to their respectful owners. Bitpoint has been making every effort to find those responsible since that.
In 2018, in June, the Japan Financial Services Agency expressed its desire to secure the money of the Bitpoint customers. The agency ordered business improvement from Bitpoint.
55 000 users may not seem that much to you. However, it is half of the Bitpoint user base – there is a total of 110 000 customers who believe in Bitpoint.
Hack #3. Bittrex exchange experienced a series of hacking attacks – $18 000 000 were stolen
You must have heard about Bittrex. It is one of the best-known exchanges in the industry. In 2018, in May, the hackers took over 51% of the Bitcoin Gold hash power. Even though the exchange has never let us know the exact amount of the Bitcoin gold stolen, it was a lot. Moreover, the exchange demanded that Bitcoin Gold compensated 12 000 coins – and that is $255 000. As you can see, since BTG was the only currency the hackers have stolen, Bittrex has blamed all the security issues on them.
Having been hacked, Bittrex took a decision not to include Bitcoin Gold in the list of its trading services anymore.
To sum up
The thieves – and the hackers, too, of course – find the temptation of getting huge sums of money quickly too hard to resist. Since the cryptocurrency industry has crazy sums of money circulating within it, the hackers are trying to conquer the territory in an illegal way. But if you want to make money off cryptocurrency legally and safely, don’t forget to check out The Jing Stock.