Cryptocurrency exchange hacked jumped over $1.3 billion

Must Read

Telegram New Token Is Not Going To Be Fruitful For The Money Making

Telegram is a messaging service that uses cloud encryption for fast and quick messaging service. Telegram some time...

Ripple Released Their Payment Method Report For 2020

Ripple recently announced the future payment method and influence of emerging technology in the payment method. Ripple's multinational...

Bitcoin.com Developer Funding Proposal States The Need For More Clarity In Discussions

Bitcoin.com has made a blog post on Read.cash, beginning with the acknowledgment of the disturbance within the community...
5d53ab6f4b523-bpfull
Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The recent the hack attacks over the cryptocurrency exchanges is getting higher, and in the past week crossing an all-time total amount of $1.3 billion.

The recent hack, which has happened at South Korean cryptocurrency exchange Bithumb, in which the company has suffered a loss of $19 million value of EOS and XRP. This is the eighth positioned biggest hack attack in the history of the cryptocurrency industry. The total amount of $1.3 billion hacked crypto; estimated around 61% was taken in the last year 2018.

The biggest problem of these hack attacks is centralized institutions that keep their customer’s personal keys. And at the time of growth of cryptocurrency’s price, these large wallets administrated by the cryptocurrency exchanges become a jackpot for the hackers. All reputed firms now hold their large amount of crypto asset in the cold wallets. Only 2% of the crypto exchanges’ keep their overall virtual currency amounts in the hot wallets.

The other crypto exchange firm that got hacked in the previous week, DragonEX has suffered an estimated loss of the amount around $25 million. DragonEX is claimed to be “a safe and stable platform”, declared a hack on 23 March following the robbery of more than 20 virtual currency of approx value $6 million.

All these hacking attacks have created the situation of chaos in the cryptocurrency market and put a question mark on the security and safety of the crypto funds in the wallets of these cryptocurrency exchanges. The crypto industry needs more firmed security to protect the crypto funds of the customers from these hacking attacks.

Hot News

Telegram New Token Is Not Going To Be Fruitful For The Money Making

Telegram is a messaging service that uses cloud encryption for fast and quick messaging service. Telegram some time back posted a blog, for...

Ripple Released Their Payment Method Report For 2020

Ripple recently announced the future payment method and influence of emerging technology in the payment method. Ripple's multinational payment processor “MoneyGram,” also announced...

Bitcoin.com Developer Funding Proposal States The Need For More Clarity In Discussions

Bitcoin.com has made a blog post on Read.cash, beginning with the acknowledgment of the disturbance within the community after BTC. Bitcoin.com has now...

ZK And Optimistic Rollup; What Are They And How They Function

Optimistic Rollup is an innovation that vows to extend the general smart contracts on Ethereum for the time being. In ZK-Rollup, the administrator...

Some Of The Major Crypto Addresses Are Facing Huge Losses

The Block or the ITB recently analyzed the top cryptocurrency addresses by market capitalization and their profits and the loss ratio.  ITB is...

The BIG 4 Rules The Crypto Market In Terms Of Volume With OKEx As The Leader

OKEx has recorded over $3.3 billion in December, which makes it the leader of all as it has a share of 35.8% of...

Ripple Released Their Payment Method Report For 2020

Ripple recently announced the future payment method and influence of emerging technology in the payment method. Ripple's multinational payment processor “MoneyGram,” also announced...

Bitcoin.com Developer Funding Proposal States The Need For More Clarity In Discussions

Bitcoin.com has made a blog post on Read.cash, beginning with the acknowledgment of the disturbance within the community after BTC. Bitcoin.com has now...

ZK And Optimistic Rollup; What Are They And How They Function

Optimistic Rollup is an innovation that vows to extend the general smart contracts on Ethereum for the time being. In ZK-Rollup, the administrator...

Some Of The Major Crypto Addresses Are Facing Huge Losses

The Block or the ITB recently analyzed the top cryptocurrency addresses by market capitalization and their profits and the loss ratio.  ITB is...

RELATED NEWS

Telegram New Token Is Not Going To Be Fruitful...

Telegram is a messaging service that uses cloud encryption for fast and quick...

Ripple Released Their Payment Method Report For 2020

Ripple recently announced the future payment method and influence of emerging technology in...

Bitcoin.com Developer Funding Proposal States The Need For More...

Bitcoin.com has made a blog post on Read.cash, beginning with the acknowledgment of...