Published On: Tue, Jun 12th, 2018

The Cryptocurrency Market Needs a Solution to the Hacking Menace

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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. …

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