A digital form of currency which launched in 2009 valued as $27 and now its increased to $4200. The people who bought the bitcoin in earlier days with good investment they become richer. Rich become richer
Thus, curious all investors and even common people to make invest in bitcoins, nevertheless a good decision
But the recent trend in information security hacking blows the whistles is it safe to invest in BitCoins and how bitcoin exchanges guarantee they won’t be compromised?
- First Bitcoin Compromise – “Allinvain Bitcoin Case” who lost 25000 bitcoins from wallet 2011 which resulted $500,000
- Bitfloor lost 24,000 Bitcoins in 2012 by their unencrypted backup wallet keys
- Inputs.io lost 4100 bitcoins which was $1Million at the time when they lost the bitcoin 2013
- Wisely executed hack of “Sean Everett bitcoin hacking case” clears even 2F Authentication is broken and he lost all his investment through Coinbase
- Slovenia based bitcoin exchange “Bitstamp” announced and shutdown their services in 2015 resulted loss of 19000 BitCoins
- Ponybotnet malware – Even malware used to steal bitcoins, which compromised 85 wallet credentials in 2013 which is net worth of $220,000
- Japan based largest bitcoin exchange Mt.GOX breach confirms heist of 460 million$ in 2014, also confirms 150,000 hacking attacks they observer every second
- Canadian bitcoin firm confirms they lost 100,000 through successful hack attempt into their exchange
- Picostocks also undergone the successful attack which lost 6000 BTC’s
- South Korea’s famous crypto exchange “Bithumb” undergone a serious hack which result in losing the bitcoins and lost the customers PII data. Customers started complaining they lost their bitcoin’s and Bithumb agreed to repay the money to the customers, which apparently confirms the successful data breach of the bitcoin.
- Another South Korean exchange “Pilfered Yapizon recorded $ 5.5 million in their bitcoin compromise
- Honkong located exchange who Advertise as advanced bitcoin trading platform “bitfinex” also undergone losing 119,756 bitcoins worth of US$72 million
More Dark Side ….
So, is that confirms you should not invest your money in Bitcoins??? No, You Can. Be clear Bitcoin encryption is not yet broken in the history, in future may or may not.
But the BitCoin exchanges and the investors who purchased bitcoins got compromised for cyber hacking. Rather It’s not hacked, it got “THEFTED”. Through hacking your cyber money is stolen, but bit coin still safe with high encryption
Before you buy the Bitcoins with exchange understand the security enhancement, wallet encryption, Node connection security, 2FA, Anonymity of a Buyer & selling methods before you invest
Hope you understood:
History continues in Bitcoin theft, Exchanges still improving their IT security and investors should be more vigilant to save their money in the future. You don’t need to publish yourself when you bought bitcoins. Be Safe & Play Safe