Home / Cryptocurrency / Bitcoin / Bitcoin Exchange Collapses After Cyberattacks!

Bitcoin Exchange Collapses After Cyberattacks!

bitcoin exchange collapses
bitcoin exchange collapses

Bitcoin Exchange collapses

We all know very well that currency exchange houses for
crypto-coins are more targeted by hackers. As recently, a well-known
Bitcoin exchange platform collapsed just after receiving the second
cyber attack in a year.

Bitcoin Exchange Collapses After Cyberattacks

It
is not by chance that so many people have been talking about the
popular cryptocurrency, of course, Bitcoin. The cryptocurrency Bitcoin
broke all historic records in 2017, and many people believe that it will
not only continue this exponential rise, as one day it may replace the
currency we have.

After the bitcoin broke the $10,000 barrier, a
debate took place behind the scenes of Techviral about when to report
future cryptocurrency records. It seemed reasonable to comment when it
was over $16,000 – and that has already happened. The price of the
popular cryptocurrency bitcoin has risen 1500% since January.

It’s
a case to say that it’s crazy! Although many consider that the Bitcoin
currency is nothing more than a “bubble scheme”, the truth is that it is
already worth more than $ 19,000 and the record was reached on
Saturday. In just 24 hours the value of the cryptocurrency grew by 10%.

This
popular crypto-currency, Bitcoin more than tripled in three months; in
August, a bitcoin was worth $3,000. Since the beginning of 2017, when
the currency was quoted at less than a thousand dollars, the accumulated
valuation is about 900%.
Currency exchange houses for
crypto-coins are even more targeted by hackers. They move the equivalent
of millions of dollars, and thieves can make money laundering
relatively easily, avoiding being discovered.

What is Bitcoin?

We
can refer in generic terms that it is a virtual currency created in
2009, based on the peer-to-peer (P2P) system. P2P is a system that does
not provide for centralized authority to control currency or
transactions, as with other currencies (for example, the INR. is
controlled by the RBI). Instead, money creation and transfers are based
on an open-source network in encrypted protocols that form the basis of
Bitcoin’s security and freedom, making transactions instantaneous among
users.
The invention of a mysterious computer guru, who referred
to his pseudonym Satoshi Nakamoto, this coin is created by means of a
very complex mathematical formula.

This time, the exchange house
EtherDelta claims to have been hacked by hackers, who have taken control
of their DNS server to offer a fake version of the site.
According
to the Mashable, at least 308 Ether units were stolen, equivalent to
$267,000; as well as several tokens that are worth hundreds of thousands
of dollars.

EtherDelta is known to trade almost all Ethereum
based tokens. These crypto-coins are issued in ICOs, an acronym for the
initial offering of currencies – it is the equivalent of a stock issue
on the stock exchange.
The currency office has a daily volume of
$11 million, according to the CoinMarketCap. It does not require user
verification to start a trading, but only deals with crypto-coins – it
does not convert them to dollars, for example.
Currently, the site Etherdelta is out of thin air. Customers can access their portfolios at Deltabalances;
apparently, EtherDelta’s system of intelligent contracts was not
affected. As it has warned about the invasion through its Twitter
account, which was not hacked.

This is just one among several recent hacks:-

  • NiceHash, based in Europe, claims to have lost $60 million after being hacked last week;
  • Tether, a startup that works with exchange houses, says it lost $31 million in November;
  • South Korean currency broker YoBit has filed for bankruptcy after being hacked twice this year, allegedly by North Koreans.

Even
Coinbase is in trouble: it added support to Bitcoin Cash but had to
stop the negotiations; now it investigating whether its employees have
used inside information to profit illicitly.
So, what do you think about this? Simply share your views and thoughts in the comment section below.

About Adeyefa Oluwatoba

A web developer, programmer and blogger. I just love coding.

Check Also

BitCoin: Basic Things You Need To Know.

  A Short Introduction to Bitcoin Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi …

One comment

  1. A Bitcoin trade situated in South Korea has fallen after a moment digital assault in under a year. If you are a trader man then reading this article carefully, also click on nerdify Australia here you will find valuable tips and updates will make your business very effectively.

Leave a Reply

Your email address will not be published. Required fields are marked *