By the Numbers… Amounts Stolen from Cryptocurrency Exchanges in 2018
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Answer By the Numbers… Amounts Stolen from Cryptocurrency Exchanges in 2018
company CipherTrace, which specializes in blockchain security, reported on the amounts stolen from crypto and cryptocurrency exchanges during the first half of 2018.
The company stated that in 2017, the losses of digital currency trading platforms recorded losses amounting to 266 million dollars as a result of being exposed to electronic attacks.
While this year saw three times the amount that It was stolen from exchanges to a value of $731 million, prompting industry investors to rethink concerns about platform measures in these platforms.
Poor organization and lack of talent
Two of the largest trading platform hacking incidents in the world today were losses of $500 million from Coincheck in Japan, followed by the attack on Coinrail in South Korea, which lost $40 million.Read:Titan Investments Launches Cryptocurrency Investment Fund for US Investors
Both platforms store cryptocurrencies and assets in online wallets, instead of the customary use and storage in offline wallets and what are known as “cold wallets.”
Thus, as soon as the hackers accessed the Coinrail and Coincheck platform system, they were able to directly steal hundreds of millions of dollars worth of dollars without any hindrance.
Coincheck admitted that it had been hacked, and that the $500 million security breach was the result of a lack of talented and experienced developers working on the platform’s security system.
In an interview with Bloomberg, the CEO of Coincheck stated: “We were aware that we didn’t have enough people to work in internal audit and risk management. We tried to expand and look for employees or agencies, but we ended up with this incident.”
How can cryptocurrency exchanges protect investor funds?
Japan and South Korea – two of the countries that saw the biggest security breaches in 2018 – have begun implementing strict policies to raise industry standards specifically regarding the security of cryptocurrency exchanges.
The South Korean government opted for the option of issuing new regulations on cryptocurrency exchanges and treating them like banks, whereby a local financial agency is assigned the authority to monitor and monitor the platform’s operations.Read:Report: Global Cryptocurrency Market Investment Surge 450% in 2021
In light of the development of regulations and governments imposing strict security policies on trading platforms, it is expected that the volume of electronic breaches in the cryptocurrency sector will decrease in the future.
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