The World of Cryptocurrency - Cyber Attack
Its been 4 days already that Bitcoin is in below $15k, it started to drop on 21st of December 2017. It drops nearly 40% from $20k down to $12.5k in just a few days ago. There are so many speculations arises on why this huge drop happened. So many factors affecting this incident such as the bitcoin cash theory, investors prefer more on altcoins, the pump and dump theory & etc. But I think the main reason why this drop happened is the incident happened in South Korea.
The South Korean cryptocurrency exchange Youbit was hacked and lost 17% of their total holdings including their user's online wallets. This is the second time that they were hacked, they lost nearly 4,000 Bitcoins last April cyber attack. Immediately, Youbit filed for bankruptcy and they're saying that the remaining 75% of user funds will eventually be available and they'll try to get back the next 75%. Speculations spread throughout the web that the possible culprit of the hacking incident was the North Korea behind the attack and South Korean government still investigating this matter. This incident will surely raise a red flag for all virtual currency investors to be very careful on their hard-earned currency. Exchanges are still weak and subject to hacking and these will scare-off a lot of investors. We must secure our coins and keep it from hackers, if possible we will store it in an external storage - The World of Cryptocurrency - Security
Agreed for the exchanges part... We need to work on securing our wealth further :) lots of potential wealthy investors are being scared by the fact there is no 100% guarantee for their investments
Investing in virtual currency is very risky indeed. We should secure our coins, exchanges is not that reliable security wise.
@enjoyinglife you have a cogent point and I reason with you. securing assets is important than liability
The woman has a point, I just agreed with her. Nice try though with your comment there. ^^
Agree! 😄
So what's really the faith of cryptocurrency
I assume this is the reason why the price decreased this much ... I have to agree with you on the fact that there are more and more cases about people getting hacked and losing their wallets.Recently I watched a YouTuber which became a millionaire and his wallet got hacked even though he had 2 factor authentication.
The only way to really protect your hard earned money is by storing them in an external wallet or so called offline wallet.
Thank you for this great post = )
Thats true.
Its very frustrating if we lost our hard-earned coins w8th those exchanges. Its better to store it in offline wallet such as razor or the like. Bitcoin is a treasure nowadays 😉
Indeed.If I get to a point where I have bigger amount of bitcoins or any other crypto then I would consider buying an offline wallet because its the best solution for now. Maybe there's going to be another solution soon but for now we got to use what we have.
@elizahfhaye sad to hear that Youbit was hacked and lost 17% of their total holdings including their user's online wallets and the worse thing it happened twice. Embarrassing situation for Youbit, In the World of business every things depends upon company reliability & Trust. Youbit will definitely lose the trust of people. Yes you are absolutely right it's our duty that we should secure our assets (coins) and keep it away from hackers. offcourse external storage is a great option. great post as usual. have a nice time:)
Youbit already declared bankcuptcy due to a series of cyber attacks. I think, they will open new exchanger and change their youbit name into other name to hide their worst reputation. Surely, no one will transact with them if they will retain the name youbit in their business.
Yes They have only one choice i.e change their name. Any way all the best to currency holders for the safe custody
Agree
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@ elizahfhaye its obvious Bitcoin is in below $15k, it really affect me in the act of selling my sbd at a cheaper prizes. I pray bitcoin recovers soon.
For sure it will recover this coming few days, we will just wait for it :)
I pray so
Hopefully 😉
Hackers have been hurting the crypto market. Last November a similar thing happened and BTC dropped from 1k to 400 USD. Of course the rest is history but it does cause some uncertainty in the market.
I still believe BTC and other crypto will pull through and will stand through this test.
i agree, hackers nowadays very busy finding a way on how to penetrate those huge online wallets and xchanges. lets be very careful
Yep it seems like their targeting the big exchanges. But even if it was a smaller exchange, its still not good for the cryptoworld.
However, I think the harder you hit the blockchain , it's only gonna get stronger!
you have a point, hackers are parts of it, more so, lets reason with it from the aspect of inflation and deflation in the economy, exchange rate and the likes.
very important news. thanks for sharing
Thanks buddy
Things are getting seriuos :/
Its very frustrating if your hard-earned coin will be gone :(
Let's hope someone will do something for that :s
We are still hoping 😓
Damn.. first I'm hearing of this.. the 2nd attack that is.. these exchanges really need to tighten security.. but then again you shouldn't keep your funds on a exchange..
yup agree, lets not keep our funds in exchange for a long time.
This is getting worse, hope it gets better soon
Hopefully buddy
oh no! Thanks for reporting the news. @elizahfhaye
Thanks 😉
welcome
😄