🔴Are you kidding me?! Another $200 million dollar hack.....🙄🙄🙄
Are you kidding me?
As I was scrolling through the crypto news today like I usually do, something caught my eye. A 200 million dollar hack just happened, and not one person said a word. This was from BitGrail. As a mainly Italian exchange, this is one of the only areas to buy the crypto NANO. So in result from NANO there was a loss of 17 million tokens... That is a ton, and even though this is not as big as the coincheck hack or Mt. Gox, this is still significant. Just think 200 million dollars (more specifically 195 million) is one huge chunk of money.
Things that have made BitGrail a sketchy exchange:
There has been a lot of tension in the BitGrail community due to their curious action in the past few months. First they stopped all withdrawals and deposits of the currencies NANO, and LISK. Then they talked about a deal that they made with the government about identity, when there was never any deal made in the first place. Lastly, the head guy of lisk then asked the creators of NANO to fork the currency to make up for the lost funds. In what world does he actually think that would work. Like this makes me super critical of BitGrail, because they seem to show not much transparency in their business, and not many people trust them at all.
BitGrail Exit Scam OR Legit Hack?:
One of the big questions I got from all of this was did BitGrail just pull off a exit scam/stealing of customer resources or did they actually get hacked. So, as we don't even know the answer to this question one bit, I don't think that the possibility of an exit scam is that far off. By the way, when I say exit scam, I more or less mean them taking their customer's funds. Which in the case of this, I think what they are doing would be a pretty genius cover up. IF they are stealing from people, it is almost as they are doing it on their own terms, with complete anonymity.
What will happen on overall crypto market?:
As this happened last week, we already know the initial reaction of the market. In being that nothing really happened to the market, because BitGrail is not a big exchange. Or even nothing happened because of CoinCheck, and they are a big exchange. So the indications show that the market will not probably be hit hard, but it is still a crazy, outlandish problem that needs to be fixed! If you find out the answer to all this Steemians, let me know over here!🤣
🔴Thank you for reading my post! I hope you guys enjoyed, and I'll see you in the next post! Feel free to ask questions or comment/upvote! 🔴
-Crypto DJ
I think we'll see this type of stuff again and again.. for a while.
Ya security needs to up its game.
I honestly wouldn't put it past them. This is why I only use an exchange when I'm moving funds out of my cold wallet.
Which one do you use. I have like a few that I use.....🤣
This is just the beginning of crypto theft, as the market gets larger the thief’s will get smarter. It keeps crypto evolving and changing! Mabey we should create an FDIC blockchain?
Not a bad idea! I think it is very needed, and if someone could make that process decentralized, that'd be golden!
I’m sure somebody’s working on it
It's just sad that people do that... ( if that actually is the truth ) . I mean things like this happen and the prices go down.Lets hope that the prices won't go down because of this, maybe you are right about the exchange not being too popular which means it won't affect anything but we will see.
Thank you for contributing to the Steemit Community.Keep up the great work and I'm looking forward to your next posts.
Thank you very much! @castbound There are just way to many hacks lately that it's pretty discerning.
How wonderful you are, I wish you more progress. I admire what you are offering us :)
Thank you so much! I'll go check out your work!