2021 Cyber attacks on cryptocurrencies-crypto currency exchange

2021 Cyber attacks on cryptocurrencies-crypto currency exchange

Of course, there is a lot of profit and loss in the work of corrupt currency. But people are investing money in it overnight in the cycle of getting rich. But is this investment safe? in 2021 Many cyber attacks on crypto currency exchange have made this suspicious. Why don't brokers who make so much profit pay attention to their security?So let's find out who was affected by the 2021 Cyber attacks on cryptocurrencies.

People lost their money

Taxi driver Chris was anxiously checking for updates on his phone. He was worried because he said, "I could lose about 2500 euros worth of cryptocurrency."

Chris introduced himself as a cryptocurrency
 trader from Austria. Chris is also one of the victims of last week's hacking attack on a cryptocurrency exchange called Liquid Global.

The company says it will pay the drowning costs of all its customers affected by the hacking attack. The total cost of the attack is estimated at  100 million dollars.

But until they get their money back, many consumers will be upset.

Whenever Chris, 38, puts a passenger in his old Volkswagen taxi, he realizes the danger.

"My car is 20 years old. I can buy a new car. The sunk money is too big for me. It takes me at least a year to save that much money." A 27-year-old man in Indonesia is also very worried. "I have about, 30,000 dollars. and I need that money to make a living," she says. I am just a housewife trying to make money from cryptocurrency.

A 42-year-old Norwegian doctor, on the other hand, says he has difficulty keeping an eye on anything because his accumulated wealth over the years seems to be disappearing.

"I had 970,000 euros. This is very disturbing for me. I'm under a lot of pressure, I think about it all the time.

James, who lives in Sydney, says his parents are deeply concerned about the hacking. James was able to withdraw his money before the company stopped the transaction.

"My parents had a bitcoin worth about 70,000 Australian dollars. It was a huge amount of money for them. "

"It simply came to our notice then. At first, they did not understand what was happening and then they thought they should sell the bitcoin as soon as possible, and in the process, they lost about 10000 dollars.
Liquid Global was hacked last week and it is highly unlikely that the company will be able to recover the money. The Japanese company said on Wednesday it was conducting a "comprehensive security review" and wanted to reassure consumers that they would not suffer any financial loss as a result of the incident.

Are these exchanges secure?

Exchange cryptocurrencies such as Liquid Global are of paramount importance in the currency world. These are the websites where people can buy and sell digital coins like bitcoin or etherium and many people keep their coins here for safekeeping but there are questions about the security of these exchange companies.

Cyber attacks on crypto currency exchange

Earlier this month, another corrupt platform, PolyNetwork, was hacked and 610 million was withdrawn from users.
In addition, there have been several attacks on other web services and at least 6 1.6 billion has been stolen since 2014.
Major hacking attacks on cryptocurrency
Butt Grail: In 2018, 146 million were stolen from the Italian exchange. An estimated 230,000 users were affected by the hacking attack
Quinn: In 2020, North Korean hackers allegedly attacked the Seychelles company and stole 1 281 million. The company recovered the money and most of its customers were reimbursed
MT Gox: In 2014, 450 million bitcoins were stolen from this Japanese exchange, after which the company went bankrupt. No refunds have been given to any user yet
Coin check: 534 million stolen from Japanese exchange in 2018. Customers were finally refunded
PolyNetwork: 610 million was stolen from this Chinese platform earlier this month. The hackers returned all the money and the process of returning the money to the users is underway
Millions and even millions of dollars are being stolen every few months and since there are no more laws regarding these platforms, there is no guarantee that consumers will get their money back.

Hacking attacks on traditional banks

Dr. Amber Ghadr has worked for several large banks and has now created the 'Corrupt Currency Platform Alliance Block'. She says hacking is also common in traditional banks.

He pointed out the thefts of 81 81 million from a Bangladeshi bank in 2016 and 17 171 million from Union Bank of India in 2017, but in both cases, the money was recovered and no customer was harmed. Did not happen

Dr. Ghadr says that crypto hexes mean that the sector is growing faster than necessary.

"One of the problems is that these systems are built on open source technology. Open source is great because it takes advantage of people's collective intelligence in which the community itself improves software and protocols, but its weakness is that a single intelligent person can break its code.

Dr. Ghadr believes that there is only one way to avoid these attacks and that is to legislate in this regard.

"We need to improve the system. We need different standards that need to be monitored so that the market can be secured. "
Corrupt commotion
In addition to cyberattacks, everyday investors have also been targeted by corrupt schemes such as exit schemes or rig pulses over the years.
Investigators are still trying to figure out how millions of dollars disappeared from an exchange called AfriCrypt earlier this year when its founders fled.
Similarly, users of the Canadian exchange Quadriga CX are still fighting for a refund when 135 million was not available in 2019 after the death of its founder.
Even in the traditional financial system, there are many victims who fall victim to large-scale pyramid schemes or other frauds that may outweigh the losses in the world of cryptocurrency.
But despite the rapid growth, the crypto market is still small and recent history tells the story of security issues in the industry.


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