cryptocurrency hacks: from past lessons
Crypto curry world has increased exponentially in recent years, and Bitcoin and other digital currencies have gained popularity worldwide. However, as with any high -risk investment, the market is not without its risks. One of the most important concerns in the cryptocurrency space is a hacking – a phenomenon that can cause significant losses for investors.
In this article, we will come to some of the most prominent hackers in the history of cryptocurrencies, emphasizing the main moves and insights from these incidents. We will also study the best practices to reduce the risk of becoming a victim of such attacks.
Significant cryptocurrency
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Equiti (EQTI) – 200 million USD Hack (2017)
In June 2017, Equiti, cryptocurrency stock exchange and purse provider suffered a significant violation, resulting in theft of about $ 200 million. Hackers used vulnerability in the company’s mobile application to access user agents.
Learned Lessons:
* Safety Vulnerability : Equiti was unable to load security holes in their mobile app, showed sensitive user data and caused significant losses.
* Lack of Consciousness : Users may not know the potential security risks that facilitate the use of vulnerability for hackers.
- Bitconnect – one billion dollar hack (2017)
In April 2017, the cryptocurrency trading platform Bitconnect experienced a major hacking, which resulted in stealing about $ 1 billion. Hackers were believed to have used the disadvantages of company user software and authenticity.
Learned Lessons:
* Sophisticated identity theft attacks : Hackers used social engineering tactics to access user accounts.
* Lack of solid security measures : Bitconnect failed to introduce sufficient security protocols that facilitated the target of malicious participants.
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Coincheck – $ 530 million Hack (2018)
In January 2018, the Japanese cryptocurrency and the Guardian exchange Krincek suffered a significant violation, resulting in a cryptocurrency theft of approximately $ 530 million.
Learned Lessons:
* Use strong safety measures : Exchange owners must implement strict security protocols to protect user funds.
* Regular monitoring of transactions : Regular monitoring can help early detect suspicious actions.
- Paradigm – $ 160 million Hack (2020)
May 2020. Paradigm, the exchange and guardian of cryptocurrencies, suffered a major violation, which resulted in theft of the cryptocurrency worth about $ 160 million.
Learned Lessons:
* Spend strong safety measures : Exchange owners need to introduce several security layers to protect users’ funds.
* Spend regular risk assessments : Regular assessments can help determine possible vulnerability and prevent violations.
- Mt. GOX – $ 950 million Hack (2014)
January 2014 The Japanese cryptocurrency stock exchange, Gox, suffered a significant violation, which resulted in theft of the cryptocurrency worth around $ 950 million.
Learned Lessons:
* Spend strong safety measures : Exchange owners need to introduce several security layers to protect users’ funds.
* Regular audit and risk assessments : Regular audits can help recognize possible vulnerability and prevent violations.
In conclusion, hacking in the crypto currency space is a true concern that requires the attention of investors. By learning from a prominent history of HACKS, we can reduce the risk of becoming the victim of these attacks. The introduction of strict security measures, regular risk assessments and recent development information can help protect user agents and prevent violations.
Best practice to reduce risk
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