The Ill Wind of Bitcoin Exchange Hackings - Once Bitten, Twice Shy (Part2)

The Ill Wind of Bitcoin Exchange Hackings - Once Bitten, Twice Shy (Part2)

The blockchain technology is now sitting at a stage of evolution that is somehow similar to the that of the internet in the 1990s. No one can overlook the millions of dollars invested, the hefty merchant adoption and the large number of businesses inspired by bitcoin and the blockchain technology. Nevertheless, the lack of standardized security models has rendered most of today's bitcoin exchanges & businesses vulnerable to hack attacks, especially when basic security measures are overlooked. The aftermath of this immature and inconsistent handling of security issues has unfolded many....


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The latest lawsuit that unfolded the hacking scandal of Bitpay, which led to the loss of more than 5000 bitcoins, enkindled the whole "history of bitcoin exchange hackings" which is now flashing before my eyes, so I thought I can write a piece that looks through these scandals in an attempt to find a cure to this "plague" that is presaging the future of bitcoin. Bitcoin Exchange Hackings - An Introduction. It seems like not a month passes without me being hammered by the news of some bitcoin exchange or bitcoin payment processor getting hacked and losing thousands of bitcoins. Fortunately,....

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Quotes

If it gets very popular, I can see the government clamping down. I think it would lead to a massive drop off in the number of users.

Alistair Cotton, Senior analyst with Currencies Direct