How to Make Bitcoin Thefts Impossible
The list of bitcoin thefts is far too long. Over the past, almost, eight years, we can roughly estimate $1 billion or more have been stolen. Each time, there is devastation for the individuals involved and the wider community as bitcoin’s security is brought to the forefront. This is followed by a backlash from the wider media and public who have been keen to disparage bitcoin ever since the first major hack in 2011 when many dismissed it as insecure. But, is there a solution or are we forever to live with these far too frequent theft stories? For bitcoin to function and have any value it....
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The role U. S. government agents played in bitcoin thefts at Mt. Gox in 2013 has generated a lot of media coverage recently. But one security firm investigating the Mt. Gox thefts, Tokyo-based WizSec, believes the agents did not play a significant role in the missing bitcoins. The Mt. Gox exchange collapsed in early 2014 and declared bankruptcy. In a recent blog post, WizSec provided an update on its investigation. "First of all: no, we don't think these agents are main characters in the story of the missing MtGox bitcoins, and the story doesn't begin in 2013 either," the blog post noted.....
Cryptocurrency exchange losses have been a nuisance since Bitcoin was first created. Many remember the loss of roughly 850,000 BTC in the demise of Mt Gox and the most recent 120,000 BTC Bitfinex compromise. However, over the course of the past eight years there has been various exchange hacks and/or inside jobs. 50+ Cryptocurrency Hacking Thefts Since....
Efani’s solution to SIM swapping? Make it so difficult to make changes to a cell phone account that an attack is virtually impossible.
There isn't a month that goes by where someone doesn't take to their computer and check their balance in their bitcoin wallet, only to find that there's something missing. It happened with Mt. Gox; it happened with MintPal and it even happened recently with Blockchain.info, a wallet that was thought to be a highly secure form of storing coins. These thefts happen due to vulnerabilities in the systems implemented by these companies (not the Bitcoin protocol itself), but the bitcoin ecosystem doesn't see many changes and innovations to solve the problem. One of the major problems, of course,....