Latest Cryptocurrency Exchange Hack Highlights Need for Better Security Protocols
It comes with the territory that digital currency will be susceptible to digital threats. Hacking and theft have almost grown up side by side with things like Bitcoin, and, as the popularity and value of the digital currency rises, its attraction to thieves also grows. The most recent major hack has seen one of the top five biggest Bitcoin and Ethereum....
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KuCoin users were unaffected by the $285 million hack of 2020, as insurance funds covered the $16 million unrecovered from the incident. KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on account of the hack that occurred in 2020. The KuCoin chief made this known as part of a letter titled “2020, 2021, and Beyond.”Back in September 2020, the cryptocurrency exchange suffered a security breach with 230 different cryptos stolen from its hot wallet. At the time, the total theft amounted to about $285 million.In the letter, Lyu revealed that the combined efforts of other....
On the latest episode of the Bitcoin.com Podcast, our host Zach Doty sat down with ShapeShift CEO Erik Voorhees to discuss the recent hack that took place at the exchange. Voorhees detailed the events before and after the hack, sharing his personal reactions to the theft. Voorhees spoke with Zach as a follow up to the guest post Voorhees published on....
While Binance Smart Chain expands its footprint, hacks on DeFi protocols housed on the network increase hand in hand. Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB). In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well.The latest victim in the series of exploits is....
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....
After a crippling hack, KuCoin looks to return to normalcy — but what's next for the troubled exchange? In the latest step towards full recovery after a devastating hack in September, Crypto exchange KuCoin announced today in a blog post that it has “restored the deposit and withdrawal services of all tokens.” The announcement follows a partial reopening that took place in October where users could move their BTC, ETH, and USDT off the exchange. This latest step opens withdrawals and deposits to all coins and tokens, though certain tokens may have withdrawal limits due to what the exchange....