The impact of Bitcoin hacking incidents in the crypto market
Studying the question of how Bitcoin hacking incidents affect the uncertainty in the overall crypto market. In the 2013–2017 period, 29 hacks occurred in the Bitcoin market where a total of 1.1 million Bitcoin were stolen. Noting that the average price for Bitcoin (BTC) in December 2020 exceeded $20,000, the corresponding monetary equivalent of losses is more than $22 billion, which strongly highlights the societal impact of this criminal activity. What did crypto exchanges do to address this problem? Nowadays, about 90% of exchanges use some kind of cold storage system, which means that....
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LeakedSource publishes stolen data from BitcoinTalk and BTC-E hacking incidents in the past two years. Hacking incidents are not unheard of, especially in the Bitcoin sector. The frequency of reports on Bitcoin exchanges being compromised is on an increase. However, the extent of damage is not always clear, except in cases where the targetted platform decides to divulge the details in the name of transparency. Sometimes it takes years before the user gets to know the full story. LeakedSource, a website that keeps track of stolen user information has published information about the security....
A total of 169 blockchain hacking incidents have taken place in 2021, with nearly $7 billion in funds lost. Compound Finance is just one of the latest victims of DeFi hacking incidents in 2021. On Sept. 30, its errant token distribution bug within the Proposal 062 exposed a flaw in which $70 million–$85 million in excess COMP tokens were wrongly distributed to users. Yet, an extra $65 million was placed in a vulnerable vault a few days later, resulting in at least $150 million in COMP tokens at risk. But, while Compound was able to remedy the entire situation, it shows how vulnerable the....
The Australian press has questioned the decision of ASX to implement blockchain technology in the light of recent Bitfinex security breach. The Bitfinex security breach, which closely followed the hacking incidents faced by Shapeshift and Gatecoin has shaken the finance community. With so many financial institutions currently invested in Blockchain technology, they fear that they may be next to face such security threats. Technology platforms get hacked occasionally, thanks to cyber criminals who are constantly trying to make a quick buck at others’ expense. While security issues faced by....
Bitmarket.eu hacking incident back on 2012 may have a connection to the LinkedIn and Dropbox hacks by Yevgeniy Nikulin. For those who do not remember, Bitmarket.eu used to be a Bitcoin exchange run by two Polish developers. The developers, Maciej Trebacz and Pawel Makulski operated the exchange platform for about two years before it became a victim of a hacking incident. While Bitmarket.eu has been reduced to a cryptocurrency blog following the incident, the hacker who may have been responsible for its plight may soon be facing trial. According to reports, a Russian national by the name....
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,....