Updated: Jul 13, 2018
It’s true that technology has opened up a spectrum of possibility that yeas ago weren’t very possible, now with our instant communication on smart phones, apps it’s all constantly changing, and with this change there is also more vulnerability because everything is becoming digital … this means trusting a device and its software to secure our information, weather its bank information or your social network information, this digital transformation has brought an known field called cybersecurity, this type of security reduces the risk of cyber attacks by using software and protocols to protect data.
According to cnet “The leaders of six of those agencies, including the CIA, the NSA and the FBI, testified before the Senate Intelligence Committee on Tuesday, during its annual "Worldwide Threats" hearing. They discussed concerns ranging from terrorist attacks to nuclear strikes, but a major portion of the hearing was dedicated to discussing threats coming from technology.” The article also stated that “In December, President Donald Trump issued a national security strategy document that described cybersecurity as a top priority, citing threats including hackers from criminal enterprises and from places like Russia, China and Iran”.
In my previous blogs I’ve mentioned how the mining process is done for both adding a transaction and releasing new coins and how this new blockchain technology is very high on security, well it appears that hackers have found a way to illegally mine cryptocurrency.
bbc reported this month that hackers hijacked government websites and others worldwide, BBC technology correspondent mentions that the rise in the value of Bitcoin has all eyes on this cryptocurrency, therefore more attractive to hackers. One of the topics that I have mentioned is the importance of mining bitcoins and how much process goes into it, equipment, time, and electricity, hackers still found a way to insert software into websites and the visitors that go on the infected website, will be mining cryptocurrencies with their private computer and use up energy and equipment without even knowing at the moment.
Last January Coincheck a cryptocurrency exchange was hacked and the company lost near $500 million in cryptocurrency, this is one of the biggest cyber-attacks in history, according to www.fortune.com the article also mentions that this hack has raised many questions regarding the security on Bitcoins. I’m sure this is very scary for all the people who had their cash stored in this exchange or in other exchanges, seems its not very secure.
As I was reading about this topic online I realized that there have been many other hacks before on crypto exchanges, back in 2014 one of the first one was an exchange called Mt. Gox from Tokyo. The exchange was one the first Bitcoin exchanges in the world with many customers, the loses from this hack were 850.000 Bitcoins, according to www.coindesk.com, many advise that the safest place to keep your cryptocurrency are in software wallets. Davinci Jeremie owner of Davinci Codes based in Chile warned about this situation back in 2013, this is the link if you are interested in watching his video on his YouTube channel (davincij15)
I believe that Bitcoin currency works, with all the needed processes and even though there is no third party involved it still records all movements made within there cryptocurrency in the ledger therefore trackable, so it is not completely anonymous, but other cryptocurrencies like Monero, designed to make transactions untraceable from senders to recipients… just ruins credibility because why make it untraceable? This type of activity might make all cryptocurrency look bad over all throwing them all into the same basket.
It may seem very scary especially if you are new to this encrypted world but its best to be updated in bitcoin news and videos because maybe if more people had seen warning videos like the one I mentioned they would have got out in time… the best thing people can do is keep their coins stored in wallets where they are less vulnerable to these exchange hacks.
Hope you enjoyed it, feel free to comment.