Unhackable Blockchain And Crypto Space Falls Prey To Hacks
The blockchain space continues to be unsafe for companies and investors due to plenty of hacks that influenced the space. According to data collected by PreciseSecurity.com, the total amount of money lost to hackers has touched $8.5 billion. Notwithstanding the enlarged regulations and controls, hacks continue to affect the industry.
Hackers hit the blockchain space
In previous years, hackers chose to concentrate on attacking crypto and blockchain-related companies and platforms. In general, these firms manage vast amounts of funds from users, and they have to guard their customers. Nevertheless, hackers are very active, and they are always executing distinct strategies to crack these systems.
In the last month, there have been many attacks on crypto and blockchain networks and platforms. For instance, on November 21, hackers started a trade rollback attack on TRON’s Dice decentralized application (dApp) that caused a loss of 18,808 TRX.
Meantime, the cryptocurrency exchange ‘Upbit’ was struck by a hack in which they lost 342,000 ETH worth $50 million. Yet, the method used by the attackers is still unknown. Other hacks involve the one encountered by Tron Lounge in which attackers were able to get 54,653 TRX and the 51% attack experienced by Vertcoin (VTC), losing 0.44 BTC.
Maximum attacks took place on the EOS network. One hundred fourteen hack events affected EOS decentralized applications, which can be decentralized exchanges, gambling, and other solutions. Exchanges are the second most attacked platforms. Fifty-nine exchange platforms have lost part of their funds due to their weak security measures and checks on the funds they handle.
The cryptocurrency exchange Coincheck was hacked by $500 million in early 2018, losing a large number of NEM (XEM) coins. Although Coincheck is now operating again, the platform is managed by new owners. Meanwhile, the most popular trading platform Mt. Gox, in 2014, lost around 850,000 BTC to hackers. This was the most massive hack ever recorded in Bitcoin’s history.
TRON dApps have also been attacked 19 times due to distinctive hacks, accompanied by blockchain networks with 16 hack events and wallet platforms with 14 hack events. Notwithstanding the new regulations that are being implemented by governments and regulatory agencies across the globe, it is essential to enhance the security of crypto and blockchain-related systems.
Larger and conventional investors would not feel content placing their funds in an industry that is attacked every single month and where vulnerabilities are prevalent. Data reveals there is still a place to develop blockchain and crypto security systems in the sector.