The digital nature of Bitcoin makes it vulnerable to hacking. - cc: Twingatehq cryptocurrency security
makes it vulnerable to hacking. While traditional banks holding fiat currencies are not exempt from breaches, incidents happen more frequently with cryptocurrencies. Since the emergence of Bitcoin, the loss due to theft within the system has surpassed $1 billion. As digital currencies become more valuable, security threats are increasing.
Fortunately, after suspending its operations for a couple of days, the exchange was back on its feet. In 2014, the exchange took another blow. This time, more than 750,000 BTC was stolen and the exchange closed down and filed for bankruptcy.The problem of cloud security in the crypto ecosystem became even more apparent when Binance, the most popular crypto exchange, was breached. The malicious attack, occurring on May 7, 2019, led to the loss of an estimated 7000 BTC.
Shortly after the attack was discovered, Bitstamp made an expensive but necessary decision to rebuild our entire trading platform and ancillary systems from the ground up, rather than trying to reboot our old system. We did this from a secure backup that was maintained in a ‘clean room’ environmentThe exchange was not as forthcoming with information and allegedly lost customers.
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