My thoughts on Cryptocurrency hack
We know that Cryptocurrency is growing exponentially. Currently, Almost all cryptos are showing positive price movement though we have experienced huge downfall just a week before. Bitcoin and Altcoins lost more than half of their value from their all-time high. The more we see the growth of Cryptocurrency, the more we see cryptocurrency hack.
Mt. gox was the first big bitcoin hack. Hacker steals 850,000 bitcoin from the exchange. As a result, Mt.gox had filed for bankruptcy. That was not the last hacking incidence. Still, We have seen a lot of exchange hack. Recently, hackers steals $435 million worth of NEM from another Japanese exchange Coincheck. Later coincheck decided to compensate the investors.
How to protect your Exchange wallet:
If you look at the Steemit advice on spam and phishing links, You will get an idea how to protect your account
Beware of spam and phishing links in transfer memos. Do not open links from users you do not trust. Do not provide your private keys to any third party websites.
Phishing is the most common techniques used by the hackers. Never click on the unkown links. Scammers set up fake websites that resemble reputable business sites in order to get you to enter your account or personal information. Double check your website name where you are entering your personal information.
What is the solution for this exchange hack? to me, the Decentralized exchange is the best solution? What do you think what is the best solution to prevent exchange hack? Please leave a comment below.
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