Continuous hackings speak not only to the uncertainty of the crypto market but also the frail infrastructure of cryptocurrency that could seriously undermine crypto being a permanent, stable currency with a real-life existence as opposed to its virtual existence in cyberspace. If hacking becomes a usual occurrence, would it lead to crypto's demise or a quicker regulatory framework being instituted at a deep cost to investors, along with financial and tax burdens. You be the judge!
See article for more info: Italian cryptocurrency exchange gets hacked for $170 million in Nano - https://techcrunch.com/2018/02/12/bitgrail-hack-nano/
The obscure Italian coin exchange BitGrail looks to be the latest cryptocurrency cautionary tale. On Friday, the site posted a notice to users informing them that hackers had made off with 17 million units of Nano (XRB), the coin formerly known as RaiBlocks.
Unfortunately for early adopters who stick around with the tiny exchanges and don’t implement basic security like a cold storage wallet, that leaves a lot of money at risk with small companies that often don’t take cybersecurity seriously or have the resources to adequately protect their holdings. It’s also possible for obscure exchanges to claim a hack and vanish altogether, though international regulators are seeking to put more accountability in place.
The BitGrail hack is the second major cryptocurrency hack this year. In January, Japanese exchange Coincheck reported that hackers made off with $530 million in virtual cash.
Nano prices dipped as BitGrail informed users of the hack, but the coin appears to have perked up over the weekend.
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