Cryptocurrency is a pool of so many terminologies, which is essential for every crypto enthusiast to brush up knowledge about them. Among these terminologies is forking. Whenever there is a split in blockchain technology, it has resulted in the spawning of hard forks. Bitcoin is the best example to quote here. As there were some loopholes found in the latter cryptocurrency, it became the need for a new updated version of this digital currency, in the form of Bitcoin Cash, and its other sibling hard forks. It is very important to know about what is a soft fork and a hard fork. Apart from gaining all about such knowledge, you must also be aware of scams that are possible in cryptocurrency. Today, we will have a glance over some popular cryptocurrency scams in 2019. Here you will come to know the clever hackers easily got away with it.
2019 has been a lucky year for the cybercriminals.
According to a report, users, crypto exchanges and investors have experienced theft of $4.26 billion in January. The success of any crypto hacking becomes possible when the offenders are lucky enough to grab the opportunity to escape very easily. This indicates that these perpetrators have no fear of law, which is why they are confident enough to practice the art of cryptocurrency theft from the users and to get themselves involved in money laundering. After that, these fraudsters are smart to find the exit door and spend those currencies for their selfish motives.
XRP Theft From GateHub
This counts among the popular cryptocurrency scams in 2019. The scam happened in June when hackers smartly get away with XRP tokens from the users of GateHub in the same year. Then came a statement from GateHub on June 6 that revealed about comprise about speculated 100 XRP Ledger wallets done by cybercriminals. Investigations are still in progress by the company about the hacking activity that happened in June 2019. Contacts were being made to wallet holders. So far there has been a recovery of around 500K XRP having worth of $200K.
$40 Million Stolen From Binance By Hackers
Binance ranks among the popular worldwide cryptocurrency exchanges, but in May 2019, it too had suffered a loss of $40 million. It feels surprised to know about the theft in such a renowned exchange like Binance. The cybercriminals not only managed with stealing 7K Bitcoin but also with API tokens and valid codes. According to Binance, hackers agreed for the accounts of high net worth. The well-known crypto exchange has declared in its statement to use SAFU (Self-Insurance Fund) to envelope user losses.
Kraken Too Became Victim Of Hacking
Joining the list of popular cryptocurrency scams in 2019 is Kraken. It is a well-known platform for trading in top cryptocurrency, Bitcoin. This popular trading exchange too had tasted the sour experience in the flash crash which led to the sudden downside of cryptocurrency price. According to research, hackers stole 1200 Bitcoin having worth $10 million.
Bitrue Experienced Hacking Of $4 million
After Kraken, Bitrue, a popular cryptocurrency exchange of Singapore too had experienced hacking, when in June 2019, $4.2 million in user assets were being stolen. The hacking activity became possible when perpetrators managed to foil the security system of Bitrue exchange. A statement came from this cryptocurrency exchange regarding lost funds to be returned to its users and also to amend its security system. This comes as another example among the popular cryptocurrency scams in 2019.
After getting to know about these popular cryptocurrency scams in 2019, now you know how scams and practice of hacking can bring so much loss to these crypto exchanges. Leave, Kraken, and Bitrue, it is very hard to imagine hacking targeting Binance, one of the world’s popular cryptocurrency exchange. Cybercrimes are very crucial and negative factors for any digital technology including cryptocurrency. The only way to combat these challenges is when crypto exchanges work on their security measures with necessary changes. Besides grasping knowledge about topics like the difference between a soft fork and hard fork or any other crypto term, it is better to be aware of the scams in the crypto world.