Crypto World At Your Finger Tips!
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Glancing At Some Popular Cryptocurrency
Scams In 2019
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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.
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● 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.
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● 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.
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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.
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$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.
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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.
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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.
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Conclusion
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.
Sources
https://www.cryptoknowmics.com/news/guide-to-forks-everythingyou-need-to-know-about-forks-hard-fork-and-soft-fork
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