After the bitcoin broke the $10,000 barrier, a debate took place behind the scenes of Techviral about when to report future cryptocurrency records. It seemed reasonable to comment when it was over $16,000 – and that has already happened. The price of the popular cryptocurrency bitcoin has risen 1500% since January. It’s a case to say that it’s crazy! Although many consider that the Bitcoin currency is nothing more than a “bubble scheme”, the truth is that it is already worth more than $ 19,000 and the record was reached on Saturday. In just 24 hours the value of the cryptocurrency grew by 10%. This popular crypto-currency, Bitcoin more than tripled in three months; in August, a bitcoin was worth $3,000. Since the beginning of 2017, when the currency was quoted at less than a thousand dollars, the accumulated valuation is about 900%. Currency exchange houses for crypto-coins are even more targeted by hackers. They move the equivalent of millions of dollars, and thieves can make money laundering relatively easily, avoiding being discovered.
What is Bitcoin?
We can refer in generic terms that it is a virtual currency created in 2009, based on the peer-to-peer (P2P) system. P2P is a system that does not provide for centralized authority to control currency or transactions, as with other currencies (for example, the INR. is controlled by the RBI). Instead, money creation and transfers are based on an open-source network in encrypted protocols that form the basis of Bitcoin’s security and freedom, making transactions instantaneous among users. The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this coin is created by means of a very complex mathematical formula. This time, the exchange house EtherDelta claims to have been hacked by hackers, who have taken control of their DNS server to offer a fake version of the site. According to the Mashable, at least 308 Ether units were stolen, equivalent to $267,000; as well as several tokens that are worth hundreds of thousands of dollars. EtherDelta is known to trade almost all Ethereum based tokens. These crypto-coins are issued in ICOs, an acronym for the initial offering of currencies – it is the equivalent of a stock issue on the stock exchange. The currency office has a daily volume of $11 million, according to the CoinMarketCap. It does not require user verification to start a trading, but only deals with crypto-coins – it does not convert them to dollars, for example. Currently, the site Etherdelta is out of thin air. Customers can access their portfolios at Deltabalances; apparently, EtherDelta’s system of intelligent contracts was not affected. As it has warned about the invasion through its Twitter account, which was not hacked.
This is just one among several recent hacks:-
NiceHash, based in Europe, claims to have lost $60 million after being hacked last week; Tether, a startup that works with exchange houses, says it lost $31 million in November; South Korean currency broker YoBit has filed for bankruptcy after being hacked twice this year, allegedly by North Koreans.
Even Coinbase is in trouble: it added support to Bitcoin Cash but had to stop the negotiations; now it investigating whether its employees have used inside information to profit illicitly. So, what do you think about this? Simply share your views and thoughts in the comment section below.
