There have been concerns about the security vulnerabilities faced by Bitcoin exchanges and how people may end up losing money by investing in digital currencies. The governments and central banks across the world have also issued circulars en masse couple of years ago declaring Bitcoin and other digital currencies as high-risk investments and also warning people about various security risks. Also, attacks on Bitcoin exchanges and wallet services have received widespread media coverage in the past.
While the governments and banks continue to convince people that fiat currency and banking institutions are the most reliable and secure components of the monetary system, the recent report based on information obtained through the Freedom of Information Act has revealed that the cyber security of US Federal Reserve doesn’t even come close to that of many Bitcoin exchanges operating today. The report has revealed that the Federal Reserve has faced over 50 security breaches during a span of 5 years.
While there is no information about whether the hackers were behind money or financial information, these hacks between 2011 to 2015 have uncovered a chink in the armor of what is supposed to be one of the most secure entities. The information reported by Reuters