The cryptocurrency community was recently shaken by the hacking incident faced by one of the reputed Bitcoin exchanges in the world. The Bitfinex incident earlier this month led to over $72 million in losses.
The loss of 119,756 bitcoins during the Bitfinex security breach makes it the second highest loss connected to an exchange till date. Mt Gox, the now defunct Japanese Bitcoin exchange tops the list with a loss of over $350 million, reportedly stolen by hackers. This year alone, some of the well-known cryptocurrency platforms like ShapeShift and Gatecoin were targeted by hackers.
According to reports, over one-third of all cryptocurrency trading platforms have come under attack, resulting in the theft of an undisclosed amount in Bitcoin. While these numbers go back as far as 6 years, the current security situation is no better.
Security breaches have become a common occurrence in the present world. With almost everything being connected to the internet at one point or another, puts them all at risk. However, for hackers, the rewards are much higher when it comes to Bitcoin platforms due to multiple reasons. For starters, Bitcoin is by itself a digital financial asset that can be easily transferred without having to