Chris, a cab driver, was impulsively looking at his mobile for the latest news. He said that" I am set to lose almost 2,500 euros worth of cryptocurrency coins". Chris narrated himself as a sufferer of an assault of cryptocurrency that happened in the previous week. He called himself a small-scale crypto holder from Austria. The firm has claimed that it will refund the loss to the clients that have suffered the loss in the $100m strikes. Many clients are disturbed as they didn't receive their costs back. Whenever Chris is on the journey, he got his memory fresh about last week's incident. Chris was worried because his cab was 20 years old and he has thought that he would buy a new one with the money that he used to save. It can take a year to save the lost money, and this thought was giving him a wave of frustration.
A 27 years old Dina was a housewife in Indonesia, and she was in a state of trauma" I am feeling so angry with the hackers, and I am feeling stress for myself. I have around $30,000 and I need that money to live on. I am just a housewife trying to make money from crypto". On the other side of the coin, a 42 years old doctor was also trying to cope with the situation as he has suffered from the loss that he saved in the last couple of years. He added," My liquid balance is 969,000 euros. It's extremely worrying to me and my stress is at 8 out of 10. I am always thinking about it".
James, located in Sydney, stated the disturbance of his parents due to the shock, who were used to cash out the savings before the authority has obstructed the dealings. "My mom and dad had one Bitcoin on there, so about 70,000 Austrian dollars," and it was a huge amount for them. This loss has created a lot of fuss. In the start, they have no that what's going on; then, they realized that they had lost their A$10,000.
On Wednesday, the Japanese business stated that they are trying to make a security arrangement, and they will assure their clients that they will not have to bear any loss because of these types of incidents. Many clients protests that they don't have any idea about the happening, and they got the news from firm tweets and company reports.
The liquid exchange plays an important role in the rising field of cryptocurrency. These are the web pages that permit the masses to sell and purchase digital currencies and are a site where the public can save their rupees for future purposes. But the protection of this site is not reliable as many happenings are evidence that this web page is not worthy. At the start of this month, another program of crypto known as the poly network was also got hacked, and the company suffered from a loss of $610m from the client reserves. Since 2014 a lot of these types of hacks have taken place, and it is estimated that the total loss is about 1.6bn Euro.
In 2018, the Italian exchange suffered from a loss of about $146m. In this hack, approximately 230,000 BitGrails customers have lost their reserves. In 2020, North Korean hackers got the amount of $281m, but this firm has created a refund policy and managed to return the cost.
Despite its high rising growth, these all happenings have put a question mark on the security of crypto. Recently a crypto hacker has mentioned," We, the hackers, are the armed forces. If you are given weapons and guarding billions against the crowd while being anonymous, will be a terrorist or the Batman?"
Reference:
https://www.bbc.com/news/technology-58331959
Published by: Book Club