The US $72 Million worth Bitcoin Units Stolen from Bitfinex in Hong Kong Raises Questions on Bitcoin Exchange
Bitcoin, the internet-based cryptocurrency, has become one of the popular currencies to trade and invest in among investors. It is also the currency to make purchases over the web among businesses and customers alike. However, after what just happened recently with Bitfinex exchange in Hong Kong, there are questions regarding safety and security when it comes to engaging in transactions using Bitcoin units.
Approximately the hackers have stolen 120,000 Bitcoin units worth 72 million US dollars earlier this month from Bitfinex, the digital currency exchange platform in Hong Kong. This makes for the 2nd biggest security breach of this kind.
MtGox, the Bitcoin exchange platform in Tokyo witnessed the biggest security breach in the year 2014. This was when hackers managed to steal Bitcoins of customers worth 650 million US dollars.
The theft that happened just recently is shocking and alarming. Bitfinex in Hong Kong is among the largest Bitcoin exchange platforms with excellent security measures and high liquidity in the American dollar per Bitcoin currency pair. According to Bitfinex’s community director, Bitcoin units were stolen from segregated wallets of the users. And the lost volume is about 0.75% of all the Bitcoins in circulation. So far, nothing can be said as to whether it was an inside job or stealthy hackers managed to break into the system.
Bitfinex is conducting an initial investigation and adopting new measures to enhance the security environment of the platform for the future. However, until the investigation is complete, the company has taken down its website. During the investigation stage, the company did an in-depth analysis of the theft that occurred recently. They also determined the exact value of the currency stolen from user accounts. It will go through every customer losses and will aim to settle open-margin positions. In addition, collateral and associated financing that resulted from the Bitfinex security breach are also in question. The company has also reported this act of theft to law enforcement agencies in Hong Kong.
How to Secure Your Digital Transactions?
This news is alarming for everyone dealing with or in Bitcoins. To ensure that your Bitcoin transactions are safe and secure, it is important that take adequate security measures too and engage suitable IT services. Adopting the best security measures can help you significantly lower the risk of becoming a victim. More importantly, will help prevent invasive and discreet hacking activities.
When it comes to the best security measures to protect Bitcoin exchange, we’d say invest in Firewall protection. Once you buy and install Firewall in your digital landscape, you’ll be able to block malware and hackers from attacking your computer and trying to take out and transfer Bitcoin wallet files to a server located remotely. Simply stated, installing Firewall security is possibly the best way to secure your digital currency.
For more information on Firewall protection, get in touch with IT Solution today. Our experts can walk you through why you should install a Firewall. This can help you secure your cryptocurrency transactions.