US $72 Million worth Bitcoin Units Stolen from Bitfinex in Hong Kong Poses Security Questions on Bitcoin Exchange
Bitcoin, the internet based cryptocurrency, has become one of the popular currencies to invest in among investors and preferred option to trade and make purchases over the web among businesses and customers alike. However, after what just happened recently with Bitfinex exchange in Hong Kong, has raised a big question regarding the safety and security when it comes to engaging in transactions using Bitcoins.
Approximately 120,000 Bitcoin units that were worth 72 million US dollars were stolen earlier this month from Bitfinex, the digital currency exchange platform located in Hong Kong, making it the 2nd biggest security breach of this kind.
MtGox, Bitcoin exchange platform in Tokyo witnessed the biggest security breach in the year 2014 when hackers managed to steal Bitcoins of customers worth 650 million US dollars.
The theft that happened just recently is shocking and alarming as Bitfinex in Hong Kong is among the largest Bitcoin exchange platforms integrated with excellent security measures and has high liquidity in the American dollar per Bitcoin currency pair. According to Bitfinex’s community director, Bitcoins were stolen from segregated wallets of the users. And the volume that was stolen is about 0.75% of all the Bitcoins in circulation. So far, nothing can be said as to whether it was an insider job or stealthy hackers managed to break into the system.
Bitfinex is conducting initial investigation and adopting new measures to enhance the security environment of the platform for future. However, until the investigation is complete, the company has taken down its website. During the investigation stage, the company will do an in-depth analysis of the theft that occurred recently and also determine 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, collateral and associated financing that may have been affected by the Bitfinex security breach. The company has also reported this act of theft to the 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 and more importantly, will help prevent hacks.
When it comes to the best security measures to protect Bitcoin exchange, we’d say invest in Firewall protect. 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 protect is possibly the best way to secure your digital currency from getting stolen.
For more information on Firewall protect, get in touch with IT Solution today. Our experts can walk you through why you should install Firewall and how can it help you secure your cryptocurrency transactions.