Wednesday, August 31, 2016

Block chain technology: A third of all Bitcoin exchanges has been hacked –

The researchers Tyler Moore stated in an empirical study that in the period 2009-2015 one third of all Bitcoin Exchanges was affected by reportable Hacks which reports Reuters. The study will soon be published in full text


The last hack a bitcoin exchange is back only a few weeks. With the slump in the Bitfinex-Exchange Bitcoin were stolen, worth 70 million US dollars. Ultimately paid all customers the hack with a sharing of losses of 36 percent. In the past there have been repeated attacks on Bitcoin exchanges where some significant amounts were lost.

Moore is not sure that the series will end partly spectacular hacks soon : “. I am skeptical that there will be a Silver Bullet, to solve the problem No technology, no cryptocurrency more conventional financial mechanism can be completely protected against hacks” , Moore told Reuters. ” / p>

Questionable Comparison with security of traditional banks

Reuters writes that conventional financial institutions by comparison are less susceptible to attacks on the IT infrastructure. From 6000 US banks 2009-2015 only 67 reportable incidents would have had. The figures are derived from the Privacy Rights Clearinghouse, but are likely to be less meaningful.

On the one hand it can be assumed that many incidents were not discovered simply in recent years. Secondly, there are regular problems with copied cards or incompletely reacted security measures. Unlike Bitcoin but the insurance companies are better trained in traditional banking, customers are liable in many cases not to abuse by criminals. These figures also the major attacks on banks within the SWIFT network are not represented.

Because Bitcoin is a new technology, many of the stock markets would close. This can result in users and the total loss of the invested capital. these are the study period, 48 percent of Bitcoin exchanges have not always been a hack cause of closure.


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