As the Bitcoin price soars to new highs increasing in value, besides turning the heads of investors, institutions and consumers, unfortunately a criminal element is also awakened. A real threat to our new digital economy is cybercrime. During 2016, data, cryptocurrency wallets, exchanges and a decentralized venture capital fund was hacked. Ransomeware is threat to businesses globally.
Yahoo – more than a billion user accounts hacked
Dropbox – a hack of more than 68 million user passwords
Many more than reported but includes high profile Bitcoin Veterans too
Bitfinex – $1,3 Million in Bitcoins
Gatecoin – $2 Million in Bitcoins and Ethereum
Venture Capital Fund
The DAO – $50 Million in Ethereum
Even though Ransomware has been around since the start of the internet age, it is now more effective as they are demanding payment in Bitcoin. Read this article for more info on Ransomware in 2016 – a $1 Billion Industry
Besides the hacking mentioned above, traditional banks have also been in the firing line. Almost 20,000 Tesco Bank customers have had their money stolen from their accounts after the banking arm of UK’s biggest retailer was hacked.
This is how the hack involving the Bank of Bangladesh went down – “In February 2016, instructions to steal US$951 million from Bangladesh Bank, the central bank of Bangladesh, were issued via the SWIFT network. Five transactions issued by hackers, worth $101 million and withdrawn from a Bangladesh Bank account at the Federal Reserve Bank of New York, succeeded, with $20 million traced to Sri Lanka (since recovered) and $81 million to the Philippines (about $18 million recovered). The Federal Reserve Bank of NY blocked the remaining thirty transactions, amounting to $850 million, at the request of Bangladesh Bank.” Wikipedia
Interesting article from Coindesk regarding cybersecurity – CLICK HERE
There are ways to guard and protect yourself against cybercrime – keep abreast of latest developments to ensure you make the best decisions regarding your security in the digital economy. Add the free Google Authentication to your wallet and keep your private keys safe which should protect you against external hacking, however this will not protect you from internal hacking, for example if you keep your coins in a hot wallet on an exchange. Hackers are drawn to this “honey pot” of coins in one place particularly as the value increases.
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Embrace the new Digital Economy, don’t be left behind!
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