A lot of things happened this week in the rising cryptocurrency industry. If you are worried that you might have missed some major updates, you don't have to worry since Crypto Watch got your back.
Since the recent stories focused on the top five cryptocurrency startups and the leading cryptocurrency bouncing back, this article would focus on the negative events that happened in various digital currency companies.
Crypto Watch: Stolen Crypto and Binance Outage
On Aug. 21, Liquid, a rising Japanese crypto exchange agency, faced an alarming security issue after various sources confirmed that more than $100 million digital coins were stolen.
The bitcoin website is shown on the computer of the proprietor of a shop selling vinyl records and that accepts bitcoins for payment on April 11, 2013 in Berlin, Germany. Bitcoins are a digital currency traded on the MTGox exchange, and the value of the virtual money fluctuated from USD 260 per bitcoin down to USD 130 per bitcoin yesterday and recovered somewhat in trading today.
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This was also confirmed by the Asian crypto firm, saying that a group of hackers has breached its system. On the other hand, the security agency that helped Liquid, Elliptic, announced that the online attackers behind the million-dollar heist were able to acquire users' Ethereum coins worth $45 million.
The observing agency added that since the cyber attackers realized that the asset of Liquid is frozen, they immediately converted the stolen digital coins into ETH.
They were able to do is this using DEXs. Because of this alarming security breach, the Japanese crypto exchange was forced to halt all its operations. These include deposits and withdrawals.
Aside from Liquid's breached system, crypto fans also complained that they were suffering from a major outage in Binance's platform. Now, various Binance traders are expressing their concerns about their accounts' security.
Keeping Your Crypto Safe
The recent happenings clearly show that your crypto is still not completely safe, especially since hackers and other online attackers are now finding new methods that would allow them to bypass security systems.
If you are worried that your major crypto would be stolen, then you need to follow these simple methods provided by CISOMag to protect your digital coins:
- Always rely on multiple crypto wallets
- Make sure that your personal device has the latest security updates
- Change your passwords on a regular basis
- Avoid clicking unfamiliar email messages about BTC, ETH, and other cryptos
- Remember to check if your WiFi has a secured network
- Try using a Cold Wallet
For more news updates about the crypto industries and other related stories, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
