2019 Biggest Hacking That Has Befallen Crypto Service Providers

There are many signs that the crypto market is starting to mature. Institutional investment continues to flow, including many countries, including Switzerland and Singapore, need pragmatic approval for approval to support innovation. In addition, large technology companies such as Facebook, Amazon, and Microsoft are now entering the blockchain into their core offerings.

However, one problem that is important for the crypto industry to solve is hacking. Until the end of June this year, there were no fewer than seven large-scale attacks on exchanges and wallet providers - more than one attack each month.

While hacking that is rejected is still the norm, several steps must be taken proactively for the funds used and preventing stolen coins from laundering in other exchanges.

At the same time, what remained was criticized for the poor handling of this incident. Here, we see some of the biggest hacking in 2019, and how the crypto service providers analyze themselves.

• Cryptopia

In January, the New Zealand transfer of Cryptopia was hit hard, at a cost of $ 16 million. The cryptopia closed the shop while the police let go, but in March it was tentatively opened again, facing renewed services. In May, the approved transfer announced bankruptcy filing.
Throughout the week after hacking,
Cryptopia was criticized for communication with questionable users, many of whom will now resign with the facts.

In addition, in May, news reports emerged as one of the founders of Cryptopia preparing to develop another sponsor. This not only rubs salt into the wounds used by Cryptopia, but also has to ring a serious alarm bell for crypto traders everywhere.

• Bithumb

The Bithumb Korean Trade Platform has been attacked repeatedly. The hacker swept more than $30 million from the stock exchange in June last year. In March this year, he was hit again, with Coindesk reporting that this time it was published was an insider's job.

However, for the most part in this case, most of the funds can be recovered. After Twitter users showed the funds that were being carried out through Crypto ChangeNOW, his partner Bithumblung. Change NOW to act quickly to freeze the relevant address, avoiding around $500,000 exchanged.

• Binance

Insurance funds proved invaluable for the giant Binance crypto trade after being hacked for 7,000 bitcoin in May. The company pushes fast, publishes blog posts that convince users their funds will be replaced through insurance funds, known as SAFU (Secure Asset Funds for Users).

Perhaps more critically, immediately after the attack, CEO Binance Changpend Zhao (CZ) doubled open and transparent communication policies to users.

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