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Security expert claims $2.5 million is stolen from cryptocurrency exchanges on a daily basis

Jibin M George

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Security expert claims $2.5 million is stolen from cryptocurrency exchanges on a daily basis
Source: Pixabay

Noted blockchain security expert Hartej Sawhney has stated that around $2.5 million, on an average, is stolen on a daily basis from cryptocurrency exchanges all over the world, a statement which would do little to soften the skepticism about the security of such assets.

Sawhney, the co-founder of Hosho.io, made these statements during a CNBC show on cryptocurrency trading during which he highlighted several security issues associated with the technology and how they are taken advantage of by hackers.

Speaking to CNBC, Sawhney called for cryptocurrency currency exchanges to be more careful with respect to how they hold private keys for both hot and cold wallets. Stating that most cryptocurrency exchanges are low-hanging fruits for hackers, he added:

“Exchanges need to learn to value security, but they are not getting regular penetration testing from cybersecurity companies.”

Hartej Sawhney finally went on to bemoan the lack of full-stack developers who know Solidity and have a QA mindset as one of the reasons why cryptocurrency exchanges don’t always audit their security code and become easy prey for hackers who go AWOL with millions of dollars in digital assets.



His statements are unlikely to quell an industry that has seen several instances of hacking and cryptocurrency theft over the past year. Recently, $16 million worth of cryptocurrencies were stolen after New Zealand-based exchange, Cryptopia was hacked.

Money alone has not been a target for hackers. There have been cases where hackers have advertised personal user data for sales gathered after hacks. Each of these cases suggests that despite the assumed impenetrability of blockchain, there remain loopholes in the security system that guards this technology.





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Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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