Seoul-based cryptocurrency exchange Bithumb has been the victim of another apparent hack. The exchange announced on twitter that $30 million worth of undisclosed cryptocurrencies had been stolen from the exchange.
[Notice for the suspension of all deposit and withdrawal service]
We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.
— Bithumb (@BithumbOfficial) June 20, 2018
Bithumb suspended deposits and withdrawals and immediately began transferring all of its assets to cold wallets to avoid anymore losses. The company also announced that they would cover all losses so users would not be affected by the hack.
Currently Bithumb is the worlds sixth-largest cryptocurrency exchange. According to CoinMarketCap they have a daily trading volume of just over $330 million.
Mastering Cryptocurrency Trading: Your Comprehensive Guide to Ensuring Security in 2023
In the ever-evolving world of digital finance, cryptocurrency trading has emerged as a dynamic, lucrative, and sometimes volatile field. As we navigate through 2023, it’s crucial to understand the importance of security in this realm. This comprehensive guide aims to equip you with the necessary knowledge and tools to ensure your cryptocurrency trading journey is not just profitable, but also secure.
Understanding Cryptocurrency Trading
Before delving into the security aspects, it’s essential to have a firm grasp of what cryptocurrency trading entails. Cryptocurrency trading involves speculating on price movements via a CFD trading account or buying and selling the underlying coins via an exchange. From Bitcoin to Ethereum, the market is vast and varied, offering numerous opportunities for traders.
The Importance of Security in Cryptocurrency Trading
As the popularity of cryptocurrency trading continues to soar, so does the need for robust security measures. Cyber threats are a constant concern in the digital world, and the decentralized nature of cryptocurrencies makes them a prime target. Ensuring security in cryptocurrency trading is not just an option, but a necessity.
Comprehensive Guide to Ensuring Security in Cryptocurrency Trading
Secure Your Wallet
Your cryptocurrency wallet is where your digital assets reside. Ensuring its security should be your top priority. Opt for wallets with advanced security features, and always keep your private keys private.
Use Reputable Exchanges
Not all cryptocurrency exchanges are created equal. Stick to reputable platforms that prioritize user security and have robust security protocols in place.
Enable Two-Factor Authentication (2FA)
2FA adds an extra layer of security to your trading account, making it harder for unauthorized users to gain access. It’s a simple step that can significantly enhance your account’s security.
The cryptocurrency landscape is constantly changing. Stay updated with the latest news and updates, especially those related to security. Knowledge is your best defense against potential threats.
Regularly Monitor Your Investments
Regular monitoring can help you spot any irregularities in your account. If you notice anything unusual, take immediate action.
Cryptocurrency trading in 2023 can be a profitable venture, but it’s crucial to prioritize security. This comprehensive guide provides you with the basics of ensuring your trading activities are secure. Remember, in the world of digital finance, staying informed and vigilant are your best security measures.
Ready to dive into the world of cryptocurrency trading? Remember, security is paramount. Stay safe, stay informed, and happy trading!
By following this comprehensive guide, you’ll be well on your way to mastering the art of secure cryptocurrency trading.
Hackers Have Continued To Target Cryptocurrency Exchanges, And Little Can Be Done About It.
This month, the crypto trading platform Bitmart announced that hackers had stolen nearly $200 million after breaking into a company account.
It’s not just about investors getting rich from cryptocurrencies.
Hackers have stolen billions of dollars in virtual assets from cryptocurrency exchanges during the last year by attacking some of the marketplaces that have developed throughout the bitcoin boom.
There have been at least 20 successful robberies of crypto exchanges or projects this year, totaling more than $10 million in digital currencies. In at least six cases, hackers stole more than $100 million, according to data compiled by NBC News. Bank robberies last year resulted in offenders pulling off an average of less than $5,000 per job, according to FBI statistics.
Despite the fact that these robberies have a large price tag, they do not usually have the same degree of drama or attention as traditional bank robberies. But cryptocurrency experts believe they provide a cautionary tale for would-be cryptocurrency investors: exchanges are now attractive targets for hackers.
“If you hack a Fortune 500 company today, you might steal some usernames and passwords,” said Esteban Castaño, the CEO and co-founder of TRM Labs, a company that builds tools for companies to track digital assets. “If you hack a cryptocurrency exchange, you may have millions of dollars in cryptocurrency.”
Modern-Day bank robbers
Cryptocurrencies, which were once an obscure technology requiring a high degree of technical knowledge to purchase, have evolved into a more accessible investment and speculation tool, prompting over 300 businesses to start up in recent years to provide individuals with an easy method to invest in and trade everything from bitcoin to less prominent “altcoins” like dogecoin and shibu.
Exchanges that trade cryptocurrencies work similarly to traditional money exchanges, establishing rates for various currencies and collecting a fee to enable trades. However, while several countries have tough rules in place, it is rather simple for technology entrepreneurs to establish an exchange almost anywhere throughout the globe and run it as they choose.
Cryptocurrencies, as the name implies, are decentralized, secure currencies. However, because cryptocurrency exchanges generally start with a small staff and few if any full-time cybersecurity specialists, they are especially vulnerable to cybercriminals. Their developers may work at breakneck speeds to get the code to run correctly, inadvertently creating vulnerabilities that allow hackers access.
Cryptocurrency exchanges keep many of their cryptocurrencies in so-called cold wallets, which are stored securely offline. Everything else is kept in “hot wallets,” which are liquid and can be sent to clients. That means if a hacker compromises a staff member’s account — a frequent internet security breach – they may pull off a large theft, according to Dave Jevans, the founder of CipherTrace, a company that tracks theft and fraud in cryptocurrencies.
“If you steal the private keys to a hot wallet, it’s not like stealing a database of people’s names and Social Security Numbers,” Jevans said. “You’ve just basically stolen all their money.”
If an exchange has adequate funds and plans ahead to create an emergency fund, it can reimburse customers if its system is assaulted, according to Jevans. If not, they are generally forced out of business.
“Not every exchange is so wealthy or has so much foresight. It just goes, pop, ‘We’re out of business. Sorry, you’re all screwed,’” he said.
Recent Cryptocurrency Exchange Hacks
In early December, when the cryptocurrency trading platform Bitmart announced that hackers had stolen almost $200 million from a firm account, one of the most significant robberies that has occurred. The firm shut down client transactions for three days before allowing them to resume trading their money.
The problem is made worse by the fact that many cryptocurrency projects, in order to avoid government controls, operate from nations where law enforcement agencies have little power to go after transnational hackers. Or if they are hacked, they are less likely to ask for government assistance on principle because of their beliefs, according to Beth Bisbee, CEO of Chainalysis a company that tracks cryptocurrency transactions for both private companies and government agencies.
“Some people want to be anti-bank and anti-oversight,” Bisbee said. “They’re not necessarily wanting to work with law enforcement, even though they’d be considered a victim and it’d be beneficial for them to do so.”
Keeping A Low Profile
Exchange hacks, unlike bank robberies of old, don’t have the same characteristics that made them front-page news in the past. Despite their significant dollar amounts, public attention to these breaches may be limited. The majority of exchange hackers are not caught, leaving customers with little closure. There is rarely any physical evidence or real-world aftermath like traumatized bank tellers or perp walks.
Some hacks, however, have pleasant endings. A hacker stole $600 million from the cryptocurrency platform Poly Network in a strange, public occurrence. Instead of blaming the thief, Poly Network instead appealed to his better nature by calling him “Mr. White Hat,” which is a cybersecurity term for a researcher working to make things more secure. Poly Network thanked him for exposing a flaw in its code and asked for the money back. The hacker eventually relented and returned it all.
When big law enforcement organizations tackle a major cryptocurrency breach, they typically attempt to track down every lead, which is a time-consuming procedure that moves much slower than the offenders they’re pursuing.
Europol has been of an increase in data breaches, including those that involve hackers stealing digital assets. However, forming a strong case is a time-consuming and laborious process that doesn’t keep up with the rate of attacks.
“We have a slew of investigations in progress right now,” Georges added. “They take a long time to complete because we also want to dismantle the entire criminal network,” she continued. “These instances frequently crossover with one another.
“They might go on indefinitely,” she added. “These inquiries generally take a long time.”
How To Buy Ethereum Name Services (ENS) Token
What Is Ethereum Name Services (ENS) Token
Ethereum Name Services (ENS) is a domain name system that works on the Ethereum blockchain. The service provides human-readable names to wallet addresses and contracts on the blockchain. ENS was created by Nick Johnson in 2017, and it’s currently under development as an open standard for registries of all types of names on public blockchains. No more copying and pasting long addresses. You can use your ENS DApp name to store all of your addresses and receive any cryptocurrency, token, or NFT. ENS will be an extremely important DApp in the WEB3 landscape.
On Monday November 9th 2021, the Ethereum Name Service (ENS) debuted its governance token, ENS, which will be used to promote the decentralization of the popular domain service for Ethereum wallets.
This post will explain how you can buy Ethereum Name Services (ENS) tokens on Binance to be a part of this growing registry!
Already have a .eth domain name? Claim your ENS airdrop tokens by going here https://claim.ens.domains/
Price Of Ethereum Name Services (ENS)
The current price of ENS is:
How To Buy Ethereum Name Services (ENS) On Binance
Step 1: Sign Up With Binance.
Step 2: Deposit Fiat or Other Crypto Into Your Binance Wallet.
The best way to start buying and trading ENS on Binance is to connect a bank account to do an ACH transfer which is the quickest and has the least fees.
Second, connecting a debit card which is great for quick deposits of smaller amounts.
Lastly, you can do a domestic wire transfer which is the best for larger amounts of cash but also comes with wire fees.
Step 3: Buy Tether (USDT) or Preferred Trading Pair
Tether (USDT) is a token that was created to always be equal to $1 USD, which will ensure that the money you put into Binance will stay stable and not fluctuate drastically like most other cryptocurrencies. At this time ENS can be traded on Binance with BNB, USDT or BTC.
Step 4: Buy ENS On Binance
Now that you have your fiat converted to Tether (USDT), BNB or BTC, you are able to buy almost any crypto pairs that are available on Binance, including ENS Token.
Buy ENS Using Web Browser:
With USDT/BNB/BTC in your Binance account, you can now click Markets in the top menu bar, in the Search Coin Name box type ENS (Make sure USDT/BNB/BTC is selected in the options).
Second way is to go to your wallet, click the “Buy Crypto” button (Yellow button with the arrows), click where Bitcoin is selected then search and select ENS.
Lastly you can select “Buy Crypto” from the navigation menu and click where Bitcoin is selected then search and select ENS and buy. NOTE: If you aren’t able to find ENS when you search for it, make sure you are using your USDT/BNB/BTC as a trading pair.
Buy ENS Using Mobile App:
With USDT/BNB/BTC in your Binance account, open the mobile app, select the Market tab on the bottom (the one with 4 bars), then select the USDT/BNB/BTC tab on top, then search for ENS using the search function on the top right.
The second way to buy on the mobile app is by selecting the Wallet tab (Middle button on the bottom that looks like a wallet), select the yellow “Buy / Sell” button, select “Buy Crypto“, then search for ENS using the search function on the top right.
Step 5: Store ENS In Safe Place
If you plan on saving your ENS for a long period of time (More than a few months) then it is smart to store it in a wallet off of Binance such as Ledger, Trezor, or Exodus.
Follow Ethereum Name Services (ENS) :
ENS Coin Reddit https://www.reddit.com/r/ENSMarket/
ENS Token Twitter https://twitter.com/ensdomains
ENS Coin Stocktwits https://stocktwits.com/symbol/ENS.X
ENS Token Discord https://discord.gg/AskZbFx