Cryptocurrency is Being Lost at a High Rate

Bitcoin, Ethereum

The company behind a large cryptocurrency project, Tether, recently had a large amount of currency taken by hackers. The project was set out with the goal of creating a currency pegged to the U.S. dollar. Hackers managed to gain almost $31 million worth of tokens from the treasury of the company, to an unauthorized bitcoin wallet as of Sunday, November 19th. Tether has made claims that they have since updated their software to prevent this type of attack in the future, and are additionally in the process of attempting to recover the coins.

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This incident is not the first and most certainly will not be the last. It follows a long line of cryptocurrency related hacking incidents. Introduced back in 2008 by an anonymous investor, the idea for cryptocurrency quickly came to fruition through that of Bitcoin. Bitcoin has since become a world financial system, rising in value to extreme new highs on a regular basis.

Financial experts have argued against the validity of these types of currencies, but many are in favor of using them. They represent a decentralized market space for investors to store wealth as well as invest and make money within the industry itself. There are currently billions of dollars in the cryptocurrency industry that are being spent across the board on new projects.

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Obviously, when there is a large amount of money to be made, there will be large amounts of potential to take that money. This is where fraud comes in. Hackers are able to sometimes redirect payment systems so that the money ends up going in their account rather than the one that it was proposed for. This has led to the hacking of millions in currency. The hopes are high that these types of attacks can slow down, to help preserve the legitimacy of cryptocurrency.


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