Hacking Will Make Bitcoin, Ethereum And XRP Stronger

Hacking will cool off the hype for Bitcoin, Ethereum, XRP and other cryptocurrencies in the short-run, but in the long-run, it will make them stronger.


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Hacking of cryptocurrency exchanges has always been a scary thing for cryptocurrency investors. It sounds like a run on the bank back in the old days when there was no central bank to guarantee deposits.

That’s why investors sold off almost every cryptocurrency following news that South Korea’s Coinrail cryptocurrency exchange had been hacked.

South Korea is among the biggest cryptocurrency markets in the world, and the buzz setter.

Cryptocurrency buzz usually begins in Asia—like in Korea, where investors view them as vehicles to escape government currency controls, and are willing to pay a market premium for them. That especially has become the case since the Chinese government shut off the country’s exchange.

That’s why the Coinrail exchange hacking had such a big impact on cryptocurrency markets.


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Still, hacking is nothing new to cryptocurrencies. Back in January Japanese exchange Coincheck Inc. was hacked, causing a great deal of pain to cryptocurrency investors. And hacking won’t go away anytime soon. “Hackers have always existed and the likelihood of them vanishing is very low,” Blockchain expert Mary Saracco said. “That said, the crypto space in particular needs to be extremely diligent in their security measures as cybersecurity plays a bigger role in the industry.”

While hacking is painful for cryptocurrency investors in in the short-run, it will make them stronger over the long haul, according to some experts. Christian Ferri, President and CEO of BlockStar, is one of them. “As in every technology, hacking will be painful for some in the short term; but it will be a major driver in strengthening the crypto ecosystem, making it more secure, which is key for mass adoption.”

Amy Wan, CEO and cofounder of Sagewise, agrees. “There will always be a community of crypto enthusiasts, despite all the hacks. But blockchain and crypto will not become more mainstream unless and until the space resolves these fundamental infrastructure issues and provides users with transactional confidence and certainty.”

Meanwhile, cryptocurrency investors should brace themselves for a great deal of turbulence.


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Author: MaxPositives
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Hacker Claims He Made USD 120,000 in a Week Thanks to EOS Bugs

Security issues can bring down even the biggest platforms, despite them being valued at billions of dollars. That’s why EOS, a blockchain project that raised USD 4 billion, offered a bounty of USD 10,000 for anyone finding a bug in their code described as “a unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts.” One such person claims he managed to earn USD 120,000 in merely a week.


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Dutch ethical hacker* Guido Vranken found several bugs, at first claimed to be only eight in a tweet by another ethical hacker Jon Bottarini, who was later corrected by Vranken himself, saying he found 12 – for a total of USD 120,000, but he adds that he lost count and that it took him about a week. Vranken has also previously reported bugs to Ethereum, Ripple, and Stellar.

Vranken even said on a Reddit thread about his work that EOS had offered him a job shortly after he reported his discovery. The company, Block.one, was reported to have “a series of epic vulnerabilities” discovered on its platform by China-based security firm Qihoo 360.

Qihoo 360 said that Block.One has promised to hold off EOS mainnet launch until the vulnerabilities are eliminated, but the company went ahead with the launch anyway stating that all the bugs will be fixed by the time of the launch. Some reports indicate that the EOS blockchain is still not fully up and running. It is still not known whether the bugs Vranken found have been fixed.
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* – According to EC-Council, Ethical Hacker is a skilled professional who understands and knows how to look for weaknesses and vulnerabilities in target systems and uses the same knowledge and tools as a malicious hacker, but in a lawful and legitimate manner to assess the security posture of a target system(s)


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Sead Fadilpasic
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