Another Crypto Heist: Keep Your Bitcoin Safe

Another Crypto Heist: Keep Your Bitcoin Safe

Another Crypto Heist: Keep Your Bitcoin Safe

Hackers have robbed the wallet in the 19th largest cryptocurrency tether. The company behind the dollar-pegged cryptocurrency blamed “malicious action by an external attacker” for the theft of $30,950,010 on Monday. Unlike BPF Tether was using a soft wallet storage system , BPF use a secure hard wallet that is kept offline to avoid this very situation.

BPF have seen an increasing number of clients looking for absolute security switch from vulnerable exchanges to a truly secure environment.

BPF also have an attractive no data policy, No data is recorded, any data entered is used only to complete the purchase order.
Once the order is complete, the data will be deleted.

Tether would not redeem any of the stolen tokens. The cryptocurrency’s market cap is $674 million, with the value of one tether equal to one US dollar.

The back-end wallet service has been temporarily suspended. A thorough investigation of the cause of the attack is being undertaken to prevent similar actions in the future,” Tether wrote.

As the largest cryptocurrency bitcoin reacted negatively on the news, immediately falling about five percent, but soon recovered and is trading above $8,000, not far from the all-time high of $8,200 seen on Monday.

The incident is the latest in a number of hacks that are raising questions about the security of cryptocurrencies.

This month, $280 million worth in ethereum was frozen after someone made a mistake by deleting the code library of Parity Technologies, a large provider of cryptocurrency wallets.
The individual who triggered the lockdown claimed to be new to cryptocurrency.

Mt.Gox, one of the largest bitcoin exchanges, faced bankruptcy after hackers stole $460 million worth in bitcoin in 2014.

By May 2016, creditors of Mt. Gox claimed they lost $2.4 trillion when Mt. Gox went bankrupt. Only $91 million was eventually tracked down to distribute to claimants.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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