They had been at least 10 big bitcoin hacks in this cryptocurrency history
Its well known that there is no perfect technology, in fact, every device in this world is hack able. The good thing is that every time there is an event of big magnitude or a big hack developers work either on Bitcoin, Litecoin, Ether or any other cryptocurrency to patch security issues, making them better everyday.
Its believe that Bitcoin was invented by Satoshi Nakamoto (Pseudonym ) around 2008 – 2009 and since those year I really believe whatever o whoever is Satoshi Nakamoto really changed the way of sending and receiving money around the World.
In every company or technology that money is involved, it will be always a target for Hackers that want to take advantage either from a security error in the code or it could be by social engineering.
Here are the 5 biggest Bitcoin Hacks since 2009 to 2016:
- Bitfinex: More than $60m worth of bitcoin was stolen from one of the world’s largest digital currency exchanges. The Bitfinex theft represents the largest loss of bitcoins by an exchange since Japan’s infamous Mt Gox lost 744,408 BTC in early 2014 (worth $350m), a breach that would ultimately cause it to cease operations.
- Mt. Gox collapse into bankruptcy and the disappearance of $460 million, apparently stolen by hackers, and another $27.4 million missing from its bank accounts. But on the inside, according to some who were there, Mt. Gox was a messy combination of poor management, neglect, and raw inexperience.
- Linode is a Web hosting site where it seems there was an Inside job and around 8 bitcoin wallets were compromised. This bitcoin hacked event was around March 2012. Approximately 46,703 Bitcoins were stolen.
- Bitstamp released a new statement regarding the security of its website, admitting that it has lost “less than 19,000 Bitcoins”. According to the statement, an undisclosed number of wallets were compromised and upon learning of the breach, the Bitstamp team issued warnings about deposits and moved to suspend operations.
- Bter Digital currency exchange BTER announced that it has lost 7,170 bitcoins, or roughly $1.75 million at press time, in an apparent hack on its cold wallet system. This attacked was around February of 2015. The incident comes months after BTER suffered a hack on its servers, during which 50m NXT, worth roughly $1.65m at then-current prices, were stolen. At the time, the exchange was reportedly able to negotiate for a partial return of those funds.The stolen funds were broadcast through this transaction, according to the announcement, and the bitcoins appear to have been split into a number of separate wallets since the alleged intrusion.
So how can I keep my Bitcoins and Ether safe ?
Personally the best way I believe you can secure your Bitcoins is using Ledger Nano S Wallet. The main idea of using Cryptos like Bitcoin and Ether is to become your own bank. Yes I said it, you need to become your own bank and you will need the best security out there.
The Ledger Nano S is an encrypted external Bitcoin and Ether Wallet. This is a high grade security device, it needs a different confirmation code for every time you send a crypto and you set up a PIN number that helps you to protect from bad login attempts and transactions.
LATEST GENERATION BITCOIN WALLET HARDWARE
To store your crypto assets and secure your digital payments, Ledger Nano S is architectured around a state-of-the-art Secure Element and a screen to check and confirm transactions at a glance. Sensitive operations are isolated inside your hardware wallet: your private keys are never exposed, your assets are safe.
PAY AND AUTHENTICATE
Ledger Nano S includes Bitcoin and Ethereum built-in apps, and can integrate other blockchain-based cryptocurrencies. You can send and receive payments, check your accounts and manage multiple addresses. Nano S also supports the FIDO Universal Second Factor standard that simplifies the authentication process on compatible services such as Google, Dropbox or Github.
Why should I have my own Bitcoin or Ether hardware wallet? In the last 5 years at least 1 time in a year Bitcoin or Ether exchange companies have been under attack. Hackers have stole Bitcoins by compromising servers or users accounts. If you have a Bitcoin wallet on any website, if they get hacked, you will get hacked too. If they are under attack you will be under attack too.
By owning a Ledger Nano S Wallet becoming a victim of a hacking attack becomes way more harder, its almost impossible to get hacked because every transaction will need your device to be connected and then confirmed by pressing a button.
I hope you enjoy this article and that you get your Nano S Wallet so you can prevent getting your Bitcoin or Ether stolen.