How safe are cryptocurrencies? It depends on whom you ask. The hacking of cryptocurrency exchanges is the new normal. This week alone, three cryptocurrency exchanges, EtherDelta, Tether and Youbit were hacked. You might think this might slow down the Bitcoin momentum. Not so fast. Cryptcurrency investors are still very bullish. Some went as far as predicting a Bitcoin will be valued at $40,000.
YouBit, one of South Korea’s largest bitcoin exchanges filed for bankruptcy after a massive hack. Yapian, the company that operates South Korea’s Youbit exchange, was the target of a cyber attack that caused it to lose 17% of its reserves. Back in November, Tether announced that nearly $31 million worth of its digital tokens have been stolen after hack. Tether, a California-based startup, provides a dollar-pegged token. In a notice on its website, the company said it plans to launch a new platform following a claimed security breach in November. Tether’s platform allows users to send and receive digital tokens pegged to currencies like the dollar.
The cryptocurrency exchange EtherDelta, announced it suffered a security breach in a series of tweets posted online last night. Hackers succeeded in hijacking the DNS Server of its Crypto-to-Crypto exchange. “We are investigating this issue right now,” a company spokesperson tweeted, “in the meantime please DONOT [sic] use the current site.
Back in July, It was also reported that hackers allegedly stole $7.4 million worth of Ether in 3 minutes.