The cryptocurrency market is in the news a lot these days. This quick blog post was written to highlight the grim side of bitcoin and other digital currencies – the major cybersecurity and data theft incidents that are piling up. Howmuch.net published the displayed infographic, which must be updated – as there have been other major cryptocurrency-related issues that have further shaken investor faith.
The most recent incident: South Korean crypto exchange Coinrail suffered a cybersecurity attack, and $40 million was stolen – the latest in a growing list of brutal multi-million-dollar heists. The company said 70 percent of stored tokens are now secure offline for the moment – bitcoin valuation quickly reflected more volatility in response to the breach.
How bad was the week? Here is how Futurism explained it: “In two brief days, bitcoin’s value dropped 10 percent; ethereum, ripple, and bitcoin cash fell more than 11 percent; and EOS dropped 20 percent.” Yikes.
Is it safe to invest in bitcoins and other cryptocurrencies? Is bitcoin going to stabilize or remain volatile? These questions and more will be answered in future blog posts.