Exchanges and Crypto Processors Lost $356 Million in Q1 2019 To Hackers

Bad news is, hackers are on a roll. They are terrorizing cryptocurrency exchanges. In their recent report findings, Cipher Trace, a blockchain analytics firm specifically developed to create “cryptocurrency and blockchain tracing and security capabilities” has revealed that exchanges lost a combined $1.2 billion. A majority–not surprising—originated from BitFinex and another chunk from Quadriga CX where clients had to shoulder $195 million in losses after Cotton’s mysterious death in India.

With Dave Jevans, a seasoned expert with more than 20 years in security holding 17 US patents on matters cyber security, as CEO, Cipher Trace findings cast a dull picture on the future of cryptocurrencies and crypto trading in particular. Although functioning on the premise of decentralization and full control, most liquid and stable cryptocurrency exchanges are centralized. Because of that, they are easy targets, a honey pot for hackers always monitoring their operations and striking on the slightest vulnerability.

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