As #Crypto-Currency #Valuations #Rise, #Hackers’ Key #Targets are the #Exchanges

Leading economists from Europe collectively said that there was no threat of damage from Bitcoin to healthy finance while it wouldn’t shake mainstream markets over a few forthcoming years.

One fresh survey, which the Center for Macroeconomics along with Center for Economic Policy Research conducted, involving nearly 50 academic respondents belonging to universities in Europe, reveals that most people are sure regarding the dangers which BTC poses in spite of senior financiers’ alerts from time to time.

In April, cyber thieves stole Bitcoins valuing $72m from Youbit currency exchange of South Korea after which a second raid occurring more recently compelled the shutdown of the crypto-currency exchange December 19, 2017.

The South Korean crypto-currency exchanges that trade Bitcoins at the rate of 15-25% of the global volume seem as the hackers’ key targets. Incidentally, Bithumb the biggest exchange place of South Korea was infiltrated during July. Newsweek.com posted this, December 19, 2017.

BBC reports that KISA, the Internet and Security Agency of South Korea started an investigation into what way the Youbit systems were accessed during the hack. Kisa condemned a previous strike against Youbit as being from spies linked to North Korea.

And while within normal banking practice people in general do not remain scared about theft of their cash from the Barclays or JPMorgan type big financial institutions, the situation is different for crypto-assets wherein consumers require maintaining secret cryptographic codes, referred to the coin spending credentials, protected.

The aforementioned discoveries follow a digital currency exchange of SK seeming as about to call itself bankrupt following a second hack on it in 2017, leading to worries regarding bitcoin as well as other digital currencies’ thriving trade and security.

Youbit’s role in SK’s crypto-currency marketplace is small, while Bithumb the most flourishing exchange for digital currencies worldwide holds some 70% market share in the country.

There’s a history about bitcoin wallets and exchanges getting traded, while according to security researchers, these get increasingly prone to cyber-attacks with the rise in its valuation. On Bitstamp exchange situated at Luxembourg, bitcoin traded at $18,759.67 a close record high when the time was 0703 GMT.