Cryptocurrency Blog

  • Almost $1 Billion Stolen So Far This Year Via Cryptocurrency Hacks

    It’s no surprise that the cryptocurrency industry is growing, and so is the total amount hackers are going home with. The total amount roughly $927 million has been moved from legit hands to less legit hands and many of these hacks were preventable. Just one of the altcoin hacks made up more than half of that total amount stolen this year, at a cool crisp $530 million, from the Japanese exchange coincheck.

    The Roll Out Of Consistent Regulations

    With the lack of cryptocurrency regulations across the board, the ability to launder and pass through exploits gave much of the chances needed to acquire the almost $1 Billion stolen.

    Zaif a Japanese cryptocurrency exchange, is announcing a plan to compensate victims of a major hack last month, a result of new management of the exchange.

    The future will not be safer for users of altcoins, but on a united front, will become more difficult to operate exploits within.

235 million Pigeoncoins printed by Hacker during fork due to non updated Code

piegoncoinPigeoncoin was the recent altcoin to see what happens, when you don’t update your source code, after using a clone of bitcoin, in a recent hack, an unknown exploiter, showed off a bug that allowed non-updated code, to be hijacked and used to instamine / print the cryptocurrency to the tune of 235 million altcoins, a total worth of $15,000 via coinmarketcap.

Update like the rest, or get hijacked by the best

The Severe inflation bug, is known and has already been patched by the big guys, bitcoin, litecoin, etc, however, many who cloned the source code for their own altcoin, have not, allowing for a hidden piggy bank awaiting and a instant collapse of the price following the sell off.

One Fourth Of all Pigeoncoin was the hackers booty

With a total supply cap of 970 million altcoins, Pigeoncoin’s recent loss was 1/4th the total supply, leaving uncertain times ahead for the community. While their isn’t too much that can be done, many are still awaiting to see when and how the exploiter sells the haul. Since the issue, Pigeoncoin has updated their source code via patch, so it’s not likely to be a problem going forward.


Hackers Steal $59 Million From Japanese Exchange

Japanese Cryptocurrency Exchange Hacked, $59 Million in Losses Reported
Image Via CoinTelegraph

The Cryptocurrency Exchange Caif has reported that $59 Million dollars in cryptocurrencies was stolen via a breach in security where hot wallets were able to be accessed and drained.

On September 14th 2018 –

  • 4.5 Billion yen was stolen from hot wallets
  • 2.2 Billion yen was stolen from the exchange themselves
  • totaling 6.7 Billion yen or $59 Million Dollars.

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