Crypto Academy Week 5 Homework Post for [@gbenga]. Security problem with cryptocurrency.

2개월 전


Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible

This is another interesting topic that caught my attention. Security problem with cryptocurrency. Lol Thanks prof @gbenga for this wonderful topic and the lecture you gave in your tutorial
Cryptocurrency security has been something we've been dealing with for years. There are intelligent developers that chose hacking as their area of concentration. They are not ready to waste time on building projects that would benefit the public. All they channel their mind to is to attack and reap people of their fund


I was in a lecture early January 2021, and a novice asked a question. He said are developers hackers? The young man taking Nodejs answered and said. "Developers are not hackers. Only those that choose to use their skills wrongly follow the hacking path. And seriously, they've done more harm than good to the cryptosystem. I have some experiences I would explain. Though, my account has never been hacked, I witnessed some occurrences and one was on the steem blockchain. I would be glad to narrate the story as I proceed later in this article

What is security problem in cryptocurrency

Cryptocurrency security problem starts from poor management of passcodes, keys, mnemonics/seeds, pin and so on. The easiest way anyone can fall a victim of cryptocurrency security problems is poor management of keys that are meant to secure the account. Every individual has a role to play in guarding their account and disallowing another person from having access to these keys/passcodesp><br


Also, hackers can gain access to accounts if there is a discrepancy that creates a loophole. It has happened in some exchanges

A brief story of how some exchanges was hacked

In 2019, more than 10 cryptocurrency exchanges were hacked and almost $292,665,886 worth of cryptocurrency was stolen from various accounts and 510,000 user logins were stolen from crypto exchanges. This means that apart from personal account hacking, multiple accounts can be hacked too. $31M worth of XRP was hacked on bitmub from many accounts in 2018 but they have proven to be trustworthy from their reaction from the hack

Youbit was s an exchange that suffered from a hack in 2017. The platform could not stand again because 17% of the exchange fund was ripped off

In 2016, Bitfinex also encountered a serious hack where large amount of bitcoin was stolen.

Also on the steem blockchain, there was a popular dapp that was one of the best that got hacked and crippled. It's called utopian. Countless Steem and SBD was withdrawn from the account and the project was totally crippled. Wouldn't want to go deep into the story, but all happened due to security problemr>


All these was as a result of security problems we face in the crypto world. While we have developers doing the security job, some are there creating a way to break the mathematical calculations and reep people off their fund. As a matter if fact, the way cryptocurrency mining is arranged as blocks are added, it's very difficult for anyone to fraud the blockchain. Nevertheless, the loop holes we leave (Exposing password, trusting the backend of exchanges/ project in the hands of someone else, clicking on phishing sites, and more) makes us vulnerable to attack


The security problem with cryptocurrency starts with us. If we can be desciplined enough to guide our account to the brim, we give hackers more nuts to crack. Every successful hacking happens as a result of a loophole not detected or covered. Cryptocurrency Security problem is what we will continue to deal with until there is a complete measure to tackle it.

Thanks for the topic my prof.

One love.

All images were gotten from


@gbenga (the prof)

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Hacking is very common with finance and has become a very worrying issue with cryptocurrency wallets. A lot of individuals and exchanges including Binance have been hacked. It becomes big news when an exchange is hacked because the funds are large from a single wallet and also, the exchange has a lot of money to work on security.

It is our responsibility to determine to keep our wallet safe first.

Rating 5

Thanks prof. It's really our responsibility to keep our wallet safe.

A news just came up that cake was hacked and many account lost their token to it. Many holders that viewed their account yesterday were victims. My younger brother is still afraid to check his staked cake in Trust wallet.

I'm sure we would one day get a solid system that would trigger an alert when the hacking success reaches a particular level, just like a threshold message.

More grace prof.