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
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 Countless Steem and SBD was withdrawn from the account and the project was totally crippled.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.
All images were gotten from pixabay.com
@gbenga (the prof)