While the volatility in investing in cryptocurrency such as Bitcoin can lead to high returns on investment, history has proven there are significant risks, especially if care isn’t placed in securing the cryptocurrency exchange platforms. Few understand this as well as South Korea based investor relations firm South Korea Blockchain (SKBC) who is working with security software developers. Recently, SKBC shed a light on this area pointing to the details and amount of cryptocurrency lost from some of the world’s largest Bitcoin and other cryptocurrency exchanges. SKBC believes that there will be more incidents of cyber-attacks to crypto exchanges around the world, many coming from hacking groups with origins in North Korea.
“North Korean hackers attempted to steal $1 billion from the New York Federal Reserve and robbed $81 million from Bangladesh Central Bank”, commented Andrew Lim, President of SKBC. “Major corporations, banks, and government agencies have been under attack. There is an army of highly trained hackers and many crypto exchanges holding hundreds of millions of dollars in cryptocurrency are easy targets”.
An internet security expert, working with SKBC agreed with this assessment, remarking, “There are too many crypto exchanges that are vulnerable”.
Some key examples of major hacking events that took place include the recent attack on South Korea’s 7th largest cryptocurrency exchange Coinrail that lost 30% of its crypto holdings; a 2017 hack on South Korea’s Youbit forcing them to declare bankruptcy; a $500 million in Bitcoin theft on Japan’s exchange Coincheck in January 2018; and the infamous loss of half a billion dollars in cryptocurrency by Tokyo-based Mt. Gox, once responsible for 80% of Bitcoin sales, that shut the company down.
All this illustrates the critical need for great care and sound advice from cyber security experts as well as investment relations firms like SKBC. “We see another bull market in cryptocurrencies with Bitcoin prices soaring to over 10,000 in the next few month. We need to work together to protect the investors”, added Lim.
A cryptocurrency trader working with SKBC affirmed this recently saying, “Preferably, cryptocurrencies should be kept in hard wallets unless you’re an active trader. It is important for novice investors to do their research and be aware of keeping their cryptocurrencies in less secured exchanges.”
For more information on South Korea Blockchain (SKBC) be sure to visit https://www.skbc.io
Company Name: South Korea Blockchain
Contact Person: Andrew Lim
Email: Send Email
Address:Seosomun-ro 106, Dong-Hwa Building, 2nd Floor, Office 232
Country: South Korea