23 Jan 2019 Simon Briggs
Cyber-Security Guru: Over $2,5 Million Worth of Cryptos Stolen Every Day
Hartej Sawhney, an authority in blockchain and cryptographic security, stated that over $2,5 million worth of cryptocurrency is being stolen daily from crypto exchanges around the globe.
The co-founder of Hosho.io stated the bad news for crypto security during a CNBC talk show. He pinpointed some of the significant flaws in cryptocurrency security and how hackers are exploiting them.
Sawhney turned to crypto exchange service providers, alarming them on the method for keeping private keys on their databases. When asked what crypto exchanges should consider changing, Sawhney said: “For an exchange to be successful in the long-term, its team should consider learning the value of security and make more security tests.”
According to the statement Sawhney made on CNBC, the biggest flaw of modern blockchain and crypto space is the absence of full stack Solidity developers, who can run their own QA tests and write code with the QA mindset. Sawhney added that not performing quality assurance test is the primary reason exchanges end up with cracks in their code, allowing hackers to get away with millions of dollars in cryptocurrencies.
The co-founder of Hosho.io made his statement amid a very dynamic 2018. Over the past year, numerous attacks shook up the crypto community and disrupted the trust build-up for the crypto sector. Recently Cryptopia, a New-Zealand-based cryptocurrency exchange, suffered a $16 million hack attack.
Sawhney finished his interview with the fact that cryptocurrencies are not the primary target. Hackers often are more interested in personal user data. And despite the core principle of impenetrability, there are still loopholes that fraudulent people exploit.
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