Glancing At Some Popular Cryptocurrency Scams In 2019

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Crypto World At Your Finger Tips!
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Glancing At Some Popular Cryptocurrency Scams In
2019
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Cryptocurrency is a pool of so many
terminologies, which is essential for every
crypto enthusiast to brush up knowledge about
them. Among these terminologies is forking.
Whenever there is a split in blockchain
technology, it has resulted in the spawning of
hard forks. Bitcoin is the best example to quote
here.
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• As there were some loopholes found in the latter
  cryptocurrency, it became the need for a new
  updated version of this digital currency, in the
  form of Bitcoin Cash, and its other sibling hard
  forks.
• It is very important to know about what is a soft
  fork and a hard fork. Apart from gaining all
  about such knowledge, you must also be aware of
  scams that are possible in cryptocurrency.
• Today, we will have a glance over some popular
  cryptocurrency scams in 2019. Here you will come
  to know the clever hackers easily got away with
  it. 2019 has been a lucky year for the
  cybercriminals.

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• According to a report, users, crypto exchanges
  and investors have experienced theft of 4.26
  billion in January. The success of any crypto
  hacking becomes possible when the offenders are
  lucky enough to grab the opportunity to escape
  very easily.
• This indicates that these perpetrators have no
  fear of law, which is why they are confident
  enough to practice the art of cryptocurrency
  theft from the users and to get themselves
  involved in money laundering.
• After that, these fraudsters are smart to find
  the exit door and spend those currencies for
  their selfish motives.

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XRP Theft From GateHub

• This counts among the popular cryptocurrency
  scams in 2019. The scam happened in June when
  hackers smartly get away with XRP tokens from the
  users of GateHub in the same year.
• Then came a statement from GateHub on June 6 that
  revealed about comprise about speculated 100 XRP
  Ledger wallets done by cybercriminals.
• Investigations are still in progress by the
  company about the hacking activity that happened
  in June 2019. Contacts were being made to wallet
  holders. So far there has been a recovery of
  around 500K XRP having worth of 200K.

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40 Million Stolen From Binance By Hackers

• Binance ranks among the popular worldwide
  cryptocurrency exchanges, but in May 2019, it too
  had suffered a loss of 40 million. It feels
  surprised to know about the theft in such a
  renowned exchange like Binance.
• The cybercriminals not only managed with stealing
  7K Bitcoin but also with API tokens and valid
  codes. According to Binance, hackers agreed for
  the accounts of high net worth. The well-known
  crypto exchange has declared in its statement to
  use SAFU (Self-Insurance Fund) to envelope user
  losses.

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Kraken Too Became Victim Of Hacking

• Joining the list of popular cryptocurrency scams
  in 2019 is Kraken. It is a well-known platform
  for trading in top cryptocurrency, Bitcoin.
• This popular trading exchange too had tasted the
  sour experience in the flash crash which led to
  the sudden downside of cryptocurrency price.
  According to research, hackers stole 1200 Bitcoin
  having worth 10 million.

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Bitrue Experienced Hacking Of 4 million

• After Kraken, Bitrue, a popular cryptocurrency
  exchange of Singapore too had experienced
  hacking, when in June 2019, 4.2 million in user
  assets were being stolen. The hacking activity
  became possible when perpetrators managed to foil
  the security system of Bitrue exchange.
• A statement came from this cryptocurrency
  exchange regarding lost funds to be returned to
  its users and also to amend its security system.
  This comes as another example among the popular
  cryptocurrency scams in 2019.

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Conclusion One of the worlds popular
cryptocurrency exchange. Cybercrimes are very
crucial and negative factors for any digital
technology including cryptocurrency. The only way
to combat these challenges is when crypto
exchanges work on their security measures with
necessary changes. Besides grasping knowledge
about topics like the difference between a soft
fork and hard fork or any other crypto term, it
is better to be aware of the scams in the crypto
world. Sources https//www.cryptoknowmics.com/new
s/guide-to-forks-everything-you-need-to-know-about
-forks-hard-fork-and-soft-fork
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