Experts Propose Ways to Make Decentralized System More Efficient
Last Updated: 20 February 2021
With the high rise of Bitcoin and other cryptocurrencies, the mainstream attraction has shifted towards digital assets. Bitcoin recently hit $52,500. it has led many mainstream companies to rethink their stance over the viability of the token as a store of value.
However, the internet’s worsening problems seem to be a heavy burden to the decentralized web.
The temporary network failure experienced over the internet on January 26 was a sharp reminder of the vulnerabilities and methods most of the world communicates, engages in entertainment, and conducts eCommerce. The temporary outage showed an unusual surge in traffic, which could still happen again.
British Crypto Exchange EXMO Loses $10 Million In Hack
Last Updated: 22 December 2020
UK-based cryptocurrency exchange EXMO announced today that it was hacked. The exchange lost 5% of its assets valued at $10 million.
Cyberattack causes loss of funds
The exchange, which has offices in Kyiv, Moscow, and London, recently lost 5% of its assets located in hot wallets to a cyberattack. EXMO released a statement informing users of the hack, writing,
“We have spotted some large withdrawals since December 21st at 2:27:02 UTC. We are still investigating the incident, but as of now, the security audit report showed that some amounts of BTC, XRP, ZEC, USDT, ETC, and ETH in EXMO’s hot wallets were transferred out of the exchange.”