Experts say the problem is unlikely to go away anytime soon, and fears about security have hit prices this year. Last year, two bitcoin exchanges went bankrupt after falling victim to similar breaches. That’s just the tip of the iceberg, according to Yo Kwon, the CEO of Hosho Group, a Nevada-based company that specializes in securing applications that use blockchain, the technology behind bitcoin and other cryptocurrencies.
Kwon estimates that about a third of all cryptocurrency exchanges have been hacked at some point. And he predicts “many more” will suffer the same fate.
It’s not just the volatile price of bitcoin that can keep cryptocurrency investors up at night.
Regulators ‘confused and concerned’ The spectacular rise in the price of bitcoin and other cryptocurrencies last year brought them widespread attention. Many of them have struggled in Authorities around the world have so far taken different approaches in their attempts to regulate virtual currencies.
Some industry insiders say that complicates efforts to make exchanges more secure. At one end, China has tried to ban trading in bitcoin.
Why Invest in Bitcoin?
Japan, meanwhile, officially recognized bitcoin as legal tender last year and started licensing exchanges — but it took a tougher line after the Coincheck hack. Developed countries have more options and more liquidity. You can use our exchange finder to find a place to buy bitcoins in your country.
Find a Bitcoin Exchange How to Secure Bitcoins As with anything valuable, hackers, thieves, and scammers will all be after your bitcoins, so securing your bitcoins is necessary. Ledger Nano S — Ledger is a Bitcoin security company that offers a wide range of secure Bitcoin storage devices. Read more about the Ledger Nano or buy one.