Hello Steemeans!
I am a crypto enthusiast from South Korea.
I have been investing in Bitcoin in alt-coins since 2015.
Mostly I have invested in Bitcoin, Ethereum, Ripple, EOS and some minor coins.
The issue of safety and trust of crypto Exchanges were there since the very beginning of the bitcoin has started.
Just for example the biggest hacks are:
1. Mt. Gox
- Hack Date: 19 June 2011
- Amount Hacked: 2609 BTC | +750,000 BTC
2. Poloniex
Hack Date: 4th March 2014
Amount Hacked: 12.3% of all BTC (97 BTC)
3. Bitfloor
- Hack Date: September 2012
- Amount Hacked: 24,000 BTC
4. Bitstamp
Hack Date: 4th January 2015
Amount Hacked: 19,000 BTC
5. Bitfinex
- Hack Date: August 2016
- Amount Hacked: 120,000 BTC
The hacked/lost amount of BTC is estimated to be almost 2.5 Billion BTC.
Most of the times the reason was that the private key was stolen and during the early stage of the industry people didn't have enough awareness about security like at the present.
Also the problem is that exchanges store most of the 'real' crypto assets in their wallets and user are trading with non-existing money.
So many professionals in crypto industry say that Decentralized Exchanges are the future technology and direction to go.
In the future posts I will be covering Decentralized Exchanges available in the market right now.
Also I will write about other exchanges and crypto related news.
Please subscribe and upvote if you liked the post. It will encourage me to write better posts :)
