VeChain token slips over 4% after an unknown hacker has redirected $6.6 million from the VeChain Foundation’s buyback wallet.
One of the most common questions pertain to the security of cryptocurrencies and if they are more secure than ordinary money. Cryptocurrency security is often promised to be pretty strong, but news about cryptocurrency security indicate quite the opposite. Thefts are executed in a lot of different ways. All the largest thefts happened after cryptocurrency exchanges are hacked, including famous cases like Mt. Gox, with $350 million of Bitcoin stolen, and the Coincheck hack, with $400 million of NEM tokens stolen. Cryptocurrency security is also vulnerable within its own blockchain, the best example of which happened with The Dao event that led to the theft of $50 million ETH. Thefts can also happen in more traditional ways, such as getting access to a user’s private wallet key, physically forcing user to send funds to some account or using different fraud schemes that make users lose their money.
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