Hackers Successfully Stole $530 Million Cryptocurrency, Biggest Hacking in History

When talking about crypto-currency or cryptocurrency, many people believe that this is perhaps a cryptic idea and might not be favorable at all. Even though some investors did not gain much in this kind of venture, there are countless of individuals out there who found their luck to become millionaire because of investing to cryptocurrency.

Today, this is becoming a new trend of investment attracting people worldwide.

This type of currency is not similar to ordinary money because it is an electronic-based currency. This is the reason why many people these days are still hesitate to invest because they do not know on how it will become valuable to spend.

According to the explanation of Merriam Webster Dictionary about cryptocurrency, it deals about computerized encoding and decoding of information. It usually involves different online transactions such as computer banking, debit card deals and various eCommerce systems, among others.

Unfortunately, governments and banking institutions do not support this kind of monetary deal online and so many are still doubtful about putting up their hard-earned cash from it. In addition, there are existing issues about hacking that had been damaging the good reputation of those companies offering crypto-currency over the Internet.

Just like the recent reported news online, nearly $530 million cryptocurrency heist occurred a couple of days ago and this triggered huge concern after the massive hacking online. As detailed by the news through Reuters, the hackers made an attempt to sell close to 500 NEM tokens, which they stole from their targeted victims.

Jeff McDonald revealed that the NEM Foundation already tracked down the missing coins and originated from an unknown account. Based on the explanation of McDonald, the unknown account owner is making an effort to sell the stolen coins after moving them to at least 6 different exchanges.

“[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges,” said McDonald as quoted by the reported news.

Jeff McDonald is the current Vice President of NEM Foundation, which created the crypto-currency known as XEM.

In line with this issue, Alexandra Tinsman who is the current representative of NEM Foundation likewise revealed that they had traced “XEM” coins being sent by the hackers to nearly 100 XEM batches amounting to $83 each and this certainly alarmed them.

One of the involved companies is the Coincheck Inc and as detailed through cnn.com, this Tokyo-based crypto-currency already gave an assurance to its affected investors that it is willing to refund the partial amount of 260,000 currencies stolen by the hackers.

Coincheck is actually leading bitcoin cryptocurrency exchange in the Asian region and said that this particular hacking issue amounting to $530 million is now the biggest crypto-currency hacking from unknown thieves. Back in 2014, the same incident happened when hackers penetrated Mt. Gox and stole about $400 million of bitcoins.

Lon Wong who is the President of NEM Foundation however is putting blame on Coincheck because of its sloppy security measure, which caused the massive heist.

Because of this recent hacking issue, there are now increasing concerns and questions regarding the kind of protection and regulation of all involved crypto-currency companies worldwide.

In line with this, giant social media network Facebook had made a decision to ban those advertisements that promote bitcoins as well as other crypto-currencies, as detailed from the reported news through buzzfeed.com. This kind of move is about giving the right protection to its valued users due to “financial products and services frequently associated with misleading or deceptive promotional practices,” as quoted by the news also.

The giant social media network believe that there are now existing doubtful advertisements relating to crypto-currencies, which they appear tricky in promoting “get-rich-quick” to many targeted users. Likewise, this activity is a clear fraud and deceiving to many people.