Cryptocurrency as seen extensive growth and acceptance to an extent since its creation in 2009. The value of top cryptocurrency, Bitcoin peaked to a height of almost $20,000 last year and had seen a bearish trend since the beginning of 2018. The massive increase in value that trails cryptocurrency previous year increased the level of awareness and likewise the number of investors, as many rushed into crypto investment to take advantage of it. Even at this moment when the crypto seems to be at the lowest share, Bitcoin still holds more than half of the market capitalization, which shows the trust people have in the value of the cryptocurrency as many expect its increase in value soon.
However, depository of trust in the validity of cryptocurrency has become a tool of vendetta in the hands of malicious personnel who take pleasure in the plundering of the sweat of others. Cryptocurrency hacks have made cryptocurrencies unappealing to most people that even ought to invest because the fear of what might happen to their investment trails them.
According to a statistics provided by Group-IB, a Russian-based cyber intelligence firm, it revealed that the rate of cryptocurrency hacks increased by 369% in 2017, in comparison to 2016. And there has been an increase of 689% in monthly hacking this 2018 against the data of 2017.
In the first quarter of 2018, an estimate of over $1 billion worth of cryptocurrencies was lost due to the activities of hackers. According to the Russian Cyber Intelligence firm in the USA, Russia and China are the top three countries targeted by crypto hackers.
Recently a discovery was made as Bitcoin ATM hacking malware was being sold on the dark web. In 2017 there was a total of 1,000 Bitcoin ATMs in the world, but the trust of investors has seen it rise to 3,500 under a year.
The Contrast of Development
It is sardonic that while the group of crypto hackers is feeding mainly on the cryptocurrency community, the community has done little to nothing in fighting this dragon with hydra head squarely.
Investment is increasing daily, and acceptance by the government of countries is on the horizon, yet cryptocurrency is not safe for usage. Most exchange and wallets are not 100% secure, and each cryptocurrency is seeking to improve and increase its value, but not to fight hack.
Coming together with sophisticated technology to fight hack will save face and the future of cryptocurrency as government and institutions may have a change of mind on adopting this new form of money.