Should I worry about bitcoin heists?

If you’re thinking of hosting a Bitcoin online service, you’ll need top-notch security because you’ll be a prime target for criminals. Take all possible precautions, regardless of the level at which you work. In Quebec, two brothers who owned a cryptocurrency mine were sequestered, tied up and sprayed with bleach on a monday night by five kidnappers who stole $ 800,000 worth of computer equipment. The theft had the effect of an electroshock in the cryptocurrency universe in Quebec, with several members regularly posting pictures of their equipment on public forums. In Iceland, some 600 ASICs used to mine bitcoin and other virtual currencies were stolen from data centers, which police say is the largest series of robberies in the country. Some 11 people were arrested, including a security guard, in what the Icelandic media nicknamed “Big Bitcoin Heist”.


In 2013, Mt. Gox has become the most important global exchange, but from 2011 he was hacked. Or at least it’s the most shared story. NiceHash is the largest market for digital mining currency. This is not a merchant site. It’s a service-oriented website where you can sell or buy computing power on demand. In December 2017, while the news focused on the dazzling value of Bitcoin, one person (or group) hacked the NiceHash system using the credentials of one of the company’s engineers. In quick response to NiceHash users, many of whom have kept their Bitcoin payments in empty accounts, NiceHash has answered all the concerns and provided detailed explanations and next steps. The company has been able to raise the funds needed to replenish the empty portfolios and has since introduced new security protocols and changes to all the portfolios’ passwords. In 2012, Bitcoinica experienced not one piracy, but two. The first, worth more than 46,000 Bitcoins worth more than $ 200,000, was a fatal blow. But the company tried to bounce back until it was hit again in May by another 18,000 Bitcoins loss. Stolen passwords were not the cause in this case. Instead, the hackers were able to enter via the shared web host, Linode.


You do not have to be a company that provides Bitcoin services to be robbed. Individuals are also at risk, and perhaps even more than the big players, as they are vulnerable to intrusions. You are not entirely at the mercy of those who want to take you. It is inevitable that money, whatever the currency, carries risks. There are always people trying to find ways to deceive the system and rob others. There will always be vulnerabilities, but awareness and planning can help protect your property.


Some advice:

  • Spread your bitcoins between several wallets. It is easier for a criminal to get one than to access your entire stash.
  • Use wallet encryption via an app or by creating a passphrase.
  • You can also quickly create a passphrase via Bitcoin Core. Just make sure you know your passphrase, because it’s the key to unlocking your wallet.
  • Back up your portfolio with an offline version and store an offline version for an extra layer of protection.
  • Keep your wallet address and key in different places. Better yet, keep them offline in different places so that no one can access them remotely.
  • Make sure the software on your computer and your wallet is updated constantly. Software updates often include new security measures and bug fixes.

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