Safety Concerns Arise Following Major Cryptocurrency Hacking

With all of the attention cryptocurrencies have been getting these past few months, a lot of people have begun questioning how secure many of these exchanges actually are. A recent hacking in Japan has led to many investors becoming warry of the safety of these investments. Japanese exchange Coincheck lost an estimated $530 million dollars in customer investments to a hacking a couple months ago.

As a company who prides themselves on being a top cryptocurrency exchange, this hacking has shown how vulnerable these investments are if companies do not properly handle these digital assets. Japan has recently cracked down on these exchanges in the wake of this hacking, imposing sanctions on five exchanges and completely halting trade for another two.

Fortunately, it looks that government intervention will allow for some regulations that provide protection for investors in the hopes that a hacking of this magnitude will not happen again. As more investors move towards this lucrative market, more hackers will follow looking to exploit these new exchanges and steal people’s investments.

For more information on these sanctions and regulations click here: http://money.cnn.com/2018/03/08/investing/japan-cryptocurrency-exchanges-crackdown/index.html

Jonathan Kerman