The so-called crypto winter or bear market seem to have come to a halt. Consequently, the world has seen non-stop press coverage about Bitcoin’s price rise in a daily basis as well as the launching of Facebook’s coin, ‘Libra’. As a result, cryptocurrency traders are back in the market trading crypto to take advantage of this positive moment. This is particularly good news for digital-asset exchanges.
Since bitcoin’s launching in 2009, its price has skyrocketed to prices that few imagined. In 2010, the estimated value of a single bitcoin was less than a cent. Now, one Bitcoin is worth thousands of dollars. Many early crypto investors became extremely rich during bitcoin’s eye-popping ascent, which is why cryptocurrency enthusiasts half-jokingly use slang like “LAMBO!” (short for Lamborghini) and “to the moon” when there’s an actual or expected crypto price spike.
In the other hand, cryptocurrency transactions are irreversible, which makes investing in cryptocurrency a potentially perilous endeavor. Once a crypto is stolen, there’s no way to get a refund. The largest crypto exchanges– virtual marketplaces that traders use to buy and sell cryptocurrencies– contain vast amounts of digital currencies. This makes them very attractive targets for hackers.
Over the years, digital intruders have stolen millions of dollars’ worth of cryptocurrency from various exchanges. Some of the crypto exchanges that were successfully raided by hackers managed to recover. However, others went bankrupt– and several have even been plundered multiple times. In that note, it is extremely important for the cryptocurrency traders to choose exchanges wisely in order to minimize the risk of getting their digital assets stolen by hackers.
Cryptocurrency has a security problem it hasn’t been able to solve it up to date. Cybercriminals stole $1.7 billion worth of cryptocurrencies from investors last year, according to a new report from CipherTrace Cryptocurrency Intelligence. Of that total, roughly $1 billion was taken from exchanges. Choosing a popular crypto exchange does not guarantee a trader’s security. It is recommended to check the exchange’s hacking history if any and its time in the market, in order to make an informed decision.
Some of the main exchanges that had their customer’s digital-asset’s stolen by hackers are: 2013: Silk Road (BTC 171,955), 2014: MtGox (BTC850,000), Cryptsy (BTC 13,000 and LTC 300,000) and Mintpal (BTC 3,894), 2015: Bitstamp (BTC 19,000) and Bter (BTC 7,000), 2016: Bitfinex (BTC 120,000), 2017: Nicehash (BTC 4,000), 2018: Coincheck (NEM 523,000,000), BitGrail (NANO 17,000,000), CoinSecure (BTC 438), Coinrail ($40,000,000 in several tokens), Zaif (BTC 5,966), MapleChange (BTC 913) and Pure Bit (ICO + ETH 13,000), 2019: HitBTC (A daily volume over $200 million), Cryptopia (At least ETH 19,390), Coinmama (ETH 1,675) and Binance (BTC 7,000).
Details on each case of hacking or fraud involving the exchanges have not been included in this article, given the fact they can be easily found on the internet. Our intention with this publication is to raise awareness to a serious security issue imminent to every exchange out there so, it is important for you to consider the experience and history of an exchange before opening an account and depositing your digital assets.
When it comes to cryptocurrency trader’s digital asset’s security, ZB Exchange has proven to be a real fortress, a one of a kind. It is one of the absolute earliest cryptocurrency exchanges which has never had any issues with securing its users’ digital assets. It has been extremely successful in constantly upgrading its security standards exceeding industry best practices. ZB.com applies the highest security standards and technology developed and implemented by its extensive body of professional engineers who work 24/7 to provide ZB.com users with a secure platform. That means a zero hacking/fraud history for six successful years to date.
ZB.com is a top tier cryptocurrency exchange which delivers a product worthy of the most sophisticated traders. It was the very first exchange to make available blue-chip tokens like ETH and EOS to mainland China traders, and in those early days for Ethereum, over 80% of all ETH trades happened on ZB.com. ZB.com is a ‘no vapor-coin zone’ where users make money and can reach financial success.
ZB Group was founded in 2012 and ZB Exchange was introduced to the market in the beginning of 2013. It is a senior and exclusive global leading cryptocurrency exchange, a TOP 10 exchange on CMC. Rebrand of CHBTC.com, ZB.com has served tens of millions of global cryptocurrency enthusiasts since its foundation. The exchange is celebrating this month its 6th anniversary!
Learn more about ZB Exchange by visiting www.zb.com.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
