Fear of loosing crypto 😔
Taxi driver Chris was anxiously checking for updates on his phone. He was upset because he said, "I could lose about 2500 euros worth of cryptocurrency."
Chris introduces himself as a corrupt currency trader from Austria. Chris is also one of the victims of a hacking attack on a cryptocurrency exchange called Liquid Global last week.
The company says it will pay the sinking costs of all its customers who have been affected by the hacking attack. The total cost of the attack is estimated at ً 100 million.
But until they get their money back, many consumers will be upset.
Whenever Chris, 38, puts a passenger in his old Volkswagen taxi, he realizes what is at stake for him.
"My car is 20 years old. I could afford a new car. The amount sank is too big for me. It takes me at least a year to save that much money. "
The 27-year-old Dina in Indonesia is also very worried.
"I am so angry with these hackers and I am worried about myself," she said. I have about 30,000 dollars and I need this money to make a living. I am just a housewife trying to make money from corruption.
On the other hand, a 42-year-old Norwegian doctor says that he is having a hard time keeping an eye on anything because the wealth he has accumulated over the years seems to be disappearing.
"I had 970,000 euros. This is very disturbing for me. I'm under a lot of pressure, I think about it all the time. '
Are these exchanges secure?
Exchange cryptocurrencies such as Liquid Global are of paramount importance in the currency world. These are the websites where people can buy and sell digital coins like bitcoin or etherium and many people keep their coins here for safe keeping but there are questions about the security of these exchange companies.
Earlier this month, another corrupt platform, PolyNetwork, was hacked and subscribers of 610 million was withdrawn from users.
There have also been several attacks on other web services and at least 6 1.6 billion has been stolen since 2014.
Hacking attacks on traditional banks
Dr. Amber Ghadr has worked for several large banks and has now created the 'Corrupt Currency Platform Alliance Bloc'. Hacking attacks on traditional banks
Dr. Amber Ghadr has worked for several large banks and has now created the 'Corrupt Currency Platform Alliance Block'. She says hacking is also common in traditional banks.
He pointed out the thefts of 81 81 million from a Bangladeshi bank in 2016 and 17 171 million from Union Bank of India in 2017, but in both cases the money was recovered and no customer was harmed. Did not happen
Dr. Ghadr says that crypto hexes mean that the sector is growing faster than necessary.
"One of the problems is that these systems are built on open source technology. Open source is great because it takes advantage of people's collective intelligence in which the community itself improves software and protocols, but its weakness is that a single intelligent person can break its code.
Dr. Ghadr believes that there is only one way to avoid these attacks and that is to legislate in this regard.
"We need to improve the system. We need different standards that need to be monitored so that the market can be secured. "
Corrupt commotion
In addition to cyber attacks, everyday investors have also been targeted by corrupt schemes such as exit schemes or rig pulses over the years.
Investigators are still trying to figure out how millions of dollars disappeared from an exchange called AfriCrypt earlier this year when its founders fled.
Similarly, users of the Canadian exchange Quadriga CX are still fighting for a refund when calculation of 135 million was not available in 2019 after the death of its founder.
Even in the traditional financial system, there are many victims who fall victim to large-scale pyramid schemes or other frauds that may outweigh the losses in the world of cryptocurrency.
But despite the rapid growth, the crypto market is still small and recent history tells the story of security issues in the industry.