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Will Blockchain Technology Can Survive the Tests of Hackers?

Will Blockchain Technology Can Survive the Tests of Hackers

United States – The number of hackers has grown, especially in the past two years, and the crypto market reported seven big crypto hacks worth $570 million, $611 million, and $625 million.
Exchange platforms report crypto hackers stealing money from digital asset holders. Two days ago, another exchange platform called Binance reported another hacking incident where the blockchain experienced a double blow. These hackers stole altcoins worth about $100 million from the blockchain bridge, which was running on the BNB chain.
A bridge is a tool that transfers digital assets to different applications, and blockchain technology uses these applications. On the other hand, the misery of Binance didn’t stop. The exchange platform reported another hacking incident; this time, hackers stole around $570 million. What’s worse is that the hacker already withdrew the stolen funds.
These hackers are one of the many problems of crypto exchanges worldwide. In other countries, there are crypto trading laws that prevent traders from investing in digital assets.
On another note, blockchain is impressive as a technology, and crypto traders don’t doubt it. However, problems arise because of decentralization, which includes low speeds, high energy costs, and hacks.
Projects have high security, yet many hacking incidents this year showed that it still needs a lot of improvements. If we’re summing up the total of hacked funds, it’s already amounting to $1.6 billion, per Chain analysis. Those hacks amounted to $625 million, $661 million, and $570 million.
Many traders question whether blockchain is impenetrable or not. Based on the incidents that happened this year, the security of this technology is questionable, yet it can still improve. We can advise traders who started investing in cryptocurrency to know about blockchain technology.
Understanding the difference between blockchain and cryptocurrencies is important. Crypto may be a meek part of the function of blockchain, yet it has a significant role in the crypto market.
To understand blockchain a bit more, it’s a digital ledger. Decentralized cryptocurrencies utilize cryptography to make sure transactions are safe between various parties. This technology should save your crypto from hacks, especially when you store yours in wallets.
There are multiple cryptocurrency hacks untold over the years. Stealing is now easier when hackers get a chance to enter your private connection.
Another way hackers can get in is when the 51% attack happens. Criminals can control their hash rate, a big computational power of the blockchain. If the hackers have 50%, they can introduce a modified blockchain. This action will let hackers modify the transactions, which the blockchain didn’t confirm. On the bright side, central banks are stricter in cryptocurrency.