Another One Bites the Dust – Italian Crypto Exchange Hacked for $170 Million

Saturday, February 10, 2018
By Paul Martin

FEBRUARY 10, 2018

More and more exchanges are being hacked, or so it seems. With $700 million “missing” just in 2018 alone we must be approaching, or have breached the $1 billion mark worth of cryptocurrencies that have disappeared from exchanges around the world. As if there weren’t enough questions surrounding cryptocurrencies people have to be concerned with awakening to this type of headline.

Yet another cryptocurrency hack has come to light, the second large one after the infamous Coincheck multimillion cryptotheft in Japan.

Italy-based cryptocurrency exchange BitGrail reported on Friday the loss of $170 million worth of its cryptocurrency Nano, which amounts to roughly 17 million tokens.

In a comment on its website, the exchange said it didn’t believe that any other of its other traded currencies were affected, though it has had to suspend all deposits and withdrawals for the time being.

“It is the second large hack of operations involving digital currencies this year. In January, Tokyo-based Coincheck reported that hackers got round its cyber security measures and stole around $530 million worth of its clients’ investments. After the incident, the firm promised to make up for the losses to their customers. Source

We continue to warn people about messing around with these illusions, but people like to gamble and it appears people don’t mind losing their entire wager to someone simply walking by and picking up their chips off the table. If one is going to play in this casino at least protect yourself and learn how to open and operate an online “wallet” otherwise, you may the one throwing your hands in the air when your exchange is hacked.

The Rest…HERE

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