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Why Attacks on Cryptocurrency Exchanges Show No Signs of Slowing Down

F5 Labs' Ray Pompon writes for Finance Derivative, discussing why hackers will continue targeting cryptocurrency exchanges.
March 20, 2019
1 min. read

Hackers have a soft spot for targeting cryptocurrencies thanks to a lack of heavy regulation unlike traditional financial services. Cryptocurrency funds have no legal obligation to implement protection measures, so inherently they are not as exhaustive or technical. This makes them prime targets for hackers. Transactions can be extremely difficult to reverse, so although some funds cover customer losses, the reality is that if the exchange stretches into the millions, they have no obligation to help.

Bitcoin is now worth $3.5k, despite major fluctuations in value. For perspective in 2011, Bitcoin had parity with the US dollar, so the opportunities for hackers targeting cryptocurrencies have skyrocketed in recent years. Over the last seven years, F5 Labs has noted an almost twelve-thousand-fold increase in crypto theft and identified 73 major cryptocurrency incidents, each costing on average, a crippling $31 million.

Read the full article published March 1, 2019 here: by Finance Derivative.

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Raymond Pompon (Author)

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