$200M in crypto was stolen. Is it a new normality?

 

Again cryptocommunity faced with the successful hacker attack.

 

Hackers loved decentralized platforms, and they, in turn, decided that decentralization could be a panacea for hacking. Usually, Bitcoin is given as an example, so far nobody could break it! This turned out to be a serious mistake.

 

The latest event is a hacker attack on the Mixin Network. Digital villains cunningly stole crypto for $200M. I repeat the prescription: two hundred million dollars!

 

The hackers had no intention of directly breaking the encryption. They found a vulnerability in the cloud service provider’s database security, and they accessed through it the client tools.

I confess I am very angry. A more effective way to compromise the crypto business is hard to come by. And this despite the fact that the blame is not technology, and irresponsible company.

 

Want an analogy? Imagine an American gold vault Fort Knox. Powerful walls, steel vaults, numerous guards... Only the gold was not put in the safes, but in the shed next to the fort. Gold was stolen. Can you blame the architect who created the storage project?

 

It may appear that the protection of cryptocurrencies is impossible. I will cite examples of banks operating with a much less protected fiat. Just so climb and take care of the bank accounts is unlikely to work - the systems are quite reliable. However, there are not only technical tools, but also administrative protocols. This is what crypto business is critically missing.

 

#cryptocommunity #hackerattack #crypto