Italian Cryptocurrency exchange BitGrail loses $170 million: Nano tokens was stolen

The hacking attempts on the cryptocurrency exchanges seem to just go on increasing. The latest one to get caught by the hacking attempt is the cryptocurrency exchange by the name of Bitgrail which lost $ 170 million. The cryptocurrency Nano tokens was stolen. It is an Italian cryptocurrency exchange which has been gaining more and more prominence in the European region.

It’s the second time a crypto exchange lost a massive amount this year — and it’s only February.

This is not the 1st to cryptocurrency exchange which is been hacked this year. Already, one of the Japanese cryptocurrency exchange has lost around $ 500 million to hacking this year. The problem is that the hacking attempts are becoming more and more successful. Owing to this very reason, investors are losing a significant amount of money. This is the reason why investors are now on the search of a cryptocurrency exchange which is actually safe. With the help of such cryptocurrency exchange, investors would be able to keep their holdings completely safe.

Security mechanisms:

Many of the exchanges are not even taking the basic security measures. In order to protect the cryptocurrency Holdings, it is necessary for the exchange to keep the holdings in the cold storage rather than the hot wallet. Only when it is kept in the cold wallets, the hackers will not be able to access it. The reason for this is that the cold wallets are not connected to the Internet. This is the reason why hackers would not be able to attack the cryptocurrency exchanges easily.

As for the users, it is necessary to look into the security mechanisms of the cryptocurrency exchange before choosing one. When the users are able to look into the security mechanisms and thereafter take a call, they would always be able to choose a safe cryptocurrency exchange. This is the 1st and foremost thing which most of the users should be doing when it comes to choosing a cryptocurrency exchange. The problem is that most of the users just look into the experience of the other users and thereafter sign up on the cryptocurrency exchange. It is necessary for the users to actually conduct proper due diligence before joining a cryptocurrency exchange. / Source: Engadget

Which is the safest exchange?

The next time around you’re looking to store your cryptocurrency, it is important for you to understand which is the safest exchange and what are the safety mechanisms which are undertaken by the exchange. Only once you are able to look into these points, you would be able to choose a safe cryptocurrency exchange. It is important to also distribute your cryptocurrency holding so that the hacking attempt at a single exchange does not impact your entire portfolio.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.


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