Cryptocurrency Community Needs to Get Security Sorted



  • Losses from hacks total about $2.3 billion after the Coinrail breach

It’s time the cryptocurrency community got its act together when it comes to security, writes Bloomberg Opinion’s Tim Culpan. With the latest breach of South Korean exchange Coinrail over the weekend, losses from crypto attacks now total around $2.3 billion, according to CryptoAware. The Mt. Gox hack four years ago remains the largest and most infamous, yet CryptoAware’s database counts more than 40 distinct incidents, including an average of one per month over the past year. Counting the Coinrail breach, the ninth biggest, 2018 is on track to be the busiest year for hacks on record.

via bloomberg


The product that is much needed is an exchange that’s as secure as a Trezor/Ledger wallet, but that also has the ease of use such as Coinbase. Regulated DEX’ are very interesting concepts to implement this type of trading ecosystem.


I firmly disagree with the premise that somehow crypto is an outlier on security vulnerabilities.

Sure - it’s eye catching to read about hacks and security breaches - but it is not crypto specific.

The line in that article above says $2.3B in losses from hacks in total. It takes me <60 seconds to find more than $2.3B in losses from hacks @ banks alone.

Remember this >$1B hack of banks from 2015?

Me neither! That’s because we have become numb to them happening so often.

If crypto does solve the security issue and eliminates hacking - it will be the first industry ever to do so.

If anything it is quite amazing that the number is only $2.3B considering how young, technical and broad the industry is.



someone asked me why i even spend any time posting MSM’s perspective on stuff… and that’s easy to answer:

As the vanguard of growing this space, it’s our job to know what MSM is putting out there so we can combat it the best.

I do my part in sharing it, almost always without judgment or qualification… so that we can strike up a convo about it all.


And that is why we are all here :slight_smile:
My comment is focused on fallacy of the article itself, not posting it here. I’d rather read this here than not!

One downside of online media is that more stories and content = revenue. Writing about blockchain hacks without facts gains unearned attention when it comes from a source with the reputation of bloomberg. If this came from an unknown 3rd tier blog no one would pay attention. Bloomberg et al should be help to higher standards.

Would love to see @peter do a video on the difference b/t crypto hacks vs other industries :slight_smile:


:point_up: :point_up: :point_up: :point_up: :point_up: … we can dream, can’t we?


Dear Tim,

Security is EVERYONES responsibility, including you.

Even Bloomberg:

Throwing stones in glass houses is not good for your image :stuck_out_tongue:

Stay Fishy


Buuuuuuuuuuuuuuuuuuuuurn :slight_smile:


Yes we can :slight_smile: :point_up: