The crypto space has become a dog-eats-dog world between exchanges and hackers. Just recently, UpBit, one of the top cryptocurrency exchanges in Korea, was hacked and lost $50 million worth of Ethereum (ETH). This is not the first time that centralized crypto exchanges have faced this kind of threat. Just last year alone, at least 8 top exchanges have been hacked and lost an enormous amount of money.
· January – Cryptopia lost $16 million in a hack and eventually had to close down because of the lost.
· February – QuadrigaCX lost $190 million in a scam and failures from holding funds in a centralized manner.
· March – DragonEx lost $7 million, followed by Bithumb with a loss of $13 million of EOS and $6.2 million of Ripples (XRP).
· May - Binance lost $40.7 million of bitcoins (BTC), considering that it is known as one of the top cryptocurrency exchanges in the world that is extremely secure. Albeit it’s worth mentioning that their users did not lose any money since they do have a large insurance fund. Yet still, it’s disturbing to know that one of the most trusted cryptocurrency exchanges could be hacked.
· June – Bitrue lost $4.2 million
· July – Bitpoint lost $28 million
All these losses total to over $355 million in 2019 alone, and this is nothing new. Hacking in cryptocurrency exchanges has a long history to tell. In 2012, Bitfloor lost bitcoins worth $250,000, and Bitcoinica lost bitcoins worth $650,000. In 2013, Picostocks lost $3 million and Vicurex lost $160,000. In 2014, Cryptsy lost $9.5 million worth of altcoins from hacking and ruined many altcoin traders. In the same year, BitPay lost $1.8 million, and KipCoin lost $690,000. In 2015, one of the most popular USD-based cryptocurrency exchanges Bitstamp lost $5 million and Bter lost $1.75 million. In 2016, Bitfinex lost $60 million, which by the way also lost $850 million of funds in 2019, not from hacking, but because the government seized it, which is just as bad anyway. In 2016, quite a lot of these exchanges lost a hefty amount, such as Shapeshift at $230,000, Gatecoin at $2.14 million, and Bitcurex at $1.5 million. In 2018, Coincheck lost $535 million of NEM token, Bitgrail lost $195 million of NANO tokens, CoinSecure lost $3.3 million, and Coinrail lost $40 million.
People need to realize that these hacking happen because of the centralized system of these cryptocurrency exchanges. It essentially means that it’s like how fiat currency banks are being hacked or even worst. Lost fiat currencies can be rewound, but lost cryptocurrencies are immutable, thus lost forever. Virie Market eliminates these enormous threats of hacking because it’s decentralized, or in other words, it’s a Distributed Exchange Network. It uses atomic swaps or multi signatures for trading, which makes it unhackable. No bank can ever seize even a single VRE coin as no entity governs this exchange. Shutting it down or blocking it is also completely impossible. The best way to prove this claim is to try it. Download its most user-friendly platform here to prove it yourself.