- Bitcoin exchanges can’t stop getting hacked, no matter what security system they use
- The history of bitcoin exchanges is Darwinian, marked by abrupt failures triggered by security breaches.
- Under the new system, customer funds were separated and kept in individually labeled wallets for each customer.
- If you run a big bitcoin exchange, it’s usually a question of when, not if, your defenses will be breached.
- The exchange would credit and debit the appropriate funds from that wallet, which was under its control.
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@bitcoinagile: “#bitcoin exchanges cant stop getting hacked, no matter what security system they use”
The history of bitcoin is littered with spectacular digital heists. The $65 million heist at the Bitfinex exchange on Aug. 2 is just the latest in a series of virtual robberies. One thing that sets this episode apart is the fact that the exchange had come under regulatory scrutiny before, and changed
Bitcoin exchanges can’t stop getting hacked, no matter what security system they use