How safe is Bitcoin – Cryptocurrency as hackers stole $7 million from Ethereum?

How safe is Bitcoin – Cryptocurrency as hackers stole $7 million from Ethereum?

The myth of undistortable claim about the block-chain has been proven false, as hackers have hijacked cryptocurrency trading platform, CoinDash on Monday, July 17, 2017.

This attack was launched during the CoinDash’s Initial Coin Offering (ICO). This is noted as the first known breach of a crypto-currency platform in the world.

CoinDash is an Israeli startup, planned to raise capital by selling its own digital tokens in exchange for the cryptocurrency, Ethereum, which is like Bitcoin.

The safety of this fast growing digital currency has been major concerns for financial market analysts since there is no security of investors’ funds by any regulatory framework.

African-originated Investments in some of these digital currencies have been massive due to the high marketing activities based on its hackers’ immunity.

This concern was also raised by Charles Hoskinson, co-founder of Ethereum noting that crypto-coin market is a time-bomb.

“People say ICOs are great for Ethereum because, look at the price, but it’s a ticking time-bomb.”

“There’s an over-tokenization of things as companies are issuing tokens when the same tasks can be achieved with existing blockchains. People are blinded by fast and easy money,” Charles said.

In most African countries, many local investors have been attracted to invest massively in many crypto-currencies across the world. Aside from the high returns on investment due to increased trading price of these digital currencies, it has also been stated to be hackers’ immune. One farce this incidence has defeated.

Most of African consumers and investors are more convenient with having their funds in Bitcoin rather than stock or mutual funds.

Globally, many tech firms have raised about $1.3 billion from digital coin sales this year.

Just like other digital currency, digital currency linked to the Ethereum blockchain, surged from around $8 after its ICO at the start of the year to just under $400 last month.

Though the incidence has made its value to drop by 50% since Monday.

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