Cryptocurrency is the new, digital form of currency that has grown in popularity over the last few years. Despite this growth and a surge in people investing in cryptocurrency, there is still no guarantee that your cryptocurrency will have any value – or even exist.
The case
A user has accidentally frozen between $150 and $300 million worth of digital money. The case details are not yet precise, but it looks very likely that the user in question found a flaw in Parity Wallet’s system that would have allowed him to take ownership of other people’s wallets. Whether the incident occurred during attempted theft or before a warning was issued is unknown.
Did you know?
Some see it as a ‘fortune’ and others as a digital plague. Either way, cryptocurrencies are a big deal, and they’re becoming more common in the digital age. So when the FBI shut down one of the largest cryptocurrency exchanges, people were scrambling to find out more information on how they could avoid being affected by such events in the future.
An estimated $6,000,000 was stolen from a company’s wallet because the developers forgot to set up a password for the individuals working on the project. This mistake could have been avoided if a password had been set.
Conclusion
Cryptocurrency trading is a potentially lucrative opportunity for many. However, it also comes with risks that one should be cognizant of before jumping in headfirst. One such risk is being blocked from your funds by the exchange itself or by third parties like hackers.