$ 12 billion digital cryptocurrency robberies dispel security myth
The movements of cryptocurrencies, which look like the horror train of luna parks, may surprise and alienate those who are not concerned with the ecosystem of digital currencies. But they seem to be perfectly compatible with the psychology, manners and customs of the relevant investment community.
The sharp fluctuations and extreme changes in the conversion prices of over 8,000 cryptocurrencies, are a daily practice, which does not bother the insiders of cryptos.
These fluctuations are perhaps the main obstacle to the adoption of cryptos, from the wider economic activity as reliable digital currencies on which a system of trading and clearing payments can be built.
To support a decentralized trading system, outside and beyond the traditional banking system. However, this is not something that concerns crypto lovers, who are only interested in the goodwill and the continuation of the rise of their “exchange rates”, against the dollar.
What we think should concern the community of cryptos, tokens, DeFi, NFTs, smart contracts, etc., is the ease with which “money” is lost, within this parallel trading system and conversions. Especially when “security” is one of the much-touted structural features of the digital ecosystem.
Last week, MonoX Finance, a blockchain startup, announced that a hacker using a virus had stolen from its system, which covered smart contracts, an amount of $ 31 million. Smart contracts are agreements between two counterparties, in the form of digital code developed in a blockchain environment, without the need for third party mediation.
According to blockchain analysts, $ 31 million worth of stolen tokens consisted of $ 18.2 million in Wrapped Ethereum, $ 10.5 million in MATIC tokens, $ 2 million in WBTC and smaller amounts in Wrapped Bitcoin , Chainlink, Unit Protocol, Aavegotchi and Immutable X.
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