Cryptocurrency Q&A
Why is bitcoin so vulnerable to cyber attacks?
Why is bitcoin so vulnerable to cyber attacks?
Caterina
Tue Jul 09 2024
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7 answers
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Could you elaborate on the reasons behind Bitcoin's vulnerability to cyber attacks? Given its decentralized nature, I'm curious to understand the specific factors that make it a target. Is it the open-source code? The anonymity of transactions? Or perhaps the vast network of users? Additionally, how do these attacks typically manifest, and what strategies can be implemented to mitigate the risks? Understanding these aspects would help provide a clearer picture of the challenges faced by the Bitcoin ecosystem.
7 answers
SeoulSerenitySeekerPeaceLover
Thu Jul 11 2024
Cryptocurrencies, despite their decentralized and unregulated nature, hold significant appeal for numerous individuals.
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HanRiverWave
Thu Jul 11 2024
However, these same traits that make them appealing also render them vulnerable to potential attacks.
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PulseEclipse
Thu Jul 11 2024
One of the earliest and most notable examples of such an attack is the collapse of the Mt. Gox Bitcoin exchange in 2014.
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Claudio
Thu Jul 11 2024
Mt. Gox, once a leading cryptocurrency exchange, fell victim to hackers who exploited security weaknesses within the platform.
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charlotte_wilson_coder
Wed Jul 10 2024
These hackers were able to steal a staggering $500 million worth of cryptocurrency from the exchange, causing its eventual collapse.
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