Cryptocurrencies, which have been in the headlines for the past several months, are also not safe. Hackers stole crypto tokens worth $120 million (about Rs 905 crore) from the blockchain-based decentralized finance (DeFi) platform BadgerDAO. Several crypto wallets were liquidated before the platform could stop the cyber attack. Badger said that he has received reports of unauthorized withdrawal from user funds.
As told by Badger, our engineers have started an investigation. All smart contacts have been put on hold to prevent such withdrawals in future. Also, US and Canadian officials have been informed. A rapid investigation is going on in this matter. We will share other information related to this soon.
The Verge reported in its report that according to blockchain security and data analyst Peckshield, all the tokens stolen by the hackers in the cyberattack are worth $120 million (approximately Rs.905 crore). According to the report, someone had put a malicious script on the user interface (UI) of their website.
This cyber-attack has not exposed the flaws inside blockchain technology. Cryptocurrencies are kept safe with this technology. However, hackers managed to take advantage of outdated Web 2.0 technology. Most users use it to transact cryptocurrencies.
When you talk about rupee, dollar, yen or pound, it is controlled by the central bank of the issuing country. How much and when this currency will be printed, they decide by looking at the economic condition of the country. But no one has control over cryptocurrencies, it is a completely decentralized system. No government or company can control this. For this reason, it is also risky.
Blockchain is the safest and most transparent financial technology. The popular cryptocurrency bitcoin boomed after the 2008 economic downturn. Since then there has been a 90 lakh percent jump in the value of a coin.
But the problem with this is that it is very unstable. Suddenly she goes up and falls with a sigh. Because of this, the risk is high. It has seen many ups and downs in 12 years. About 400 times, even the announcement of its end would have been made. The situation is similar at this time as well. Most governments around the world are reluctant to accept cryptocurrencies. Earlier in December 2020 also all cryptocurrencies had reached the abyss. Now analysts are saying that bitcoin will rise again.
Cryptocurrencies are created through mining. It is virtual mining in which a very complex digital puzzle has to be solved to get cryptocurrency. Solving this puzzle requires your algorithm (programming code) as well as a lot of computing power. So in theory it can be said that anyone can make cryptocurrency, but in practice, it is very difficult to make it.