The recent outburst of interest in cryptocurrencies triggered some hackers to begin looking through different crypto exchange services. The big news of FTX and the recent Binance's BNB hacking as well as Solana's SOL brings tension to many's foreheads. And why wouldn't be?
People lose real money on it. However, the story doesn't end there. The stolen crypto has been on the move. And like every other time, the thieves/people behind this hacking will be in the dark.
I have heard that 'steem.engine' is down and many are claiming their tokens got stolen. This is nothing new in the crypto space.
Photo: My own creation using Canva.
The question is, in this high-potential market does this make the crypto world less lucrative for investors?
By seeing the examples we already know that even the secured network, the popular one has the risk and possibility to get hacked. The world's biggest cryptocurrency exchange confirmed that “Software code is never bug-free,” That means crypto will never be at risk of being hacked. Hackers have terrorized the crypto industry for years and this will continue.
A recent report from DappRadar has revealed that, despite the frequent hacks pervading the cryptocurrency space in October, the market has maintained its growth, recording a total market capitalization that exceeds $1 trillion at the time of writing. On the flip side, the unexpected market recovery did not come without a cost, as almost $1.2 billion worth of short positions were liquidated on the first day of the market’s rebound.
So this is a two-way path. The truth is, people never be less interested in crypto nor anyone can hold them from investing.
And the bear truth is, someone out there crying after losing money on the other hand some new one is entering the market.
So what we are losing?
We are probably not losing potential investors but many who have already in the market. If the environment would secure their stay, then the market will be growing to another billion. Like the big organization are thinking twice about their crypto presence before investing or simply taking their time.
It doesn't directly affect us who deal with a few hundred dollars. But it's sure making a negative impact on the market and it's making the market less lucrative for the investors.
I have nothing to offer as a solution. Because hacking/heists are unpreventable. We are not also seeing any right intention to bring the hacker into the light. This gambling market will continue to exist until a big crash happened.
Who knows, probably we are heading to witness that!