I remotely heard about Genesis Mining, that it was a great option to transfer steem dollars, bitcoins, erethum, litecoins, (and a host of other currencies I might have missed LOL), through their cloud marketing system for the purpose of building mass collected currency for let's say a HUGE retirement fund.. Sounds like a great way to secure one's future, and they can just travel, eat, sleep in late, the whole nine yards.
Now all of this is possible when an investor who wants to take advantage of the Cloud Marketing option through Genesis Mining. However, I was reading along and ran into more information about a few investors who did just that, and turns out they were basically taken for a ride in the worst way. Now I'm still very new to the Steemit network, and still have a lot to catch onto, but I myself thought about doing investments into large databases and then I thought about a few discrepancies (or possible things that could go completely south with your hard earnings.)
Crypto-hacking has been on the rise more than ever, ESPECIALLY since the high demand and value of bitcoins (and other prominent crypto creds) have driven the physical money market very high in its financial worth, and it doesn't seem like it's NOT slowing down NO TIME SOON.
So what happens if someone managed to hack into a database with thousands upon thousands of other crypto-linked addresses, and what if one of those crypto-links just so happened to be yours. Well, that seems to be the case for a few unfortunate crypto investors, (which I'm sure are VERY, VERY, VERY PISSED THE "F" OFF) to learn that their hard earnings are now confiscated goods taken from them, and NEVER to be seen again.
One major breach has taken place against Bithumb, which is known as one of the biggest and most prominent of eCurrencies in existence on the net today. Their database was hacked for over millions (in estimated value money-wise), leaving scores of account users of the online trading site in utter disbelief and outraged.
The targeted eCurrency entites used primarily are Bitcoin and Ethereum, and the targeted region identified Bithumb is South Korea. The South Korean trading market, is host to a mass number of global cryptocurrency traders. And one has to know that this will have a huge impact of Bithumb's trading systems, as well as its consumer base of crypto-traders.
The cyber-hack attack ending with result of over billions of dollars of confiscated South Korean Won, quickly spread throughout the crypto trading community, and the level of devastation is simply immeasurable beyond disbelief. One victim lost a staggering $10 million dollars, in financial worth! THAT'S INSANE!! *- There were even claims of higher amounts ranging into the billions!!
I just threw in a low figure to "butter it down" a bit.
So if that's the case with just one user's account being compromised by hackers, could you imagine throwing in hundreds to thousands of other users facing the same situation, and WOLLA!! You now got over billions of stolen South Korean won, of cryptocurrency! Now that's downright horrific to the highest degree. The crypto-exchange giant notified South Korea's highly-noted cybercrime watchdog to fully investigate the hacked database. After uncovering the source of the attack, it was discovered that the session of the hack was initiated through the disposable passwords that are disregarded after completing transactions with its online customers.
Now this method seems innocent enough to 99% of the crypto fanatics who use sites such as Bithumb, however on the flip side of things hackers are willing and waiting to rip your off in a heartbeat as soon as you throw away that disposable password feature (which I basically classify them as links), which oddly enough is tethered to your eCurrency coins.
So basically users were in a way, "accidently" throwing these crypto thieves a LIFELINE to their crypto stash of goodies. And with all the hard work they had to put in to acquire to a higher level of wealth, it all came "undone" by the hand of a single user who was hacked and compromised by hackers. If it hasn't been dispersing enough, hundreds of Bithumb customers have filed complaint reports with the National Police Agency's cybercrime report center, and investigations are now being conducted by the South Korean officials.
