Eric Larcheveque Talks About Cryptocurrency Exchange Hacks During 2018

    The year that passed has been very negative for users and for cryptocurrency enthusiasts not only because of the bear market but also due to several attacks to cryptocurrency exchanges. In a recent article published by CoinDesk, Eric Larcheveque talks about this issue and how hardware wallets are helping to solve this issue. Larcheveque is the CEO of Ledger, one of the most important hardware wallet manufacturers all over the world.

    According to Mr. Larcheveque, exchanges suffer from system risk. That means that they have to secure billions of dollars in deposits that are a perfect target for hackers. In general, these crypto exchanges are not cybersecurity firms and several of them do not even pay to one of these companies to perform security improvements.

    Another issue that Larcheveque marked is the fact that hackers are becoming more sophisticated. As virtual currencies become more sophisticated and exchanges and other platforms improve their security, hackers follow the trend. Some of the hackers that attacked these crypto platforms have dedicated large amounts of time to discover how to break into their systems.

    Furthermore, he says that each day $2.7 million is stolen from crypto exchanges. This amount grew 13 times compared to 2017. This represents $1,860 stolen per minute to exchanges around the world.

    At the same time, the need for security has been also growing. Now, it is necessary to improve security issues and features more than never before.

    Larcheveque has a few solutions and basic security principles that crypto users should follow to avoid being hacked or victim of an attack. Exchanges are usually prone to attacks because they have to keep hot wallets opened at all times, meaning that there is a constant risk for users that hold their funds on exchanges.

    Users should always have control of their wallets and virtual currencies. The best way to do it is using a hardware wallet. In the crypto space, there is a phrase that says that users are their own bank, which is very important and it is related to high responsibilities as well.

    The main rules that users must follow, according to Larcheveque are:

    • Avoid cryptocurrency exchanges for storing funds for a long period of time
    • Use two-factor authentication
    • If you use a hardware wallet use a PIN that is secure and easy to remember
    • Always keep your recovery sheet well secured
    • Trust what you are able to see on the screen of your hardware wallet
    • Assume software on computers and smartphones are always compromised

      One of the most popular hardware wallets in the market is the one created by Ledger, which is known as Ledger Nano S. It would allow users to have their virtual currencies protected at all times without risks of having their devices hacked. Another popular hardware wallet is Trezor.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Dash Price Analysis (February 16)

    • The overall outlook of the coin market is bullish in trend. • The bears may have a temporal control. DASH/USD Medium-term Trend: Bullish • Resistance levels...

    Over $350,000 USD in Ethereum Lost from bZx DeFi Platform in a ‘Complex Transaction’

    bZx Exchange, a DeFi based product states it lost over $350,000 USD in ETH following a “malicious attack” or “successful arbitraging” as queries are...

    Stellar (XLM) Price Analysis (February 16)

    • The price of Stellar is likely to encounter a price breakout soon. • Buyers are in the dominance of the market. XLM/USD Medium-term Trend: Bullish •...

    Bitcoin Cash (BCH) Price Analysis (February 16)

    Key Highlights Lately, there was a slow-increasing mote in the BCH/USD trade worth. As at the time of writing, the crypto’s value looks being...

    MONERO (XMR) Price Analysis (February 15)

    Key Highlights There have been long series of relative up rises in the XMR/USD market activities.  The XRM/USD market has maintained a range interval...

    Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

    Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level. The digital asset is up 40% in 2020 so...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.