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Cryptocurrency theft has exploded in the past couple of years and this is no hoax. Over $ 1.40 billion was stolen in the first five months of 2020. If thefts continue to grow at this rate, 2020 could become the second most expensive year in cryptocurrency history, slightly behind last year’s record. 4.5 billion dollars.
Hackers keep getting past the defenders
According to CipherTrace, although developers, wallets, and cryptocurrency exchanges are working hard to bolster their defenses, hackers continue to outdo them with their innovative tricks and tactics.
Take what happened with Binance, the world’s largest exchange, in May 2018. Over $ 40 million worth of crypto assets were stolen by hackers who used a lethal cocktail of phishing, viruses, and other carriers of attack. The hackers were able to get in and out of the digital assets within minutes before anyone could figure out what was going on. And that’s usually the case!
These transactions happen so quickly that the assets have long since disappeared even before anyone guesses they may no longer be sitting on the nice pile they had just a couple of minutes ago.
While this has been the general trend in the past, one cryptocurrency, BTCV (Bitcoin Vault), has been able to produce a security solution that not only slows down transactions but also allows users to reverse them.
A new concept
Until now, the only problem many crypto users were facing was that they didn’t have the time or tools to nip the attack in the bud. Since decentralized blockchains are immutable, which means that the data entered cannot be deleted or undone. Any transaction made on the blockchain is permanent and viewable by anyone.
After studying this loophole in the system and the nature of the attacks, the developers of BTCV began working on ways to improve the security features of the coin. And, after a full year of research and development, BTCV was able to launch its 3-Key Security Solution.
Powered by three private keys, this security solution gives users time to react to an attack. It also gives them the tool and authority to cancel any unauthorized transactions within the 24-hour window, which was previously impossible.
A promising future
The use of three-key technology promises mass adoption, as it solves the problem of theft losses. In recent years, people have lost huge amounts of wealth because their devices have been lost or stolen, and transactions have been carried out. In other cases, simple negligence has led to the loss of funds when the sender performs a transaction that contains an incorrect address.
Many people have hesitated to join the world of cryptocurrencies because they fear that there is no possibility of canceling or canceling the transactions that have been initiated. This is a luxury enjoyed only with traditional banking.
Bitcoin Vault is the currency of choice for people with doubts arising from the irreversibility of cryptocurrency transactions. Both the sender and the recipient are comfortable when they know that transfers of funds can be canceled.
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Image credits: Shutterstock, Pixabay, Wiki Commons
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