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Why Hackers Don’t Attack Bitcoin (Why Hackers Go Unpunished)

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Why Hackers Don\’t Attack Bitcoin Editor\’s Note: This article is from BlockBeats

Why Hackers Dont Attack Bitcoin (Why Hackers Go Unpunished)

Why Hackers Don’t Attack Bitcoin Editor’s Note: This article is from BlockBeats (ID: BlockBeats) and authorized by Odaily Star Daily for reprint.

Over the past two months, hackers have been manipulating and attacking the price of Bitcoin to profit from it. However, these hackers don’t see their malicious activities as a frightening signal. Not only does it harm themselves, but it also poses a threat to their personal assets. So why don’t hackers attack Bitcoin? What is the reason behind hackers avoiding Bitcoin? Let’s find out below.

The birth of Bitcoin is actually a huge opportunity, and this situation has occurred multiple times before. “I think this is a very serious money laundering activity,” is a general consensus in the crypto community, “if one day we really want to use a technology solution that can transact values worth billions or even millions of dollars.” As more institutional investors enter the industry and more people realize this, Bitcoin is becoming more mainstream, popular, and a part of mainstream investment portfolios. According to some experts’ research, many people are looking for alternative solutions to avoid being tied to fiat currencies, as they want to use blockchain to solve trust issues. Companies like Ripple are considering launching similar service products, such as buying and selling cryptocurrencies through exchanges or purchasing digital currencies directly from major banks. However, many people doubt their ability to meet the needs of the traditional financial system. In fact, Bitcoin is considered a “decentralized network,” but that is not entirely true. While it does provide security, it also brings other concerns. “Can you say your Bitcoin is secure?” Despite this, as a web platform, if you want access to Bitcoin, you need to register an account with the system and provide a password or a mnemonic phrase to log in to the application. If there are no KYC policy requirements, errors and loss of user data may occur. Bitcoin developers have been working hard to ensure the security and usability of the Bitcoin protocol, and this goal has only recently been achieved. However, there is currently no clear method to protect users from financial losses, and there are still certain hidden vulnerabilities. “If someone can exploit the characteristics of Bitcoin for arbitrary theft, they should know what they’re doing.” So even the simplest method is to use third-party custody technology to protect your funds from potential impacts.

When the price of Bitcoin rises, users trying to control your wallet must first check if their private keys have been deleted and then transfer these private keys to another user, which may result in the loss of all cryptocurrencies in their wallet. However, once they recover these private keys, they can continue to hold them.

Why Hackers Go Unpunished

According to CCN, when the price of Bitcoin suddenly rose by over 50% on May 19th this year, some people began to suspect it was a scam. Hackers deceived customers by transferring funds to exchanges. And they had no way to stop the movement of the sender and receiver of the transactions. These attacks have caused serious chaos in the cryptocurrency market, as almost all financial services were affected. Since hackers use their software without understanding the technology, they cannot find effective methods for investigation.

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