Recent cryptocurrency hacks against blockchain site Poly Network and Japanese cryptocurrency exchange Liquid Global — totaling over $600 million and $97 million, respectively — have prompted conversations around the safety of investing in cryptocurrency. Furthermore, the nation’s largest cryptocurrency exchange platform Coinbase has taken heat of late due to its inability to properly deal with cryptocurrency thefts. In fact, over 11,000 complaints have been filed against Coinbase with the Federal Trade Commission and Consumer Financial Protection Bureau since going public in 2016.
Take Our Poll: Have Crypto Hacks Made You Question Its Security?
Unlike regular bank accounts — which also typically offer fraud protection to insure lost or stolen funds up to a certain amount — exchanging cryptocurrency isn’t regulated by the FDIC, and hence, uninsured. Due to this, retired U.S. Secret Service Agent Gus Dimitrelos recently told ABC Action News that cryptocurrency theft is one of the fastest-growing cyber-crimes.
In the past, we asked you which cryptocurrencies you’d be interested in investing in, but now the question becomes even simpler: between its already volatile nature on the stock market and the recent wave of high-profile thefts, is cryptocurrency a safe investment at all?
As the legitimacy of the argument against cryptocurrency being virtually impenetrable grows stronger with each new high-profile theft, has it shaken your faith in the digital currency? Give us your take by answering our latest anonymous poll.
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Last updated: August 26, 2021