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Bitcoins / Breaking News

Bitcoin Proprietor Suffers from a $100k Loss Due to Public Wireless Network

The 36-year-old Austrian man logged into a public wireless network in the nation’s capital, Vienna and lost a considerable sum of $117k Bitcoins, equivalent to over 100k Euros.

Investigations opened by the Austrian Police seem to suggest that the victim’s account may have been hacked prior to logging on through the restaurant’s unsecured network.

This narrative unfortunately coincides with the already growing fear of security for such sensitive digital commodities like Bitcoin and Ethereum as they are gaining more and more traction every day.

This situation is very reminiscent of the most infamous loss of Bitcoins, occurring in 2014, and involving the now former cryptocurrency exchange, Mt Gox. Because of a security breach on its platform, a major amount of cryptocurrency was stolen, leading to the business collapsing. Investigations into data manipulation and embezzlement were conducted on the former CEO of Mt Gox, Mark Karpelès, who is being tried in Japan over the allegations.

Exchanges still rife with security breaches

The recent security breach should remind you of a breach that occurred in August of last year. Approximately $65 was stolen from the Bitfinex exchange which left ripples in Bitcoin’s value on the crypto market, with prices lowering by nearly 20%. In turn, customers took to social media to inform others that their accounts had been drained of funds, dealing a massive blow to Bitcoin’s image.

Bitcoin Soldiers On

Despite the numerous security breaches putting crypto subscribers at risk of losing their much-valued funds, Bitcoin has continued to grow, reaching a new high of over $8000. This is very encouraging for new, potential investors who want to throw their money into the crypto market and a blessing for those that have already placed their trust in cryptocurrency.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.