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.