In the past few years, the theft of cryptocurrency has become more and more rampant. This is by no means a scam. In the first five months of 2020, more than 1.4 billion US dollars were stolen. If thefts continue to rise at this rate, 2020 is likely to become the second most expensive year in the history of cryptocurrencies, slightly lower than last year’s record of $4.5 billion.
Hackers continue to overtake defenders
According to CipherTrace, although cryptocurrency developers, wallets and exchanges are working hard to strengthen their defenses, hackers are still ahead of them in innovative techniques and strategies.
Take the case of Binance, the world’s largest exchange, as an example. The incident occurred in May 2018. Hackers used deadly phishing, viruses and other attack vectors to steal crypto assets worth more than $40 million. Hackers can enter and exit digital assets within minutes, and then anyone can grasp what happened. This is usually the case!
These transactions happened so quickly that the assets disappeared long ago, even before no one guessed that they might no longer sit on the lucrative assets of a while.
Although this is a general trend in the past, a cryptocurrency BTCV (Bitcoin Vault) has been able to provide a security solution that not only slows down transactions, but also allows users to withdraw transactions.
So far, one problem faced by many encryption users is that they don’t have the time or tools to contain the attack. Since the decentralized blockchain is immutable, this means that the entered data cannot be erased or reversed. Any transaction performed on the blockchain is permanent and anyone can see it.
After studying the vulnerabilities in the system and the nature of the attack, BTCV developers began to study methods to enhance the security of the coin. And, after a year of research and development, BTCV was able to launch its three-key security solution.
The security solution is backed by three private keys, allowing users time to react to attacks. It also provides them with the tools and authority to cancel any unauthorized transactions within a 24-hour window, which was impossible before.
The use of three-key technology is expected to solve the problem because it solves the loss caused by theft. In recent years, individuals have lost huge amounts of wealth due to lost or stolen equipment and transactions. In other cases, due to negligence, the sender will lose money in a transaction that contains an incorrect address.
Many people have been hesitant to join the cryptocurrency world because they are worried about the fact that it is impossible to undo or cancel transactions that have been initiated. They can only enjoy this luxury in the traditional banking system.
For those who have questions about the irreversibility of cryptocurrency transactions, Bitcoin Vault is the token of choice. When both the sender and receiver know that the funds transfer can be cancelled, they both feel at ease.
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