Network security | This is the latest virtual currency theft in recent times. South Korean crypto exchange Upbit has just confirmed that 342,000 Etherium coins ($ 49 million) were stolen into an anonymous electronic wallet on November 27. According to Engadget, Upbit quickly suspended all transactions, assets were transferred to offline wallets to not be attacked. Upbit will also replace the stolen Ethereum with its own money, but the process takes about 2 weeks before every transaction can work again. Currently the identity of the thief has not been determined. There are a number of suspects such as criminal organizations, internal staff or even countries that need money because of sanctions. This is not the first time cryptocurrency exchanges have been hacked, nor is it the biggest. In 2018, the exchange Coincheck lost NEM virtual currency equivalent to $ 400 million.
Block chain is a chain of information related to financial transactions "banking transactions". Each block unit in a blockchain chain contains "key information" related to transactions or financial transactions. Each block contains a link to the previous block that forms a matrix of non-random blocks. The blockchain chain is publicly stored, so it can be easily accessed by anyone with an internet connection. Once the information is stored in a block, it cannot be tampered with by any means without leaving a trace. More and more banks are developing "blockchain technology" technologies to manage their financial transaction database systematically and efficiently "efficiently". Blockchain technology becomes an essential tool that allows financial institutions "financial institutions" to easily monitor and track financial transaction errors that are inconsistent with each other "discrepancies in transactions".
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