{"id":53953,"date":"2016-08-04T16:36:41","date_gmt":"2016-08-04T16:36:41","guid":{"rendered":"https:\/\/www.pcmatic.com\/blog\/?p=53953"},"modified":"2016-08-04T16:36:41","modified_gmt":"2016-08-04T16:36:41","slug":"78m-lost-bitcoin-breach","status":"publish","type":"post","link":"https:\/\/www.pcmatic.com\/blog\/78m-lost-bitcoin-breach\/","title":{"rendered":"Bitcoin Breach Results in $78M Loss"},"content":{"rendered":"

A major bitcoin breach of the currency exchange\u00a0platform, Bitfinex, resulted in a 78 million dollar loss…<\/p>\n

The\u00a0digital currency, bitcoins, are being reevaluated as another\u00a0massive breach occurred,\u00a0resulting in a\u00a0major loss for Bitfinex.\u00a0 The\u00a0company is currently investigating the breach, and reported they will evaluate customer losses as\u00a0the investigation progresses.<\/p>\n

According to The\u00a0Christian Science Monitor<\/a>, digital currencies are not able to be regulated like other forms of currency, as they are not backed by banks.\u00a0 Is it time to rethink this?\u00a0 Perhaps.<\/p>\n

This is not the first breach resulting in a financial loss for a digital currency platform.\u00a0 In 2014, a Tokyo based company lost thousands.\u00a0 Earlier this year another platform, Ether, lost 50 million dollars after a breach occurred.<\/p>\n

I don’t believe the bitcoin is going to become obsolete due to these breaches, but it does raise questions on how the currency is regulated.\u00a0 It would be in the best interest to look into some form of insurance for the bitcoin exchanges, similar to what the FDIC provides on bank accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"

A major bitcoin breach of the currency exchange\u00a0platform, Bitfinex, resulted in a 78 million dollar 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