Cryptocurrencies
Record Crypto Heist Raises the Appeal of a New Type of Exchange
- After losing billions to hackers, some users switch sites
- CEO of Radar Relay: ‘Folks are fleeing because of hacks’
This article is for subscribers only.
A more than $500 million record heist from a Japanese cryptocurrency exchange, the latest in a long line of high-profile hacks, is directing attention to a new kind of venue that makes it harder for would-be thieves. They’re not, however, impervious to attack.
Hackers typically steal money from crypto exchanges by gaining access to their internet-connected wallet, which stores the funds of customers. Hackers have repeatedly cracked open the virtual vaults where they’re stashed, stealing billions of dollars worth of assets over the years.