Hackers and Scammers Noted To Be the Greatest Challenges in the Blockchain Business in 2017

Hacking the blockchain has retarded it

Several complaints have been made by different investors in 2017. For instance, many fraudulent activities were noted which slowed down the growth and expansion of the Blockchain business. The hackers and scammers involved were the major obstacles behind the rapid growth and expansion. Reports reveal that investors have lost huge sums of money, above $100 million due to the indulged crimes.

 

Unfortunately, most of these criminals get away with their illegal acts without been caught or arrested, thereby making it difficult for the stolen funds to be recovered. Recently, there are many recorded crimes that have been said to create negative impacts and pose serious challenges in the global market. Some of them include; CoinDash ICO Hack, Enigma Project Scam, Tether Token Hack and others.

 

CoinDash ICO Hack was noted after donations were illegally transferred to the address of an unauthorized party by an unknown hacker following the launching of an ICO (Initial Coin Offering) campaign. This fraudulent act made the top leaders of CoinDash to stop the campaign, recording huge amounts of money that were stolen by the criminals.

 

The Enigma Project Scam was also noted after the launching of a fake token presale that was held in August. Consumers were deceived to donating into a wrong website where large returns on investments were promised to the individuals. About 1500 Ethers were reported to be stolen from the investors before the company gained control over the hijacked account. Unfortunately, the criminals were not found so it was difficult to recover the stolen funds.

 

Tether Token Hack was another notable incident that occurred in November when it was revealed that about $30million was stolen from U.S dollar Tether treasury account into an unknown Bitcoin treasury. Although it appears as if these criminals are nowhere to be found, efforts are made by global experts and technicians to regulate the market and reduce the high risks of fraudulent activities that may occur in subsequent periods.

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