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Latest Bitcoin Exchange Failure Casts Unjustified Doubts on Blockchain

In the wake of yet another cryptocurrency exchange debacle even more people are struggling to assign blame to parties involved and the technology behind it; however, as in all other cases to date, the fact remains that the underlying blockchain technology is not the problem. From the infamous Mt. Gox disaster, through the Bitcurex and Canadian Bitcoins exchange hack, to the most recent failure of Bitfinex, the weaknesses in the exchanges that have been hacked have been human – errors in coding, judgement or morals allowing malefic people to exploit the business.

Besides exchanges, wallets, hardware manufacturers and other companies in the cryptocurrency sphere have also been attacked, again leading people to argue that blockchain is vulnerable. As with the exchanges, each time the problem has lain outside the blockchain. In some cases, the company email account has been hacked; for some, details have been taken from computers. Likewise, individuals who store their security information on personal computers risk having their passwords stolen.


Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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