Attack was made in 2021 by the North Korean hacker, but it was figured out later on 14 January 2022. One of the biggest online thefts happened in the past decades on cryptocurrency. It mainly targets significant investments from and centralization exchanges.
The North Korean hacker used multiple tricks such as phishing lures, code exploitation. North Korea said that they were not included in this hack.
What is a cryptocurrency, and how does it work?
Cryptocurrency is a virtual and digital currency. The cryptocurrency was introduced in 2009 by Satoshi Nakamoto. They work on blockchain technology and is designed for the online medium through which we can buy goods and services and make payments easily. They focus on privacy more. In cryptocurrency, the supply is limited.
Blockchain technology is where you can do all the transactions, and every data of your transaction is recorded; from this, you can find out quickly who made the transaction to whom, and it is secure.
Cryptocurrency is centralized and free from the third party like banks because, in other payments apps, they are controlled by the government and central government, bus there is no third party to handle this. There is no limit to transactions, and also you can use it whenever you need it.
In traditional financial deals, where two parties are using money, and third-party organization is usually central and assures that the money is genuine and the transaction was recorded.
In cryptocurrency, you can operate with your private computers. A network is constantly working. It is easy to use for anybody can exploit this, but first, you create your account in the cryptocurrency without any paperwork. These things make it different from all payment’s apps.
All the computers have given a challenging mathematical problem, which they should solve in a given time, and then they offer coins.
Published By – Royal Rodrigues
Edited By – Kritika Kashyap
