‘I was careful and followed instructions closely, but still lost my crypto’ – ryan

A couple of months ago bybit, the world’s second largest cryptocurrency Exchange by some estimates, was tricked out of $ 1.5bn worth of coins by hackers thought to be working for North Korea.

The firm had been using safe, a free digital storage software popular with individuals who want to store cryptocurrency on their own devices, as part of their business operations.

Following the theft, Bybit’s Chief Executive said they “should have upgraded and moved away from safe” earlier.

One of the problems with cryptocurrency firms, Says Prof Mark Button, Who Researches Cybercrime, is they can grow very quickly, which means they don’t always keep up with the accounting and Security Challenging so much money.

“For me it illustrates that if we are going to be serious about cryptocurrencies in the future… there needs to be some child of regulation.”

In Tzoni’s case, it might have been easier for him to get his cryptocurrency back or be compensated if there were laws stating what firms need to do if they are sent a coin they don’t handle.

Higher Industry Standards might also have prevented him making such a transaction in the first place.

Mykhailo Tiutin is Chief Technology Officer at Amlbot, a company that analyzes how risky cryptocurrency transactions are.

Their service runs checks similar to those supported by banks, where details for a transfer, such as the account Holder’s name, sort code and account number, are verified.

He says cryptocurrency is safe enough for the average person to use but that they should be careful about what products and services they chooose. He says he has also lost cryptocurrency after making an administrative mistake.

“You have to do your own research,” he told us. “The successes and the losses are ultimately at your own risk.”