CRYPTOCURRENCIES

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PARIS, FRANCE - FEBRUARY 16: In this photo illustration, a visual representation of digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin is displayed on February 16, 2018 in Paris, France. Digital cryptocurrencies have seen unprecedented growth in 2017, despite remaining extremely volatile. (Photo Illustration by Chesnot/Getty Images)

Anything and everything that’s online can be hacked. Cryptocurrencies are not an exception. Thousands of dollars worth of cryptocurrencies have been stolen by the hackers.

  • What are cryptocurrencies?

Cryptocurrencies are digital money or virtual money. It has no physical existence. You can use this type of cryptocurrencies to buy a product. Many firms have already started accepting cryptocurrencies like Bitcoins. However, there are still some strict regulations in a few countries.

Owners of these cryptocurrencies keep the money in a digital wallet. This can be transferred to another wallet to purchase something without the interference of a bank or a third party. The payment process is very easy and much quicker than any other payment systems available.

It uses a technology called blockchain, where every transaction is recorded in blocks of chains that are attached together.

  • Stellar Lumen

There are more than 200 cryptocurrencies and Stellar Lumen has become the victim among them recently. Stellar is one of the cryptocurrencies used to transfer, buy and sell a product with ease.

The group hijacked the server that hosts, Black Wallet, a web-based application that stores Stellar Lumens use of blockchain technology and the group has stolen 1000’s of dollars from the server.

Stellar Lumen is considered to be the eighth popular cryptocurrency in the world. The hijackers have stolen the lumens and converted them into another cryptocurrency using the same blockchain technology.

However, blockchain technology is considered to be very robust, and any fraudulent activities can be identified with ease. This provides the owners of Black wallet with some hope too, identify the culprits and recover the money.   

Stellar Lumen is currently worth much less than the top cryptocurrencies like Bitcoin and Ethereum.

Bitcoin and Ethereum owners must be careful as the hijack of a Bitcoin, or an Ethereum server can happen anytime.

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