Listen: New Zealand, Koto Pia, United States discussed on Silicon Valley Insider with Keith Koo
"So in tech news this week, I up two stories related to crypto currency exchanges. And thefts. The first one is that Koto Pia large crypto currency exchange out of New Zealand had a hack and the at about three point five million dollars worth of a theory and other token stolen, and then a few days later, the same culprits, stole another three point two million. And a lot has been discussed of whether or not both the exchange in New Zealand and the New Zealand authorities actually have the proper skill set to investigate these crimes. How do we know that these funds were hacked, we'll because the perpetrators actually exited the currency in other exchanges? You could actually see those transactions show up because remember, cryptocurrency and blockchain is an immutable ledger. And so it's always able to be viewed in an open public ledger in a strange story. A cryptocurrency. Exchange in Canada called Quadra the founder died with the only password to about one hundred and thirty seven million US dollars worth of crypto currency funds and the wife who's the survivor also one of the executives of the exchanges said that no matter what they've done hirings, cryptocurrency and cybersecurity experts they can't hack his password. This leads me to remind you that currency, the tokens themselves have not yet been hacked, but exchanges certainly have. And the infrastructure is so new that if you really not educated as an investor into how to properly store your cryptocurrency in how to actually transfer you cryptocurrency, the maybe it's something that you shouldn't get into until you get that education for my last story. Remember flicker the old photos stored site originally purchased by who which was then transferred oath an oath sold the serve. Smug mug flicker had a one terabyte option for storage one terabyte is like stealing two million digital photos.."