Cyber crimes are nothing new and occur on a daily basis, but within the world of cryptocurrency, they have been on the rise and many are growing concerned. From this Blockonomi article, a report from the "Moscow-based cybersecurity firm Group-IB, nearly $900 million has been stolen from digital currency exchanges by hackers over the last two years." Not only that but they state that we will see a rise in these crypto cyber crimes and that the cryptocurrency exchanges will be a hot new target.

The Blockonomi article discussed the two major well known hacks that occurred in the crypto world. Many are familiar with the hack from Mt. Gox where nearly $400 million BTC disappeared without a trace. The second was the Coincheck hack where more than half a million dollars in cryptocurrency vanished. These two companies most likely left a pretty sour taste in their customer's mouths, although these are not the only crypto hacks that have happened.

The volatility of Bitcoin and other non-asset based cryptocurrencies potentially can and will leave a person with nothing if a major hack occurs. This is a serious issue that needs to be understood and addressed. Investors who invest not thinking of the repercussions of putting their trust in a non-asset based cryptocurrency may be in for a rude awakening one day soon. If a major hack occurs and you have a lot invested it could mean you lose EVERYTHING, and good luck waiting for that hacker to send you an IOU. The Blockonomi article stated:

One of the biggest problems with cryptocurrency hacks as that stolen funds are often gone for good unless the hackers choose to voluntarily return them, which is rare. Through cryptocurrency transactions, once funds are moved, they are moved permanently unless the person on the receiving end decides to send them to a different address.

All of this sounds like bad news for the crypto world and may inevitably drive people away from investing, so is there any hope of good news? YES! The answer is GODcoin, an asset-based cryptocurrency! GODcoin will be backed by gold and silver, which will ensure its stability and security. GODcoin has that security advantage, as well as other incentives such as lower fees, faster transaction times, and it will be more energy efficient. The time to invest in an asset-backed cryptocurrency is now because you don't want to wait until you've been hacked out of all of your investment from cryptocurrencies like Bitcoin.

This article was authored by Judith Monte, @belovebelight