Fenbushi Capital's founding partner "Theft of $42 million worth of virtual assets"
Fenbush Capital's founding partner, Boshen, said $42 million worth of virtual assets were stolen. "A total of $42 million worth of virtual assets, including $38 million in USDC, were stolen from my personal wallet on November 10," Boshen tweeted on the 23rd (local time). I explained the status to the law enforcement agency and completed the report. "It's private, and it's separate from related organizations like Penn Bush."
Blockchain security company Beosin explained, "Maybe the hacking was caused by personal key damage." "The hacker got illegal access to his wallet and then transferred the assets to his address."
This incident is the most important issue arising from security.
The day before the incident, Bo shen withdrew funds from FTX. He reportedly used Trust Wallet, a mobile wallet at the time. Trust Wallets, like Metamasks, are called software-based hotwallets, which store private keys on your device in encrypted form and use them to connect to the Internet. It is easier to use than cold wallets such as treasures and leisure, but it is less secure.
In the past, there have been cases in which phrases used to restore wallet accounts were stored on a central server without encryption and leaked. This is not the first time Bo shen has been hacked. In 2016, hackers accessed Boshen's cell phone and e-mail and abused it. As a result, Ethereum (ETH) worth about $300,000 was stolen from Auger (REP).
As such, personal information security is essential in all companies and lives around the world, including exchanges. In particular, virtual asset exchanges dealing with customers' assets should be thorough above all else.
TOKENCAN has never been hacked
It's a matter of course. Since the Tokencan Exchange has been devoted to security since its establishment, there have been no cases of hacking damage. Of course there would have been an attempt. However, every technician in Tokencan monitors in real time, constantly studies security, and is always prepared to protect customer assets from hackers.
The most important reason why token cans could be safe from hacking is because of IPFS systems.
Privacy requires the next generation of technologies to ensure safety and trust
As times go by, the importance of data roles continues to grow.
However, hacking and abuse cases are constantly developing as much as data technology continues to develop.
Although the data protection bill that will keep people's personal information safe continues to be strengthened, the fundamental measure is the need for next-generation distributed storage technology suitable for the trend of the digital asset era. Tokencan continues to invest and develop in next-generation storage technologies such as decentralized file systems to protect valuable and sensitive companies and personal information with its affiliates.
Decentralized storage system, IPFS
Off-chain storage locations include centralized servers, cloud storage solutions such as Amazon Web Services AWS, and IPFS, a decentralized, distributed storage file system. The reason why token cans can be safe from hacking is because of the "IPFS decentralized distributed storage system" technology. In the information age where we live, we can always check the desired information such as photos and videos with a few simple clicks through Internet platforms such as Naver and Google.
But the process of us getting information is not that simple.
For example, when we search for an image, the computer goes through the process of requesting the image data to the server that holds the image and the server sends the requested image data to us.
In short, the videos and photos we want come from a 'centralized server' with data on a huge scale.
Most of the platforms we currently use are based on a centralized system, and if there is a problem with the system, all related data will inevitably be damaged.
In addition, if the server and the user are physically far away, communication efficiency is reduced and information can be censored by the platform operator. This means that various problems such as personal information leakage and privacy infringement can occur.
IPFS can reduce data sharing rates by more than 60% by improving the inefficiency of HTTP commonly used in centralized servers.
Because information is stored in nodes distributed around the world, users can select the nearest node among the nodes that have the necessary information and receive the data. As the physical distance from the node where the data is stored is shortened, the download speed of the data is accelerated, and even if some nodes have problems, the data is distributed and stored, which can significantly reduce damage or use obstacles.
The IPFS decentralized web also has the advantage of not losing data of server users even if one of the servers has a problem. If a user uploads data to the network in an IPFS manner, a unique hash value is generated for each data, and the hash value uses the file as a permanent name.
If you want to download the data again, you can search for and use notes with the hash value among numerous nodes. In addition, since data is stored in the blockchain, the risk of forgery and hacking is greatly reduced.
Choosing the right and proper technology exchange is the most important thing for customers to secure their assets. Tokencan provides customers with safe data technology, and puts the most importance on trust and security that the exchange should consider the most important.
If you choose an exchange with safe technology and security, you will be able to trust it with confidence from the aforementioned hacking damage.
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