We all know that bitcoin was earlier stolen by James "Jimmy" Zhong
James Zhong is an American man who was convicted in 2022 for stealing over 51,680 bitcoin (then worth about $620,000; value as of 2023 approximately $3.4 billion) from the online black market Silk Road between 2012 and 2014.He was also involved in the early development of bitcoin,he found an error on Silk Road that allowed him to withdraw more funds than what was initially deposited. This was activated by repeatedly double clicking the withdraw button, and further abused by using multiple accounts on the website. Zhong managed to conceal his identity and elude detection for nearly 10 years. He lived a luxurious lifestyle, using tools such as cryptocurrency mixers to obscure the origin of the bitcoin he spent. In 2019, he made a mistake by transferring a small amount of stolen bitcoin to a cryptocurrency exchange that followed know-your-customer rules. The IRS's criminal investigation division then tracked him down.
Source link: https://en.m.wikipedia.org/wiki/James_Zhong#
It turns out that Bitcoin stealers target not only big companies but individual users with modest amounts in their crypto wallets.
Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access
So now the question is bitcoin safe from hackers?, can it be stolen?
James Zhong is an American man who was convicted in 2022 for stealing over 51,680 bitcoin (then worth about $620,000; value as of 2023 approximately $3.4 billion) from the online black market Silk Road between 2012 and 2014.He was also involved in the early development of bitcoin,he found an error on Silk Road that allowed him to withdraw more funds than what was initially deposited. This was activated by repeatedly double clicking the withdraw button, and further abused by using multiple accounts on the website. Zhong managed to conceal his identity and elude detection for nearly 10 years. He lived a luxurious lifestyle, using tools such as cryptocurrency mixers to obscure the origin of the bitcoin he spent. In 2019, he made a mistake by transferring a small amount of stolen bitcoin to a cryptocurrency exchange that followed know-your-customer rules. The IRS's criminal investigation division then tracked him down.
Source link: https://en.m.wikipedia.org/wiki/James_Zhong#
It turns out that Bitcoin stealers target not only big companies but individual users with modest amounts in their crypto wallets.
Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access
So now the question is bitcoin safe from hackers?, can it be stolen?
The core Bitcoin blockchain is as safe and reliable as it can be. The problem is not the blockchain, but rather the person using the blockchain. What hackers gain access to is the private key or seed. That secret info can be leaked by mistake or on purpose. It's up to the person himself to keep such info safe from prying eyes.
By following good security practices, no one will be able to gain unauthorized access to your BTC. Unfortunately, most people store their coins at centralized exchanges which are prone to failure. This makes it easier for hackers to steal someone else's Bitcoins. Hopefully, DEXs and non-custodial wallets gain traction to put an end to this problem once and for all. As long as the Bitcoin blockchain remains "impenetrable", there should be nothing to worry about.
