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Cryptocurrency Decentralization: How Safe Is It from Fraud?

By Dayo Adesulu

Cryptocurrency decentralization is widely believe that its operational nature would always hinder hackers and fraudsters from gaining access to operators funds.

Also, the essence of the Cryptocurrency initiatives as opposed to the fiat money was to ensure that individuals solely have access to its money unhindered and without external interference.

But how true are these assertions, as the authorities of Agama Wallet has unethically hacked into its clients wallets, pulling out an estimated $13 million worth of cryptocurrency for safety. Although the motives were in order, but the gesture had since calls for questions from many stakeholders.

According to a release by a blockchain startup, Komodo’s cybersecurity team was able to retrieve 8 million Komodo coins (KMD) and 96 Bitcoin when it discovered that hackers have almost gotten hold of its clients fund.

It was reported that the Komodo team had moved all funds to two companies owned wallets in the interim, stating that owners can claim funds back in the coming weeks as the details are ironed out.

Though komodo’s cybersecurity team succeeded in hacking and securing its clients funds, the question begging for an answer is: How safe is Cryptocurrency with the managers?

The attack on Komodo account was carried out by using a pattern that is becoming more and more popular; publishing a ‘useful’ package to npm, waiting until it was in use by the target, and then updating it to include a malicious payload. The philosophy of open-source has spawned popular software like Linux, WordPress, and Firefox but has also come at a real cost to security. As remote working continues to grow, there is a serious need to audit developers, some of whom are half-way around the world.

Komodo unwittingly included the compromised Javascript library into their Agama wallet, however, not all versions were affected.

Apart from imploring a software that could counter hackers cyber devises, the recent compassionate rescue mission by Komodo Team, revealed that managers of clients Cryptocurrency can hack into any client wallet if they really wish to.

Stakeholders are accusing Komodo of plugged the hole before the hackers could do any serious damage.

It was believed that Cryptocurrency enthusiasts will no doubt be hoping that this is the first and only time a project 8 will need to hack its users to keep their funds safe.

This development further gives credence to the agitations from Cryptocurrency investors on the need to have a regulatory body. Thus, instead of countries fighting against the existence of Cryptocurrency, which many believe it has come to stay, each country should seek for ways of regulating operators of the system through financial regulatory bodies.

Until this is done, the investment of people in Cryptocurrency are not safe.

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