Major cryptocurrency providers responded to recent Treasury Department hacking attacks, claiming Bitcoin was a safer alternative to the current financial system
Leading proponents of cryptocurrencies were quick to respond to news that hackers had violated the U.S. Treasury Department. The crypto proponents claimed that such a scenario could never happen with Bitcoin due to the strict security features.
Reuters reported yesterday that cyber attackers believed to be linked to Russia hacked the system and monitored email traffic in the US finance and commerce departments. Individuals familiar with the situation claim that this recent discovery could be a scratch on the surface, believing the hackers could have done more than just watch the email traffic.
The hackers also breached the National Telecommunications and Information Administration (NTIA) and monitored their communications. The violation is grave and resulted in a National Security Council meeting in the White House over the weekend.
According to Reuters, the hackers have been watching NTIA emails for months. The violated emails were executed under Microsoft Office 365.
The attack on the U.S. Treasury Department and other departments sparked reactions in the cryptocurrency space. Krakens CEO Dan Held tweeted a picture of the headline and a headline that read “Bitcoin is never hacked”.
Longtime Bitcoin enthusiast Anthony “Pomp” Pompliano agreed with Dan Held, adding that Bitcoin was never hacked. Proponents of the cryptocurrency praised Bitcoin’s security system and the decentralized nature of the digital currency.
Blockfolio continued to attack NTIA’s cybersecurity, claiming that the agency is currently using outdated algorithms for its cryptographic security. Blockfolio tweeted, “Bitcoin means trusting a SHA256 algorithm more than the US Treasury Department.”
Despite the attack on various crypto exchanges and other platforms, Bitcoin has remained secure since its inception over a decade ago. The report did not state whether funds were compromised in the process.
At the moment, the hackers’ focus was on information circulating between government agencies.
Despite Bitcoin’s security and anti-malware measures used by most other cryptocurrencies, the crypto exchange has been vulnerable to hacking for years. Since Bitcoin was founded a decade ago, cryptocurrency exchanges have lost billions of dollars to hackers due to their inadequate security systems.