The history of cryptocurrencies started with innovation, passion, and determination. The launch of Bitcoin in 2009 marked a pivotal point for the world economy. However, this story also began with disappointment and one of the most important theft in its early tale. In 2014, when Bitcoin had just surpassed the $1 price, a group of hackers stole over $400 million or 700,000 BTC from crypto exchange Mt. Goxx and caused the platform to file for bankruptcy. Users were the most affected, most still waiting to receive compensation from the failed platform. The crypto industry has seen hundreds of hacks similar to Mt. Goxx, such as the Plus Token Scam which took millions in Bitcoin, Ethereum, and other tokens from their crypto wallets. Most recently, crypto exchange AscendEX, formerly known as BitMax, was hacked and lost over $70 million from its users. Per the company’s report, bad actors transferred the funds from the exchange’s hot wallet which contained funds on Ethereum, Polygon, and Binance Smart Chain. The exchange has around one million clients, some of which are major institutions. Thus, choosing a trustworthy exchange remains one of the most important points for crypto adopters. This metric has been on a constant rise and seems poised to only continue to increase. Amongst crypto exchanges in the industry, Phemex has a leading spot due to its security mechanism. The platform has never been hacked and has been able to keep it...
