Why is Bitcoin stolen? (Why can Bitcoin be recovered?)

Why is Bitcoin stolen? According to the news from “Daily Economic News”, the value of Bitcoin has exceeded $40 million on May 20 this year. According to the data released by the US Federal Trade Commission, a total of $9.25 billion worth of virtual currency was stolen or lost globally in January 2019. After the Japanese government announced comprehensive regulation of digital asset trading platforms around the end of 2018, this data also began to decline significantly. At the end of June 2017, some users in South Korea believed that they did not have enough money to buy these virtual currencies, so the Financial Services Commission and the Central Bank announced the prohibition of using encryption technology domestically. However, this does not mean that hackers can steal their funds. So why is Bitcoin stolen?

The first reason is the leakage of Bitcoin’s private key. It is said that someone used this private key to crack a password program, but found that there was no security issue. Some even modified it as a kind of software. If you don’t want security or anonymity, you can use your private key to exploit vulnerabilities and obtain your Bitcoin for profit. It also lets them know where your coins are and control the balance in your wallet. Therefore, many people choose to do this. Another reason is that mining itself is to earn money, and the mined coins cannot be sold, which leads to the fact that many mined coins will not rise again in the future.

Why can Bitcoin be recovered

Bitcoin is the largest cryptocurrency in terms of global market value. Its price fluctuations have attracted a lot of attention, which has raised doubts among many people. However, on May 17, 2013, a commissioner of the U.S. Securities and Exchange Commission (SEC) sent him a letter asking him to return the assets holding more than 10,000 BTC. Shortly afterwards, the information of “stolen” and “missing” spread all over the world.

So what is the purpose of this Bitcoin recovery? Why did it receive approval from the Supreme Court at the end of 2017? What does this mean for the blockchain industry?

The original text can be found at: https://www.cointelegraphcn/ Article author: Michael J. Casey, CNBC host and writer

After President Trump made the above statement, people began to speculate whether the government could actually freeze the country’s supply of approximately 200 million US dollars in Bitcoin and restore it to normal. In early 2017, the U.S. Securities and Exchange Commission announced the suspension of all activities related to cryptocurrency until the end of 2019 before reopening related businesses. Afterwards, due to some issues, all trading services were suspended, causing a large number of investors to withdraw from the market. Therefore, at that time, the law stipulated that these digital tokens could no longer be used to pay for goods and services.

However, in late September 2018, New York Attorney General Letitia James formally filed a lawsuit claiming to have stolen $250 million worth of cryptocurrencies from an exchange in March 2020. At the same time, according to the US Federal Trade Commission, “If there is not enough funding to protect consumers, prevent financing of terrorism, or help law enforcement authorities enforce criminal activities, they will lose all cash.”

Although there are many reasons to suggest that judges cannot determine how Bitcoin was issued by a legitimate company, this decision seems to be a punishment for those who have lost Bitcoin. In fact, a hacker attack in early November 2017 also made some people believe that their losses were far lower than expected-because at that time, most people did not know how much Bitcoin was in their wallets.

However, now this situation has finally changed. According to Bloomberg, US authorities are trying to prevent US citizens from using illegal tools for trading in order to control their wealth.

Before the US regulatory agency sued Ripple, the US Department of Justice had repeatedly warned users not to engage in the unauthorized sale of unregistered securities, claiming that XRP is a high-risk investment and may be manipulated. But in the past few weeks, Coinbase stated that it is investigating whether the company violated sanction policies and whether XRP is part of an investment contract.