Bitmain is one of the largest cryptocurrency mining companies in operation today. The Chinese mining company maintains a large holding of cryptocurrencies on Binance. Currently, Binance is considered one of the safer platforms for trading, but no exchange is immune to theft or security breaches. An unknown hacker breached Bitmain's Binance account earlier this year, stealing over $5.5 million in cryptocurrency. We know this because Bitmain filed a lawsuit in the United States against the hacker on November 7. Bitmain Files Suit Against The Unknown Hacker; Provides Details On The Hack The lawsuit doesn't indicate how the hacker breached Bitmain's accounts on Binance. After accessing the account, he initiated large volumes of trades in various currencies. Multiple high-volume trades of Bitcoin, Ethereum, and other cryptocurrencies were placed in a short period of time. Doing so allowed the hacker to manipulate the prices on his chosen cryptocurrencies before he made off with $5.5 million in cryptocurrency. With full control of the Bitmain account, this hack couldn't have been a more simple affair. Cryptocurrency-Related Hacks On The Rise Throughout 2018 Unsurprisingly, cryptocurrency hacks have totaled nearly $1 billion in 2018. That's a 250% increase over the dollar amount stolen in 2017 through October. Cryptocurrencies come with countless benefits, but the Bitmain hack shows their dangers as well. Hackers target exchanges and their individual accounts because crimes are difficult to track. At this point, Bitmain hasn't revealed how it determined the hacker's identity. That individual's name will likely remain under wraps until the lawsuit has been heard. What Else Is Going On In The World of Cryptocurrencies? In general, cryptocurrencies remain in the holding pattern they've endured throughout 2018. Most coins have found a floor and have remained stable this year. It remains to be seen when the next bull market will arise, though. High-profile hacks throughout 2018 have given investors pause, and the larger market reacts negatively to such news. Nonetheless, certain analysts predict major gains in the coming months, and a perfect storm of factors could lead to the next bull market without much warning.
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