Cryptocurrency is the virtual currency is the currency of the internet world this currency invented by Satoshi Nakamoto is unknown inventer by bitcoin the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System. This currency total ban in India because of this currency no value for India government it is illegal.In simple word to say its currency in the hacker. Because its currency in your blockchain account and there is no trace there no verification of blockchain they can not give their data for the government so that reason of ban in India

 

Some Case Study In CryptoCurrency

According to a statement from Binance, hackers obtained user API keys, two-factor authentication codes, and other information to execute their plan and withdraw 7,000 bitcoin in a single transaction. He hacks impacted Binance’s so-called “hot wallet,” which is storage that connects to the internet and is used for liquidity so bitcoin can be exchanged. According to Binance, just 2 per cent of its total bitcoin holdings were in its hot wallet. The rest was presumably in “cold storage,” meaning bitcoin kept offline. Had Binance kept more of its bitcoin in its hot wallet, the hack could have been much worse.

 

Binance said the hackers “had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time” and that the transaction was structured to pass its security checks. Binance customers won’t lose money, though, thanks to its “Secure Asset For Fund User” an emergency insurance fund it’s had in place since July 2018.

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