Hacking cryptocurrency wallets is now very common. The FTC has recorded an increase in cryptocurrency hacking and identify fraud complaints in the past few years. Coinbase witnessed a doubled increase in account hacking between November and December 2016.

Cryptocurrencies have witnessed rapid technological advancement and also gained widespread popularity. Blockchain technology on which Bitcoin was founded, has been proven to have numerous applications in various sectors including healthcare and media.

Cryptocurrencies are controversial. While Wall Street giant Warren Buffet has called Bitcoin “evil”, venture capitalist Marc Andressen sees it as “the next internet”.