http://www.reuters.com/investigates/special-report/bitcoin-exchanges-risks/
Some of the freewheeling exchanges are plagued with poor security
and lack investor protections common in more regulated financial
markets, Reuters found. Some Chinese exchanges have falsely inflated
their trading volume to lure new customers, according to former
employees.
There have been at least three dozen heists of
cryptocurrency exchanges since 2011; many of the hacked exchanges later
shut down. More than 980,000 bitcoins have been stolen, which today
would be worth about $4 billion. Few have been recovered. Burned
investors have been left at the mercy of exchanges as to whether they
will receive any compensation.
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