When it comes to unsuccessful cryptocurrencies services (exchanges, mining and so forth) the common reason is hacking.
In the below you can find 3 examples:
Bitcoin Exchange Youbit to Declare Bankruptcy After Hack.
After Losing $60 Million in Bitcoin, Nicehash Is Back (Nicehash was forced to close after allegedly being hacked, losing almost 4,450 BTC).
The Bitfinex Bitcoin Hack: What We Know (And Don’t Know).
Regarding to bitfinex, it is advisable to read the following article as well (press here). We cannot confirm or endorse the article, we are just letting you know that it is there. In the article there are issues that you should be familiar with. We hope that those concerns are just “fake news”.
We were wounder if hacking is the only reason, maybe there are other “traditional reasons”? for example bad/reckless management, in-house fraud or theft etc. The press releases so far are very surprising, and the reason is always hacking. It just left us to wounder, if the news are true or false (is it fake news? are they hiding something or not? what we don’t know?).
As we wrote before on the CRYPTOCURRENCIES WORLD OUTSTANDING ISSUES post, cryptocurrencies world has huge challenges ahead, and the market has just started to deal with those issues. There are bad players in this new ecosystem, only time will tell who they are.
The above mentioned is a reminder to all of us. The cryptocurrencies world carries risk and opportunities, you must be educated investor in order to enter this market. You should never invest what you cannot afford to lose. Do not take credit or loan in order to invest in this market. If you already took a loan or a credit, please try to revise it ASAP.
Moreover, please note, that some ICOs, cryptocurrencies, mining and blockchain may be risky investments, you should consult with independent financial adviser, before making an investment.
You should only use register financial adviser, if things goes wrong, he/she may have professional liability insurance, and you may be able to get back your money.