Cryptocurrencies are one of the most important technological advances in recent decades. They serve to create decentralized applications or smart contracts, also as a financial asset. However, there are extremes to benefit from them, as the Baidu employee did, locked up for stealing computing power to mine.
The value of cryptocurrencies
Very few today can deny the value of cryptocurrencies in the modern world. Recognized as a novel technology with dozens of different uses. Also as virtual currencies with their own value, which can be used to acquire goods and services, or to be exchanged for Fiat money.
This is the reason why, in recent years, the number of cryptocurrency exchanges has proliferated. As well as that of cryptocurrency traders, in search of profit from the sale and purchase of financial products related to the crypto world. Either with the direct acquisition of virtual currencies, or the use of instruments such as future contracts.
Furthermore, and beyond this, cryptocurrencies have turned out to be extremely useful in recent years. Above all, as a means to carry out international financial transactions, without having to carry the heavy mechanisms to make cross-border transfers from traditional banks.
Therefore allowing the foundation of companies, the location of capital, and of course, the realization of international donations, practically instantaneously and with low commissions. Something that the traditional financial system can not boast, slow and expensive by the standards of the modern world.
Theft in Baidu
Looking at all the utilities that cryptocurrencies have, it is not surprising the attempt of an employee of Baidu, the Chinese search engine equivalent to Google, to mine cryptocurrencies using the company’s servers. Managing to mine Monero worth $ 14,300, using at least 200 company servers.
This employee’s name is An Bang, a Senior Search Engine Maintenance Engineer. Who took advantage of his position to install, between April and June, Monero mining scripts on the company’s servers. Which was detected by Baidu, the company contacting the police, who eventually arrested Bang.
Because of his criminal actions, Bang was fined $ 1,570 and sentenced to three years in prison, on charges of illegally taking control of computer systems.
Thus showing that some people would be willing to do to make a profit from cryptocurrencies. In addition, the terrible consequences that a bad decision in this regard can have. Making this our Today’s Data here at CryptoTrend.
