World’s most strongest 5 High Profile Cryptocurrency Hacks
The Problems with Mt. Gox
There were many problems with Mt Gox before the 2014 hack even happened and all that could be traced back to highly incompetent management. In many ways, it was a disaster waiting to happen. A Tokyo based software developer, who had visited the company looking for employment opportunities was appalled by what he saw.
Problem #1: Lack of A VCS
Firstly, there was a lack of a Version Control Software (VCS). A VCS is a must have in any software development company for a variety of reasons.
- A VCS enables you to keep track of all the changes made in the codebase. Using VCS, not only helps one to see precisely at what time the code was changed, it also helps them know who did it. It also allows one to rollback the change and goes back to the previous version.
- Another great quality of VCS is that it helps a lot of people code together at the same time without the fear of one programmer overlapping another’s code. This could have been really helpful in a company like Mt. Gox which has multiple programmers working on the same code at the same time.
Problem #2: Lack of A Testing Policy
The software developer also came across another highly-alarming piece of news. Until recently, Mt. Gox didn’t have a testing policy. Think about that for a moment. The biggest bitcoin exchange platform in the world didn’t have a testing policy! They were literally throwing out an untested code to their customers! And it gets even worse.
Problem #3: Bottleneck Issue
Turns out, Mt. Gox had a bottleneck issue. All the changes in the code had to be approved by the Ceo himself. Karpeles was the end all and be all of the whole system. That’s just bad management (more on this later). The CEO of the company should never be a bottleneck of the whole coding process but that is what exactly happened.
Problem #4: Lack of Proper Management
If we were to surmise all the issues, it all comes down to one thing. Highly Incompetent and childish management. Andreas Antonopoulos, in a very scathing report, had this to say:
