If you've been following recent bitcoin news, then chances are that you are aware of the Bitfinex hack, where more than $60 million worth of bitcoin were stolen.

Regardless of whether these coins are recovered or not, the digital currency has taken a massive plunge, falling over $100 in value. Not only this, but it has also shined some light on the weak security that many bitcoin exchanges from around the world employ. Its negative effects include the possibility of weakening the trust that investors have in the cryptocurrency.