Bitcoin Forum

The numbers are quite alarming. According to this Forbes article, while the number fluctuates based on the market price and the published amount at the author’s time of writing, these are the quoted amounts that have been lost due to hacks as well as human error.

DAO - $53 million
Bitfinex - $72 million
Parity - $30 million + $275 million
Mt. Gox $460 million
Coincheck $530 million

That’s over $1 billion that has been lost! Obviously, cryptocurrency is giving us specific challenges around protecting our assets. At the same time, this gives us the opportunity to push the limits of this technology in order to elevate our lives, right? What are your thoughts about this news?

https://www.forbes.com/sites/forbesagencycouncil/2018/09/27/cryptocurrency-how-to-avoid-getting-hacked/#184495a14692

I agree with this report.  This is why I have 2 hardware wallets.  People need to remember that this is crypto and that some people will do anything to get it, so practice precaution when investing, trading, buying, or selling crypto.

Well, the risk of losing your investment is always higher in crypto market.
1. It's volatile and unpredicatable.
2. The most scary part, hacking.

Since its digitized and the layman doesn't understand the nuances of this technology, they mostly make mistakes and lose their savings to hackers.
There are various ways to protect yourself though,
Using strong passwords, creating crypto specific id's, using several wallets.

These are some recommended precautions you must take apart from general awareness about hacking.

Really scary how much money was stolen by hacks. I never knew it was so much money that was lost. What would the crypto market look like today if these funds were not stolen? Certainly better than at present, or would it have changed anything?

Remember they are all exchange sites and then it will be so difficult to manage a lot of assets at the same time dude. Look at them all and how the majority of these exchange site has been doing a lot of efforts to secure their asset. But they can't. There was a lot of hackers and they are always trying to exploit the site.

This numbers are frightening. Looking at them we should remember about our crypto safety and accuracy.

Thanks for sharing the article I will readed and understand lot from that.

Oh my god its a big number of money.we need to be more safe and secure while making transaction,login etc..

Keeping money in the Bank is also a risk ! I think what in the world was stolen a lot more money ! Keep crypto currencies in cold wallets and will not get you in trouble !

That's why we really wanted to make a better and revolutionised exchange that never gonna be hacked so that the assets won't lost/

It seems that this quote has only the biggest hacks, I can recall many more hacks . I found it very interesting that such big exchnages are not working harder on their security measures. Also maybe this will stop slowly when we are going towards decentralized exchanges.

And what about how much money is lost because of telegram an twitter scams and scam ICOs..

This is big amount , is not there any way to find hackers ??

Unfortunately thefts are becoming so popular in crypto but I believe that it will be solved soon because losses are great and patience of people is close to the end.

There is always a risk involved in any investments besides, even banks have a lot of frauds going on over the history. What we need is a highly advanced technology that can detect any security risk. AIs maybe? We may not notice it, but almost everything that we do now goes through AIs. Not the robot kind of thing but in the form of chips or something.

Altogether that is a big amount theft from hacking, security must be improved to gain confidence of potential future investors, developer should think of a way to stop hacking.

According to all the wealth in the world, not much. But in crypto space, that is actually quite a lot and it is sad that nothing could be done to prevent that. People indeed lost a lot of money this way. Exchanges should definitely strengthen their security measures, but won't tell people not to hold money on exchange accounts. That's for sure. Because holding a lot of assets on the exchange is the worst thing to do.

It’s scary, isn’t it? Especially with current news about the data breach in Facebook. Cyberspace needs more security than ever, and we need to take extra precautions. Do you think blockchain or AI can solve this though?

fantastic, indeed the value is very large and also worries everyone. but we must remember that crimes like this also occur in all fields of any financial industry, see how much money is lost from banks, hacking, robbery and even the most sad is the conspiracy to commit corruption together. I think this is bigger and more worrying than what happened in crypto and they must know that crypto is the answer or solution to solve such problems.

yes, it is scary. hacks currently seem to be cryptos biggest problem. these hacks have certainly driven many people out of the crypt world. it would be nice if a solution was found soon. whether a blockchain could solve the problem it would be very good, but i am not sure if that is possible. maybe with ai, but i do not know enough about that.

There is no central authority that will guarantee your crypto, so it is only as secure as your private keys.  Keep them safe and secure and have backups.  If you lose your keys you lose your funds.  I cannot stress this enough.

I was incredibly surprised with the numbers too. I  do believe things would be different if these funds were not stolen. There could be more trust with cryptocurrency in general, which is good for the stability of prices. But if there could be a silver lining to this, it’s the fact that we’re made aware of how serious hacking really is and how we should really be careful. And maybe this could be a wakeup call for technology to develop better security features. Do you agree?

How do you think it can be solved though? Through a new blockchain software perhaps? Or an AI algorithm?

Hacking really is painful things to experience, it cause so much casualties, But at the same time it also proven that the security on some market are still need to be secure even more, to avoid any future attack.

1 billion dollar for hacker. that's terrible. I won't how they can cash out all of that money. because even people on blockchain are anonymous but we still can tracking every transaction on it.

What you had posted is just the tip of the iceberg. From 2011 onward, there have been tens of thousands of hacking incidents and the total amount of Bitcoins which were lost may number in millions. On top of that huge amounts of fiat and altcoins were also stolen.

6 years back, another user had attempted to list all the major hacks and heists. You can find the thread here:

https://bitcointalk.org/index.php?topic=83794.0

This is a news that makes many investors more nervous about the trading platform they are sending money there. We, investors have too many problems to solve. How to secure and keep our assets the best? How to invest effectively? How good is the strategy in the Crypto market? ... there is so much to deal with and the trading floors need to improve their security system better.

I agree with the article. I believe it’s also the reason why we are looking forward to have better wallet and exchangers that will really protect our money and investments. Hoping also that this hackers will come to an end.

at least mt. gox member can get their money back if you can prove they have bitcoin on this platform. you will get more than they lost

of course the numbers are very limited. will depend on the amount of money you have in your wallet. and depending also hacker it will pick it up where. Therefore we must continue to be vigilant, do not get off guard.

Thank you for posting this article, very enlightening. As this article reads, best is to use hardware wallets and keep only what is needed to be traded in exchanges.

It may happen with any exchange as they are not much secure as hardware wallets. Even (binance) one of the major platform in the market with multi authentication required exchange was attacked by hackers.
A trader must have a hardware wallet and only put the amount on exchange that he wants to trade regularly

Much money have lost by hecking, we can’t how many exchange have hecked and lost their money with billion usd. Maybe we can count how many exchange have hecked but we can’t count how much bitcoin and altcoin have lost.

I think if our assets have been exchanged, there must be accountability from the exchange, but that is the risk of Crypto owners, for myself, I prefer to secure my digital assets in my personal wallet.

I have always believed that there is absolutely no early days of a technology that will not have its fair share of some challenges one way or the other and it is a normal thing to see things like this happening. Protecting our assets however over the years is becoming something easy for those who have the knowledge on how to do so, what to do and what not to do as the case may be.

Most of the issues of a huge loss have been due to hack and we sure know this is the reason why paying attention to security has been something very important when it comes to the cryptocurrency sphere.

It's an amazing sum and seems like this sphere is at the beginning of the path and has a lot of ways of scamming.

That's a lot of money and people before aren't securing their coins because they are keeping it to exchanges.

But today's generation are learning from those past hacking incidents and are aware of the consequences of not protecting your own fund.

I just thinking is it really hacked? or just they excuses to get that a lot of money, but if really hacked then they should secure harder their exchange, that's quite a lot of money hacked.

Really scary indeed but this is something that should have been expected in a new technology with the hackers trying to make every attempt to always breach those securities.

I would not say the market would have been better since the hackers would have ended up finding a way to cash out eventually anyway, but all in all, as all these keeps happening, so are we going to see the securities improving as the case may be and then we will keep seeing a better space.

We have all known how security has been something that is of a huge concern even outside cryptocurrency over the years and for the fact that this is new, we should expect this.

hacking is a major challenge so many crypto users have been fraught with. So many exchanges needs to upgrade their security and users should be careful with their private keys and passwords. With these all in place, the number of hacking will definitely reduce

I agree. There’s still a lot of work to be done to improve security.  A major downside though is that society is losing trust in crypto
https://futurism.com/cryptocurrency-hacks-shaking-investors-faith-coinrail
How can we build trust amidst all these hacking situations?

As long as people insist on keeping their money on centralised exchanges they will be at risk of losing it to hackers. I have very little sympathy for people who lose money this way. If you are following proper security practices your money will be safe. Only keep your money in a wallet where only you have the keys. People need to start taking some personal responsibility.

That's alot of money , sadly it gave negative name to cryptocurrencies. The vulnerabilities will always be there but this kind of incident could really hurt the price and reputation of cryptocurrency, man we're dealing with money and this type of is irreversible money lost in thin air without owners and investors control. 

sites like that and other site sites will be very vulnerable to hacking, even though they certainly have a team that is very reliable, but still hackable, especially for those of us who only rely on our own energy, are always suspicious of everything we don't know, improve the personal security key of each individual to avoid undesirable things right,

It is sad to see that hackers havee taken over our community and are causing a wreck for a lot of persons. It is painful hearing the daily cries of the people who have had their accounts hacked, and their money stolen. Really isn't there anything that could be done to get rid of these fortune thieves? I wish there was something.

Amounts are amazing but people who was able to do it are more amazing that their doings. Just imagine how it was so difficult but they have got their aim.

That's a very large amount, and it's a very unfortunate thing. But we all know that "hacking" is the scariest risk to join in this world, and when we decide to join this industry so it means that we are ready for this thing. I hope we are save from those irresponsible hackers.

I think bitcoin amounts that have been lost would have been a lot better. Also it has not been "lost" to us, it just changed hands but the money is still out there, most of those people who hacked these places cashed out that money and basically living the life with fiat right now while some other person bought that money somehow.

"Lost" is the type of money when someone actually forgots the secret keys and seeds of their wallet which is an actual trouble for bitcoin, it is estimated that around 500k bitcoins have been "lost" that way either can't be reached or satoshi basically not using the coins he has as a major part of that.

So if we hope that cryptocurrency shall replace the fiat money so we have to be more focus on how spread the proper understanding about the technology and its security. And maybe will take an ages to bring the masses to the cryptocurrency world.  ;D

it is really not nice to read that hackers are so successful in the crypto market. hackers and scam bounties are probably the biggest problems in the crypto era right now.

I would say this happened because only of human errors since they have stored that much amount of money in an exchange that is why they got hacked so they need to learn the basic knowledge about crypto currency which will be helpful to save their hard earned money.

These figures apply only to hacking exchangers. And how many cryptocurrencies stolen by hackers from users' wallets. This figure is probably no less. Just these people are not particularly outraged. There is nobody to complain about. Moreover, they will be told that these were their miscalculations, it was necessary to think about the safety of their blowjob. But many do not know or do not know how to do it. It happens that circumstances are this way, that it is impossible to do this. The abduction of cryptocurrencies from wallets is one of the biggest problems. No matter how the technology is improved, hackers will find ways to hack it. Because of these hacks, it will not be safe for ordinary citizens to use cryptocurrency. This is one of the reasons why a cryptocurrency will not have too wide application in practice.

Where money, there will always be thieves. The temptation is very great. I think that the protection of cryptocurrencies is not perfect yet. That's why hackers use it. Banks are already protected from hackers, and the crypt is still weak.         

Unfortunately, there are many scammers and hachers in the crypto world, so all of us should be very careful, also we shouldn`t trust everyone. So, I advise to use hardware wallet to prevet any thefts.