Bitcoin Forum

Cryptocurrency intelligence firm reported that CipherTrace’s Q3, 2018, cryptocurrency thefts had already reached $927 million.

Previously CipherTrace second-quarter report said, the company identified that there were more thefts during the first half of 2018 compared to the entire year of 2017 alone. Some $731 million worth of cryptocurrency was stolen from exchanges with some of the most notable hacks including that of Japanese exchange Coincheck at $530 million, and BitGrail that lost some $195 million dollars’ worth of tokens.

As of the Q3 report, the number now stands at $927 million lost in cyber attacks and CipherTrace predicts that this trend will continue. By the end of the year, they say, thefts will add up to well over $1 billion.

Comparing those thefts to US dollars to maximize their value is not considered a valid comparison.
The price was above $ 10,000 "&Bumping altcoins" during the first quarter of this year, most of these thefts related to platforms, some manipulation of prices and exploitation of weak legal control.
We have not heard of stealing thousands of cryptos at the moment and people are becoming more aware of wallets.

This report is absolutely fascinating! It is a testiment to how young and inexperienced crypto-business founders are that the same vulnerabilities appear again and again and are exploited repeatedly. This is something my partners and I talk about all the time and are building safeguards into all our cryptobusinesses that take heed of the common and known vulnerabilities. I see that Ciphertrace offers solutions for these issues. What great positioning for a company right now.
Thank you for the information!
 

Scam and hack are two different things. All of the stolen cryptocurrencies from different exchanges were hacked not scammed. You can easily avoid scams if you are aware and cautious on the things you do online. Hacks are unavoidable online but they can be stopped by setting up certain wallets that have several security layers. Even air gapped wallets which is considered to be one of the most secured wallet can be hacked (https://bitcointalk.org/index.php?topic=3385398.0).  

Source of the OP (for those who want to read the entire article) :
https://www.ccn.com/1-billion-dollars-worth-of-cryptocurrency-stolen-in-2018/
https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/

Even John McAfee's 'unhackable' Bitfi wallet was hacked twice so no one is safe is this market. I really thought that crypto enthusiast are getting very smarter but it seems that its not because of so many hacked because majority chooses to put a lot of money in exchanges.

I guess the hackers will always be on step ahead of the game and this will be a continues mouse and cat game for exchanges to be very vigilant and tighten their security to avoid such exploits. And let this report be a eye opener not just for exchanges but for all involved in crypto to just be careful with the money, specially huge money involved.

Hacks and Scams would exist forever as long there are places which can really be possibly steal up money. Exchangers is one of the most hot spot yet we do know that this place do have the
millions of funds stored. Not really hackers are always ahead but as security evolved those bad guys will evolve as well when it comes to hacking or bypassing.So,its no surprise
that no matter what we can really see these kind of incidents.

You know the thing about thieves is that they always go for the shortest path to victory. Sure, you get those who plan heists and big hits, but when what we have here are valuable assets that are left lying around without security measures to match, it's just a matter of patience for them.

Most of those stolen crypto boil down to poor security and negligence. Leave your money at exchanges and that's what you get, literally gambling that your funds aren't stolen.

Mt Gox didn't seem to serve as a reminder it seems.

1$ billion is huge money and it sounds very bad when you read something like this. Only way is to force exchanges to improve their security and hold most of funds in cold wallets, and to inform users to not use exchanges as their main wallets. I think many are just confused how crypto is work, and they are easy target for hackers - bad exchange security, phishing, weak passwords without 2FA, fake wallets, crypto malware and who knows what else threatens to get your coins.

For comparisson, stolen amount of coins in 2018 could be similar to Binance net profit for 2018.

Now imagine if any institutional investors had put money in that exchange? this is one more reason why governments are afraid to regulate bitcoin because the biggest obstacle will be how the government would oversee the exchanges and ensure that all exchange customer funds would be safe.

We need to show a lot of competence if we want governments and banks to look at the crypto world with good eyes.

If we compare the number in BTC to the one people lost in the Mt.Gox scam, I believe it'll not even transact to 1/5th of that BTC. Still, it looks like people haven't learnt a lesson and so, hackers are very much interested in taking our money that's completely vulnerable if put the coins at a place out of our own wallet, that too if we don't hold our key, it's not owned by us. Remember, keep your BTC in the only address whose private key is held by you because if you don't own tour private keys, you don't really own any BTC.

When such type of things happen it effects the market badly and also many country sees it as red flag and they too start feeling that crypto is not good for their citizens and might loose money so better to ban it etc . Also investors lose money without their fault when such things happen.

To make matter worst this vulnerabilities are being exploited times without number and this is not good for the adoption of Cryptocurrency.  Its time the players of the crypto industry takes this issue serious and tackle it

crypto is potential and gives many people a good advantage and this invites hackers and other digital thieves to continue exploiting every exchange, wallet and other crypto-related platforms.
I have studied computer networks and there is no system that is truly safe and this is what needs to be tested on how vulnerable our website is so we don't have to wait for our crypto to be stolen

Damn, this is really bad. I really pity all these exchanges that fall victim to hack attacks, cause some of them never get to pay back what was stolen from them and investors.

This is one of the reasons every investor shouldn’t be storing his or her coins on an exchange, except the coins they want to trade with, in case of such bad things occurs. Another thing is that exchanges should really work on their security. This is something that has to do with money, so they should be really serious with it and safeguard their site as much as possible.

On a very serious note, that's some very massive figures and doesn't really say well for crypto. News of hacks and scams have been on the rise recently and this even causes a setback for potential investors from joining the cryptocurrency. But still we need to ensure a very good sense of security and always be alert to potential scams.

Its just small set back in cryptor world :D

I do not think that the theft of cryptocurrency will stop at all...scammers and hackers are just waiting for where you can steal cryptocurrency from bona fide investors or players in the market)I would very much like that there was no theft and everything worked honestly.

You will have done more justice by including the source of this information for the benefit of anyone who wants to surf further and have a more elaborate information on the subject matter.

The issue of theft is not something new in the crypto industry and I am surprised is even kept at that which is due to the general low ebb in the entire market and also not including the little known exchange site that have suffered similar fate in the hands of hackers. Like I always maintained, until there is a situation where the administrators of this exchange sites are made to pay for their ineptitude, we will still continue to see more of this.

Frequently this think what happening in all over the world especially Bitcoin hacking in continuously running by some people it is not right thing to do but we don't do anything against it the only thing is preventing is better than cure so make your Bitcoin or other investment more stronger by securing it it will only helping you to be safer.

This report shows us all how much the cryptoculture in the world is just beginning to develop.
And there is still a lot to be done for the security of the developers of crypto-exchanges.

Does it includes all the scam exchanges, for example when cryptsy got ''hacked'' ?

security of most exchanges are already solid .   hackers are just smart people because they can find a way to bypass the security  of any system that they like to hack


do you mean hacking is a indication that a thing is just developing  ?  crypto is already fully develop imo because it is been already 10 years ever since it was born  .


no its not  . 1billion dollar worth of bitcoin is kinda small compared to the overall total market cap of bitcoin  .

Most of these exchanges are so weak, hackers just penetrate them easily. They really need to up their game and build solid security. I believe a lot of people are now aware if these exchanges and wallets that usually gets penetrated and I believe many will stop making use of it. There are better exchanges with solid security, but it’s still not advisable to store coins in exchange.

Yes, you’re saying the truth, modern hackers are really bad and they seem to do just anything and are also working in groups. But I still believe that services providers can stay ahead of them by taking integrated approach. Then I will like to add that $1 billion is a huge amount lol, although it is small compared to the whole cryptocurrency market, but it’s still a huge amount of money to disappear just like that.

much better if you have live link for the news, regard.

Correct, although we have reached our 10th year anniversary, crypto is still on its infancy stage so a lot of growing up pains to see and experience like hackings. It will continue though because hackers are always one step of the game.

However, I'm sure that exchanges are also evolving and trying to prevent this so called hacks to happen to them because (1) the money they invested will evaporate that quick (2) they will lose the trust of their customers, thus might go and end up bankrupt (3) restitution payment will be a headache if they don't have the money to cover for the losses.

I believe this is the problem of every online industry because hacking is happening everywhere and most especially with government projects but crypto exchanges are getting severely suffered as their business model is purely handling the hot assets. Hackers and stealing are new due to online thing nor due to introduction of cryptocurrencies but being a online money, crypto space is facing big impacts.

There are two possibilities why we are getting suffered even after many evolution against hacking :

1. Hackers are also evolving and that might be in faster manner than exchanges. Hackers innovates new methods and then exchanges and antivirus providers are fixing them. It is an usual practice in internet space. Always a versatile virus will born first and then only its fix will born.

2. Exchanges might be scamming people by the names of hacking. It had happened many times in the past. Some people are still suspecting mt.gox must be this kind as their treasury team is still holding and moving enormous amount of bitcoins.

This statistic is pretty damning but it's not so bad in my opinion for the following 2 resons;
1. Hackers and scammers will continue to exist as long as funds are available for use. As several platforms tighten security, hackers also find new ways around the firewall.
2. We bring this to light as we do not consider the amount of fiat currency in USD which have been stolen in the same time span as this is not often disclosed.

The truth is that blockchain technology is still in it's infancy. With time, things will definitely get better.

This is  really a huge number and definately not a good sign to this industry of scams , tokens etc happens so much this means that no government would like to make it legal if they are thinking it too as this would be a major cause of concern for them . Hope those could be recovered on coming time so that investors do lot lose money .

This my seem like a lot but think about how much fiat money gets stolen each year from identity fraud and other means.  Central banks are the ones that are robbing us blindly in more ways then you can imagine.

Also a lot of these exchange hacks are really just inside jobs, they use the hacks to keep all blame pointed at others.

I think so too, but the thing is that most exchanges are so incompetent, and overestimate their ability to provide a secure and bullet proof platform, that it doesn't surprise me at all that we see so many exchanges get hacked.

The main thing about inside jobs is that the operators of the hacked exchanges have had all the time they needed to think through every move in order to make it not seem like it was an inside job.

Makes me wonder about why Binance didn't want to get itself registered in Japan, but left instead. It's a huge market, and financially it's not a problem either, so it could very well be that they are trying to hide something.

Wow, $1 billion is a huge amount of money. I know this is hard but these exchanges should really try to do everything they can in preventing hackers from having access to their sites. Security is a must for every company, they should always do every necessary things to stop hackers, just like managing their computer networks and hiring ‘white hat’ hackers to check out the network and find every loopholes. Passwords too matters a lot.

The most notable move to take when trading in exchanges is to dont put all your money in one bag learn to diversify your assets or to be more secured put in a cold wallet storage like ledger nano. Crypto currencies are secured but the problem is the third party sites.  Who has sometimes vulnerable system or even neglected configuration.

And in the last 24 hours, another exchange was hacked:

https://twitter.com/Cryptopia_NZ/status/1085084168852291586

Again, as I have said in the previous thread, there's no stopping those hackers as they really know how to exploit vulnerabilities of any exchanges.

Although I heard that the said exchange volume is not that huge, but still this is very sad assuming that the market hasn't recovered yet from all the hacks of 2018 and now this news at the start of the year.

I hope that $1 Billion is enough to teach those stubborn investors and traders that are reminded many times not to put their  coins on exchanges. And now Cryptopia is another one to be added and a that's a very bad opening for crypto this year.

They are not going to change even after see 100 of exchanges hacked in the crypto market history.Just let it be and learn the lesson with huge cost.

When they are going to even stop thinking that 2 factor authentication will save from hacks.

Many were not around when that happened so while they know of the story they did not learned the lessons that such an event could have taught them, this happens all the time and it is not only a problem with cryptocurrencies, just look at what countries are doing with their fiat when there have been several examples through history of other governments doing the same and not ending well.

I see. Maybe this is the reason why market still on the pit. Thats a large amount and i dont know if they stop it or they continue to stole money from cryptocurrency. Its the bad side of the universe. We cant really trace the suspect that easy because the crytocurrency world is anonymous and decentralize. Hope they get caught.

Regarding the Cryptopia heist though, it looks like they are working with the New Zealand authorities to get to the bottom of everything. Might not be easy but at least they are putting efforts to capture the hackers. Binance freezes some of the account but there are reports that hackers may have deposit in other exchanges as well. $16 million lost, so it boils down as to whether exchanges have proper security measures in place so that potential hacks could have been prevented.

And will be stolen this year too, lots of people hesitate security features of the exchanges, one of them 2FA, many users just ignore it, of course there can be Ddoss powerful attacks, but yet it is better to activate all possible security features offered by Exchange. It is like Cryptopia being hacked again according to investigation by Elementus security labs they confirm the so-called wallets that were hacked before are being hacked again. Don't people read the news? I think it's inevitable to avoid being hacked if the people keep ignoring the security of their funds.  ::)

In my opinion, the theft of cryptocurrency in such large rises is one of the main reasons why cryptocurrency will not be able to find the most widespread among the population. This is due to the fact that users do not adequately protect their wallets and do not take the necessary measures, as the majority of the population will never do. If for them the cryptocurrency is not easy and safe to use, they simply will not use it. Therefore, cryptocurrency still needs to be improved a lot to be completely safe to use. Otherwise, she risks remaining for only a few specialists in this field.

The problem that you are talking about is not really new and it is one of the reasons why banks were created, not only the people of this age are terrible at storing their money safely this is something that has always been a problem and some saw the opportunity and created a business dedicated to protect the money of people and created banks, so it is very likely that cryptocurrencies are going to be adopted but then there is going to be a huge problem with hackers and banks will offer their services to store coins securely and people being as lazy as they are will accept such offer instead of taking the responsibility on their own hands.

How can a exchange Crytopia which is hacked and is closed is being hacked again ? :D This surely means that this hack was not a real hack, it is just a way for scam exit.
Generally, bitcoin exchanges will always remain vulnerable as hackers will keep on finding new ways to hack the exchanges and online money.

Some of the basic like 2FA, not to share password etc if can be followed I think some of the problem can be solved with this. Secondly do not store coins if you do not need regularly so that it can be stored offline and help you to avoid such theft happening.

The biggest problem here is that many of the safety issues are not seen very well, so many hacking has happened, but it is currently seen that everyone is working on their safety and many of them strengthen their security, hopefully, they Now they will work with their safety and they can deal with all kinds of information.

Besides the Cryptopia hacked, we can include this as a lost as well.

https://cointelegraph.com/news/crypto-exchange-quadrigacx-missing-145-mln-after-death-of-founder

It was not a hacked or something, but the founder died without entrusting the key to anyone. But recently, there's a lot of things surfacing that he might be pulling a exit scam and pretending to be dead. I also open a thread about it here, https://bitcointalk.org/index.php?topic=5105266.0

While this will happen, no major campaign and the investor will not invest money here.Protect your investment first and foremost.

I have other info about stolen money - more than 1 469 660 000 dollars were stolen...

More than USD 1.5 bln has been stolen from exchanges. Here’s a recap💰🤷‍♂️
https://shitcoinoffering.com/more-than-usd-1-5-bln-has-been-stolen-from-exchanges/

How to expect growth after that?? how to interest large players to invest in cryptocurrencies if they do not want to lose money due to hacking? It is strange that some States have legalized cryptocurrencies and equated them to Fiat money.

Imagine the life of hackers or maybe just the owner of those  exchange living their dreams with those money. That is why I always tell the people here in my country that you should not ever trust small exchanges because they are very notorious on making exit scams or hacks that we know they plan and executed.

Most of the money lost come from hacks to exchanges and ico scams, so as long as you stay away from them then you will have your risk reduced significantly besides it is not that hard, avoiding icos is easy just avoid investing in them, avoiding exchanges is more difficult since at some point you will need to convert your fiat to cryptocurrencies and vice versa but as long as you do not store your coins there and use a hardware wallet your coins are very secure.

This is not a surprise, crimials are always after money. Exchanges are still the most vulnerable and exposed so avoid to keep your coins there unles you want to give them to the hackers.
But I don't think this has influenced the growth, investors are also aware there is risk as well as there is with fiat money. Maybe regulation could also help with that so that exchanges should ensure the funds like the banks are obliged for fiat money. But don't forget that everything could be abused and the target of criminals and cryptocurrencies are not exception.

I really think that all these news are often spread to reduce public interest in cryptocurrencies because that is what our government really wants. I don't believe the amount stolen in form of cryptocurrencies could ever be a match for the fiat currency that has been stolen through various means during the same time span. I really do believe that investors need to take out some time to read about cryptocurrencies so as to fully understand the risks associated with what they are getting into. With this, people will be able to come to terms with events that go south.

ya it is not a new news we have been seeing this from back few years ,the only solution is decentralized exchange but with the speed of centralized one ,there are some blockchain who have dex comparable to centralized but still there are not getting  enough users or traders ,it will take few years to choose dex rather than centralized exchange till then it is good to have double protection of your account + fund protection in exchange so even if they got hacked they will still liable to pay you back.

This is one of the reasons why crypto market is really down ..  Because  of this exchange  hacking and other crypto theft new  invest are  afraid to come on board .. I dont see this as normal thing but i see this as institution manipulation against crypto .. its hard for a bank to be hack to steal such a huge money like that,  but its keeps happening in crypto  exchanges ... Institutional traders are afraid to put their asset on exchange .. so i think they must  put high quality  security measures in place .. 

I do not see what it is happening as some kind of orchestrated conspiracy against cryptocurrencies, scammers love cryptocurrencies because unlike fiat money you cannot get it back once it is in their control, also banks do their best to protect their clients and have a huge amount of money to pay for the best security money can buy but exchanges are not like that, despite their huge profits they do not really invest heavily in security and that is why you see so many hacks.

Mainly newbie who comes and are unaware chances of they getting lost is more . Also if an exchange get lapsed in security could be the biggest thing as in past we had incidents where the coins where stolen due to negligence in the security form the exchanges . So one should keep it offline if they are long term investors.

Significant amounts, and could there be such that there were no thefts, the exchange uses the funds of depositors, and at some point the prices fall, and the exchange loses this money to somehow write them off, the exchange fictitiously says that they were hacked by hackers, think for yourself on the stock exchange a lot of money and protection there must be impenetrable

But we can't totally blame to the crypto hacks, the market is down simply because investors are reluctant to put their money because of the worsening market conditions.

Of course exchanges has security lapses, but as traders we can also prevent ourselves from losing money by just withdrawing if you have big amounts in an exchanges and put it into your control. Your money is at risk if you just left it out in an exchange so better used our common sense and due diligence so that we won't lose big amount of money if ever a exchange has been hack or breach.

Someone said it’s as a result of crypto founders /devs being inexperienced. Uuhm in a way, that is right, but sometimes, we the users are also making the mistakes.

There are scammers out there, a lot of them, and some of us are so careless that they can’t even make a good research before investing their money in any exchange, ICO or whatever it is, they just carelessly invest their money without minding and at the end the scammers will make away with it.

I always advise to use decentralized exchanges to avoid crypto hacks on exchanges or even if you use standard exchange for trading ok but try not to store your funds there. It is better to store the funds on cold wallet and use it together with decentralized exchange platform like iDEX or and upcoming DexAge p2p escrow trading and thus keep the movement of your funds secure and do not worry.

I remember not a long time ago there was a case with the bitebtc exchange, which happened to the site, it’s impossible to enter everything, I started writing to them that I had some kind of tokens there, but this result didn’t give as I didn’t confirm this could not

I cannot deny the fact that I do not enjoy seeing posts like this simply because they are intended to reduce public interest in cryptocurrencies while limiting widespread adoption. I can say with all certainty that the amount of cryptocurrency stolen in this way will never measure up to that stolen in fiat currency. There are hackers and scammers everywhere and anywhere there is money, you will find them. To make cryptocurrencies better for all, we need to focus more on the advantages offered and not try to sabotage the technology. Finally, the source of your post wast highlighted.

Security of wallet and exchanges should be given more attention, actually we have seen situation where bank have been hacked severally too, blockchain stakeholders and players should see banking flaws as opportunity to make blockchain technology more secured to draw peoples attention from old way of fund saving i.e banking system.

I wouldn't agree. I don't think that intention of such news is to prevent people from using Bitcoin. Of course that all kind of thieves would always trying to steal everything that has value but people have to be aware that their coins are exposed because they are not taking enough measures to protect them. Majority of funds is still stolen because of lack of security measures on individual level. So this is good to build awarness not to destroy technologies.

Funny thing is that blockchain is made to address security problems and yet this incidents happen. I am not blaming the technology but the people who are using it, blockchain is best by itself and people who got hacked are just careless, really careless that they are just letting that to happen.

I am sure that in the future, there will be a change for security, so people don't have to worry about the hacker. Cryptocurrency still a new technology and needs to develop to be better. I think it's because people cannot protect their coins, so they get a bad experience. We need to give attention to the asset itself so we can feel safe from the attacker. It is our responsibility to make sure our asset in the safe conditions, and we need to minimize the chance to get attacked, and although it is not easy, we should always check the asset, so we don't have to worry.

No matter how secure we develop our systems, hacker and scammer will always exists and will exploit any loop hole in the system. Even the exchanges themselves do scams and run away with people money.
Being an individual it is our responsibility  to follow every principle of security and use all the security measures like 2fa, strong passwords etc.

Also I think that his number of stolen crypto will increase as more and more people will come to this industry, so more the chances of hackers to hack people money who are careless with their efforts and accounts.

These criminals would always exist not only on crypto but on traditional markets as well and we do all know such thing.There would be persons who do aim on stealing,hacking
others money for the benefit for themselves.
Anything that has been created by man would would hacked as well since it cant really be avoided that there would be exploits in the system unless if the service itself would
do inside job thats why we cant really ensure total safety no matter which way we go.

I would like to agree however, hacker is a intelligent person/group so they evolved as well. Haven't you noticed that they're like 1 step of the game always? And it's like exchange are too late addressing it, they would only know it once the hacker has exploited the system. So it would be a continues cat and mouse gain so we don't to take that in consideration, specially leaving huge funds in an exchange.

We always play the blame game when our funds are stolen or hacked from the exchanges. In few cases, it is also our mistake that we keep all our funds in the exchange which is not right.




There are not many decentralized exchanges these days but i am waiting for binance to launch its first decentralized exchange.

Yes, you are right. I think this's the second hardest polemic after 'unclear' government regulation which has been continuing to erode positive thoughts and haunt cryptocurrency users as a whole, on the one hand they press while on the other they take it without our knowledge, it feels complete already this suffering. As long as money and job vacancies are hard to come by, it looks like they will always be there to continue exploiting and exploring existing gaps.


If we refer to Mr.'s post pooya87, I think it's true too.

This is a huge and terrifying figure, because in fact the amount is much more, because looking at how much has already been stolen, investors will not invest their money in the market, which leads to stagnation and fear in the market. The market requires regulation to solve this problem.

What make is worst for me, is that amount of money because lost by each individual due to this hacked. You will almost see threads coming from a newbie complaining that they have been hacked and they don't know what to do and asking if they can get their money back. But we all know that it won't happened as transactions is irreversible.

Now lets see how much banks have stolen from the general public.  They are always charging predatory fees and doing straight up fraud yet they always get off easy with fines that are much lower than the amount taken.

This is a huge figure as it means their would be millions of people who would have lost their coins in this process and due to which they might be fearing now to even enter the market due to the  bad experience they had it in this process . Hopefully coming years become much better than 2018.

That is the thing with crypto, not your keys not your coins. If you believed that crypto exchanges are bullet proof from hacking, then you might not need to re-think why are you in the cyrpto sphere in the fist place.


But more people are willing to take that risk. Maybe they learn some lessons to take care of their account while their funds are in exchange, or they simply move their funds around in a wallet when they have total control of. I don't think that regulation is the solution though, with or without regulations, investors will simply flock into this market, believed me.

There is no one here to ask the problems done by politicians and banks, but they come with the bitcoin and use to share many fake news and some are legit too. I have news plugin for crypto but I did not receive this news in my phone.
Even Op does not shared the link of the news what he is read about this news.
If anyone has it please share it below.

you are right. investing money blindly in any crypto related project without doing proper research and due diligence is the biggest curse the crypto users/industry have and that's the biggest reason of most of loses and thefts happened past. and also investing a large amount of money in exchanges is not smart. traders should only deposit as much money as they use for their daily trading and safe the rest of their money in a secure wallet. this could help the situation a little bit if not completely make it solved.  

who prevents investors from keeping their investments in cold stores? This is a reasonable decision considering the number of new coins on the market, as well as the low validity of some online wallets. Android applications became one of the leaders in security 'holes', some of them used a malware called ”Android / Clipper. C” to steal coins.

I am pretty sure it is more than that like 1.5-2 billions that are now in the pockets of topnotch hackers or huge whale group of scammers or anyone related to any syndicate that has a huge influence on the financial industry. But ICO barely scam anyone anymore so I hope the next batches of  upcoming  exchanges have learned from those reports to tighten up their security.

1 billion probably just means a few hundred million at the end of the day, thanks to all the ways to discover tainted crypto plus of course how some private blockchains can detect and freeze transactions in agreement with exchanges. Was not some of the stolen funds from NANO for example done like this? They saw that it was going to be exchanged at shapeshift and SS just froze and confiscated those funds and returned to exchanges?

There are many good Android wallets you do know that? Just that some people are quite careless and makes use of wallets that are not really safe… Why are even talking about only Android like other phones don't face the same challenges too? The only is solution is left for investors to be careful on how they store their coins and try to make use of wallets that are very secured.

There are different types of wallets and each has their level of security. If you talk about mobile wallets, there are ones that are safe to make use of and that is Block chain wallet, Coinbase and the list goes on. People should go for these wallets.

Hackers are always active on this crypto currency world and looking to exploit any loopholes. In 2019, Crytopia exchange was hacked. At first i had a feeling that it was some insiders job or scam exit case but later the exchange came back online and team are working to restore their services as soon as possible, which means it was a  really hacked.

Would be interesting to see those numbers in 2019, should be less as i assume security of a lot of websites/exchanges went up, hopefully.

Keep your crypto on private hardware wallets boyz.

Yes, of course, the practice of cryptocurrency is not yet secure. This is one of the reasons why people may refuse to switch to the use of cryptocurrency, if in the future its security level does not increase. An ordinary man in the street will not spend a lot of his time in order to learn how to increase the level of security when working with cryptocurrency. It will be easier for him to take out a banknote and pay or use a bank card, where the bank is responsible for security, than to learn the wisdom of cryptocurrency. This is a very big problem.

Hackers are hackers. Doesn't matter if it's email, or bank account or crypto. None of them are safe if the person using them doesn't practice safe behaviors. Email with high grade encryption. Bank accounts with 2fa. Crypto with SHA 256. None of these things are actually cracked (those are crackers). Hackers just look for weaknesses. Usually people being careless with passwords.

We'll always see new cases too, because people will never change their habits.

It might surprise you that it is even more than that with today's skyrocketing price. In 2017 when the price of bitcoin went up, the rate of stolen bitcoins was around $15 billion according to Fast Company and the number of coins that have been stolen is about 980,000 and it is likely to be more than that, but since the price has dropped since the bear trend started the worth will be below $15 billion I think.

I know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.

I know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

Now try to get an estimate about how much fiat was stolen through fraud and just plain theft.  The number will be much higher so this isn't a problem exclusive to cryptocurrency.

As long as you follow basic security common sense you should never be a victim of crypto theft.

And now we have the top exchanges being hacked as well. So it only means that no one is really safe from those criminals in the internet. Another lesson for us not to put our funds in an exchange no matter what because we don't know when will these hackers strike.

So we need to be very conscious at time to learn how to protect our assets. "Not your keys, not your coins" should be our main motto.

We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.

Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.

But can we withdraw such amount automatically? i thought that to withdraw that amounts or even more than 1 million dollars and we will need direct contact with exchange site. It's a pre-assumption but it looks like true if there was something weird with binance. This looks so horrible for me personally.
There was a lot of impossible things that happened with the latest case that happened with binance.

What do you mean? You can follow the trail of the withdrawals here,

https://www.blockchain.com/btc/tree/444776063

The hackers was able to withdraw it in many addresses and that's why Binance was unable to detect it. Besides, it's a accumulation of hack accounts so probably more addresses is involved here.

I think cryptocurrency does not yet have specific legislation to protect assets of consumer . People mainly exchange through community trust and support. We should still be careful with our assets.

And there is never going to be a legislation that gives to you protection and the ability to recover the coins you have lost, remember once your coins are no longer in a wallet that you control you have no way to get those coins back, this is the way cryptocurrencies have been built so there is not a possibility of getting chargebacks so it does not matter what legislation is put in place that is not going to change the technology and the philosophy of cryptocurrencies.

Now, governments could develop their own cryptocurrencies in which this is possible but by using their crypto you will be participant of the fiat system which is something that many in the community want to avoid since they know fiat is used to scam the average people out of their savings.

Governments around the world like G20 is planning to supplant crypto with regulations that can or will protect investors of their assets. But I don't know if this is a welcoming news for crypto lovers around the world.

We all know the crypto should be decentralize in nature, but if government is stepping up then it will defeat the purpose, just saying. So it is still up to us to really secure, as what the saying goes here, not your keys, not your coins.

The amount of hacking of course the space, I hope after this exchange has revised its security and work on new methods of security.I think not all exchanges, after this will be able to resume work.

Actually there is nothing to do i think. Everywhere there are hacker whom are so talented so if anyone lost there money or tokens he should think its a part of trading and transaction. I ever hard any administration did hack to stolen traders tokens or money. If any admin  did these that's might be problem and i also think that no admin did this kind of work as they has come to market for business.

You can't blame those hackers to target huge exchanges because I know they find it very irresistable. I really hope that a tighter regulation or even a government body is going to be created that will focus on hunting down these hackers and jailed for life imprisonment. And now even Binance was proven prone to hacking and the market is very healthy again, I start wondering on how much will be stolen on this year by online theft again.

I'm not sure regulation will improve anything. On one hand we've got Japan who's really gone to great lengths after Mt Gox to do right. I think they got a great model, any exchange wanting a licence in Japan's got to comply with a lot of measures, the ones I like best are the audits and the requirement to insure deposits. Mind you, this hasn't stopped the hacks from happening, but it has meant that people are protected -- assuming those insurance covers get paid out, because none of them have as far as I can tell!

On the other hand we've got Binance who's on a supposedly really great blockchain jurisdiction yet that government/regulator hasn't said a peep since Binance's hack. Strange much? I think so.

Since crypto currency is not legalized, there is no insurance of crypto assets. No one takes the responsibility of the crypto assets and any loss is the lose of the individual. If crypto is ever regularized , only then we may see that our loses may be covered. There will be lot less scams exits of exchanges because exchange will only operate if they will provide some sort of assurance that in case of any hack they will compensate their users.

For those criminals, this is a job for them, just like their counterpart in robbing physical banks. But I'm not sure if there will be dedicated government body whose task is to hunt those hackers, unless there is a regulatory framework that will cover such cases. Everyone is prone to hacking, because as I have said, those criminals are very smart and always one step of the game. Binance though was very quick to say that they are going to refund because of their so called SAFU, but for those exchanges that doesn't have that kind of program, then it will be very difficult to get back your money.

That's right! People becoming aware of what cryptocurrency is. More than million dollars was scammed and gave freely to the scammers. All of those events, we already learned from our mistakes. Soon, scam projects as well as hacking of exchanges will eradicate or lessen. We will feel comfortable once they hunt by the authorities.

And we just had a hack again, it was a local Singaporean exchange

https://www.coindesk.com/singapore-exchange-bitrue-hacked-for-over-4-million-in-crypto

But the good thing is that they are going to pay their customers who lost their money in this attack. So the amount is continue to grow in 2019, it's a bit scary to hear the total amounts being lost as of this time that's why we really need to be very very extra careful and not put lots of money in an exchange.

Yeah that's really the sad part, but I agree that they are willing to make a refund to their account holders, similar to what Binance did. I'm not sure though how they did that, maybe it really come out of their pockets or from the profits they got since their inception, but kudos to them.

that is good as well as a repetition of the desk change will increase if they do the refund of the people who were lost their money in this hacking. It is really sad news for the text change hope they will try to recover the refund as soon as possible.
Hope it will not affect more in the the photo currency marketplace.

After G20 Summit still, we don't see any news from the government but whether US government will allow this to launch their Cryptocurrency against the US dollar. We need to wait and see how far the US government will give options to the rest of the world because without sperate legal activities we cannot control these many scams in crypto.

I think US will have it's own regulatory framework, independent of what G20 summit has said about crypto. But I'm sure they are going to work with them in conjunction of laying it out and what they wanted to happen or at least what they want to do in order to have full control back on their side.

I'm sure US regulators are in heightened alert, just remember that US congress has put a lot of pressure on Libra or Facebook coin. This for me will be significant as to what will be the outcome. I'm seeing a domino effect on Bitcoin and the rest of crypto in general.

This are the very high amount and thus many government fear that people would lose the money and they have many negative effect due to which they are not making it legal and are not even in the favor of it. We need to see if think can be curb it will help overall crypto from it and also the users. Many exchanges have got scammed and thus even the market has fallen due to this news.

Paying their customer back is really good, however, exchanges should almost at the top of their list keep your exchange safe from hackers. I mean it's like almost paying a ransom. So it's better for them to really raise security awareness otherwise if they keep on paying them, one day some of them will go bankrupt.

Formal information most of the centralised business gives their investors and government to avoid the tax and other charges. Many exchanges then the same in this case.

I am not sure still this information from the centralised exchanges is true or they stole the funds and hide that for their future betterment. At present news will not going to affect anything good or bad.

I don't know if they can recover the lost funds though. As many of you have said, hackers are always one step of this game, so for sure they can let it sit for a while of even used methods to hide their coins from blockchain investigators.

I think they can recover but I don't think that they can do that in a short time because to recover the money it is not hard especially if the hacker has high skills to protect the money. Maybe they need to hire someone who has skills to get the money from them so soon or later, they can get the money back. I think they already have a solution to get the money because they will think about how to give the stolen money to their customer so they will do many ways to get it back.

Most exchanges are now taking this KYC thing serious. I read that very soon before you exchange up to $1000 with Bitcoin nor any cryptocurrency you will have to verify your identity. I believe that they are doing this to ensure safety and so that those that scam crypto users can be traced and caught, but I also know that most of the people who are making use of cryptocurrency are not going to like it for sure, because they all like to be anonymous and that's what is more important to them than keeping their money safe e. I make use of the Blockchain wallet and they have started telling users to verify their identity, started since they released this stellar coin and did the airdrop.

I'm sorry but I disagree. We haven't heard any success rate for exchanges in recovering funds for the hackers. As I have said, those hackers are smart, they can instantly exchange it but just using a mixing service out there. That's why it took a lot of effort from exchanges to refund their customers because it came from their own pocket. And that is why some exchanges doesn't want to pay it's customers after a hack though, because that is the money they make and profited already, so you will hear exchanges just closing after a hack or pulling exit scams.

That's why very few exchanges like Binance will keep some of the funds for safe when they faced any situations like this, most of the exchanges are facing issuing with the hackers. Even though they followed the measure but they need to face this situation in cryptocurrency. Yes, you are right they need to recruit people who have very good ability to get back stolen fund from the hackers.

I don't know if it really needs to be fiat equivalent. I mean we are in crypto so obviously, it should be measured in bitcoin as well. Anyways, regulatory framework will come definitely as government are really doing everything in their power to enforce it.

So I won't be surprised if majority of top tier exchanges now will required some KYC. In that case, I will prefer to go full DEX. Not your keys not your coins.

How can anyone recover money from the hackers especially if they have stolen the Bitcoins funds ?  Money that is lost in the form of Bitcoins and other altcoins can never be recovered because these transactions are not traceable and no one knows who hack the funds and who got all these hacked bitcoins.

It's possible, we are still in the mid year so there's a lot of hackers that could happen in the near future. Nevertheless, I do hope that exchanges will have the time to tighten up the screw and not let this hackers stole from them and from us as well. This is a headache and a nightmare for all of us specially losing big amount of money unexpectedly.

If you have large amount of cryptocurrencies especially bitcoin you can move to hardware wallet or sofware wallet. I'm not willing to spent only one bitcoin in my exchange wallet because it is very risky and I only choose sofware wallet such as electrum to store it. Hacked event is still become a worst thing on cryptocurrency investment.

Because the investor not only have a fear of price movements cryptocurrency that are volatile or scam exchange but they have another fear, namely hackers. I don't know the exchange still have a chance to build their system in order to avoid from hacked event because the hacker always many ways to access their system. How many exchange has hacked by hacker thus far? but the exchange can't do anything against it.

As an exchange user, we should always put up on our minds about this possible risk.Lots of exchange hacks happen and it would happen anytime on we least expected.
Storing 1btc or even lesser is already out of my vocalbulary when it comes to exchange wallets.I would actively transfer it immediately without minding too much on fees
at least you do know that your funds is safe.Hackers is always there just waiting for a chance.

I don't think that the crypto currency scammers, theft and other people that does wrong with the crypto currency community will stop. But I still do hope they will. It will be a great help for all of us then. A more peaceful place and very delighted to walk into lile the old days it was.

When its come to  hacking its  started way back in 1960.  Do you know how  much money  people loses each and every day from their credit  and  debit card. but seem  like every manipulator try  paint  cryptocurrency  as bad  thing.  but there  no other place  where money  got  missing than a bank ,  there  is no place  where  money  laundry happens than bank.   Scammer  were  around  before  bitcoin was implemented so  hacking and  scamming got nothing to do with  cryptocurrency.  When ever there  is  money  always there  is always a bad guy going to after  it so is up to you to protect  your  self  well .   

Yes, this record is already broken and to a much greater extent. I read that this year the damage from theft, hacking and all kinds of fraud amounted to about 4.2 billion dollars. If this is true, then this figure is so serious that all measures aimed at combating this evil are really justified. However, this state of affairs casts a serious shadow on the safe use of cryptocurrency.

I'm not surprised with the amount stolen, because there has been a lots of hacking of both exchanges wallets and personal wallet occurred such as myetherwallet hacking during those time, a measure needs to be put in place so that such huge loss won't be occurring in order not to get people scared in investing in crypto

That is a lot of money but I am curious if those thieves quickly cash that money out or they just like other greedy traders or investors that want to wait more so they can cash out more when the price continue to rise. Because if the hackers really did wait then I'm very sure that the $1B worth will go down to only $700-$500M when btc when btc was dumped hard to $3k in December 2018.

it seems like this year the number will not be repeated, the security system continues to progress and we hope it can prevent the stolen of large amount
many people still worry if they become victims

As years progress we can really see the rate does really differ when it comes to hack and scamming events.Security does progress and so as with hacking ways.

We cant get rid of these hacks though even how we thought that we are secure there would always be some exploit that would lead up to lost of funds because
not all people are way too concern of their security.

This is disheartening to hear. Imagine the lost people have gone through and we expect mass adoption of crypto. We are still scratching the surface for mass adoption. Despite the risk involved in investing, no one wishes to experience this kind of loss. Things should be properly checked, and crypto exchanges and crypto wallet management should be held accountable for the safety of people's assets. Some of the people that were affected by the theft shouldn't be blamed if they float an opposing idea against crypto. But that notwithstanding, The relevant authorities should do everything necessary to enable crypto to be accepted with minimal risk.

Your opinion is not wrong, but I think that the advantage of new technology should be to reduce or close the lapses of previous technology. Crypto is a new tech that is going through a tough time, so the issue of theft should be properly addressed to foster speedy mass adoption of crypto. we are not ignorant of the advances of criminals on financial assets, but we shouldn't create a fertile ground for them to perpetrate their evil acts. Let's make people believe in this system than the traditional banking system.

I don't think so, cyber criminals tends to be very sophisticated and I doubt that exchanges security can keep up with them. You also have to remember that there is also a "inside job", that alone can't be stop by any exchanges even if their employees goes to a rigorous background check. The employees will also be tempted because of the huge money involved here that's why they might think to connive with someone outside and that means another statistics to the growing hacks year-to-year.

There were several news were published at different news websites or journals. It was really sorrowful for us but true. Lots of crypto money was hacked by the hacker/scammer. The same news was published by Omri Shabath in October 20, 2018 here (https://all-stocks.net/as-japans-police-reports-crypto-scams-tripled-in-h1-2018-japanese-crypto-exchange-zaif-is-hacked/). 

It is a huge amount. Hackers nowadays are focusing to steal the crypto funds, especially the crypto exchanges, and unfortunately, they reached a good level of success in many cases. Lastly, we remember the hacking of MyEtherWallet and Cryptopia, just for examples. There are other big amounts stolen by getting the private keys of the BTC and ETH wallets.

I think there are underground hackers that really targets crypto exchanges. Those guys are dedicated and I'm sure they also worked 24x7 to find any loopholes on a exchanges. And these guys are cyber criminals and they don't work alone, they work as a group and I even read news that they could be sponsored by a certain nation to wreck havok and still crypto for their own sake.

It's really disheartening to hear that, but what can we do, unless exchanges patch all the loopholes and exploits, those hackers or cyber criminals will continue to do it and stole money from us.

true, some exchanges with weak security systems are targeted, hackers now often direct their attacks to cryptocurrency exchanges, with the big amount of funds stored in it maybe if they succeed in breaking into the system they will get rich instantly.
because breaking into an exchange system is very difficult, direct attacks on cryptocurrency users still exist.

What do you mean that it's difficult, many exchanges has been breached already, including Binance (although the hackers have colluded with someone inside allegedly), so it's not that hard actually. The thing with cyber criminals is that they are really good at it. They really stalked crypto exchanges for many months before finally executing their plans.

So it's a combination of skills, hard work as well, and then one day when everyone thought that crypto exchanges are safe, they will attack, get everything that their hands can reach get out used mixing services to hide the trail or sometimes they won't moved it at all and again wait for the perfect time when everyone is not looking.

For scammers and hackers they would tend to let the issue or fire would cooldown before they do tend to move those funds.Even me as a hacker would definitely do the same.  8)
No exchange is safe on what most platforms do promise on.Yes, we can think off that there might be some inside job in these cases but no one can really still make a conclusion since these were only alleged or speculations but high chances this would be most likely the case.This crypto space would involved lots of hacking events and it would continue
because this market do involved millions and billions of dollars.

Yep, they will have to wait for a cool down, however, there are also group of people who's work is to track those movement. I think it all started with the Mt. Gox and crypto investigators are still fascinated by it. So once we heard about hacking incidents, we will see a lot of tweet about it. Experts on the field and even some crypto enthusiast because everything is public in the blockchain.

So it will be very difficult for hackers to move the coins, without anyone noticing it, specially if it involves huge amount of cryptos.

Thanks for the news and i was surprised to see the numbers as million of dolllars worth crypto are being stolen every year by the hackers from trading companies and individuals which has no record.We have heard many time that $10-$20 million of crypto were stolen from that exchange or so but what after nothing can be done to trace them.These things poses a threat to adoption of bitcoin and other altcoins in the global market as governmemt think it as unsecured decentralized mode of payment which can cause loss to the country.

It was disheartening but it was to be expected, exchanges are moving an enormous amount of money every day and they are doing it in a type of currency that once stolen cannot be gotten back, this is simply too tempting to hackers, which is why I have always thought that one of the best ways to defend yourself from them is simply to not bring attention to yourself and never reveal your holdings but unfortunately for exchanges that is not something they can do.

Cryptocurrency and blockchain technology have been clamouring for mainstream adoption ever since,  but these kind of news is being reported about crypto always then mainstream adoption might be far off. All crypto related busienss within the  crypto space needs to build a strong security wall and defense system which will be hard for criminals to exploit and hack.  This will reduce vulnerabilities if crypto system and thus will reduce news of hacks and loss of money.  Crypto community needs all the good news it can get now if adoption is to be achieved

Well I have to disagree though mate, I mean it's the exchange responsibilities to protect our assets within their platform. In some sense if they've been hacked at least they should have the audacity to return our money back right?

Anyways, we can still salvage it though, at some point we shouldn't be putting a lot of money in an exchange and then expect nothing to happen. We have to think that crypto money is not safe at any given time whether in an exchange or even in our own wallet so we really need to be very very careful and should understand how to protect our assets by now.

But the thing is that there are newbies every minutes here, being suckered by crypto exchanges because they think that they can make huge profits in an instant and keep all their profits in a trading platform, but as the saying goes in crypto sphere, "not your keys, not your coins" and I do hope that beginners won't have to go to a painful experience to realised this.

I didn't notice this topic before, its interesting to know how much money is stolen in crypto. I made a quick research about this topic and I found some interesting informations. One of the articles I would like to share is https://www.cnbc.com/2019/01/29/crime-still-plague-cryptocurrencies-as-1point7-billion-was-stolen-last-year-.html (https://www.cnbc.com/2019/01/29/crime-still-plague-cryptocurrencies-as-1point7-billion-was-stolen-last-year-.html), in 2018 1.7 billion dollars was stolen from investors! Of that total, around 1 billion was taken from exchanges. You can read more about it in this article.
One more interesting article is https://www.forbes.com/sites/jeanbaptiste/2019/08/15/hackers-stole-over-4-billion-from-crypto-crimes-in-2019-so-far-up-from-1-7-billion-in-all-of-2018/#9691c9055f58 (https://www.forbes.com/sites/jeanbaptiste/2019/08/15/hackers-stole-over-4-billion-from-crypto-crimes-in-2019-so-far-up-from-1-7-billion-in-all-of-2018/#9691c9055f58), we have the same trend in 2019, hackers stole over 4 billion dollars, up from 1.7 billion in all of 2018. Interesting beginning of the article "2019 is shaping up as the year of the “exit scam” according to a new study" and when you think about it, it really is like that, we have seen many exit scams this year.
Well I wish you good reading, articles are very interesting, I will try to find more about this, I would like to find some numbers about how much money hackers took since the beginning of crypto, I doubt I can find accurate info about that, but even some rough calculation would be good.

I think as more people enter into the cryptocurrency markets, it's likely more of such cases will be recorded. More scam platforms (exchanges, wallets) will definitely be the bane of  the cryptoworld next bull run.

Good point, if crypto market will start its bull run, more scammers will appear in the crypto space, and obviously those numbers will rise exponentially.

At least though, we should help those newbie how to practice good and safe way to protect their assets so that they will not be a victim of scammers or cyber criminals.

The more bitcoins are mined, the more often they are stolen, that's normal because the value/popularity increase all time and frauds are common. I really hope there will be some regulations in the future to prevent that sort of thing. Until then the only option to reclaim stolen cryptocurrencies is to use platform concentrated on such stuff. It's essential to pay attention to the background of a company we want to gain help from. For instance Coinfirm which cooperates with Binance or PKO Bank Polski.

More often they are stolen because the bitcoin been mined is more nowadays? Total nonsense for you to say.Yes, its popularity do increases up together into its price which is the main reason why hackers/scammers do target out to accumulate btc in all sorts of ways.Frauds and scams are typical things not only to this market but also on other traditional markets that we had known.The thing here on crypto that its too hard to trace once those coins being stolen, tracing is almost impossible that's why this is the perfect recipe and place for those who are really tending to scam big time.

When someone enters into the cryptocurrency network the main focus is to earn. The same is being used as the key to trap them. There will be followup with ponzi schemes, multipliers, softwares, cloud miners and in various forms. Here people get a mentality, why don't we give a try. In most cases even after knowing what is happening around people take risk and end up losing the funds.

As stated everyone should help each other, and the same is happening in the forum. Here proper guidance needs to be given for the ways by which earnings in terms of cryptocurrency is possible. If one has learned it then it is easy to stop people getting into traps.

The dark side of crypto's that people tend not to talk about. Fraud is easy and it happens a lot. You deal with fiat currencies and there's the ability to trace transactions and follow the paper trail. With Bitcoin, you're not left with much if your money gets stolen. The more adoption Bitcoin gets by naive investors or traders, the more scams that are going to happen.

I wouldn't say that it's a dark side of crypto, I mean crypto enthusiast knows that once their assets gets stolen here, it's bye-bye for their money. That's why we should really educate first ourselves when we wanted to enter this world because unlike fiat, money trails are hidden and obscure because there are so many ways to hide the scammers track.

CC is no doubt secure but when it gets hacked there is no way you can get your coins back like we do with fiat currency stored in banks. If you are having cryptocurrency take special care of your keys n use good wallets.

How could you say it's not a dark side while there's a money involve for frauds and stolen asset by certain badass out there and we really need to educate ourselves for something new since the kind of style is evolving and there are so many things that we need to be careful with.

And also there are hardware wallets that is safe for us to use so that the chances for getting attack is to low and maybe it's good for use to always use escrow when dealing someone especially if we use crypto.

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:


https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

For now it do start up to make up some noise knowing that $50 million isnt a small amount of money.Im already expecting for some changes or drop of the price either on BTC or on ETH knowing
that the stolen coins are on ethereum.We are almost on the ending of this year 2019 but it looks that we arent still finished with those surprise news about exchange hacks.
Whats next? Do upbit have the plans on reimbursing those users had been affected?

Oh too bad, a lot of bad news will come up few hours from now , it will really affects bitcoin price and surely many people will have a doubt in cryptocurrency. But the thing is, security in every exchange must be updated regularly, I know their part but, they need to invest more in security because when like this happen? They will lose many amount of money, and investors as well.

Funny thing though, after the said hacked, bitcoin goes on a run and touch $7800.

Also, there's some movement already, just a matter of time before this hacker makes a mistake an exposed himself, Upbit Theft Update – $16M in Stolen ETH Were Just Transferred. (https://thedailychain.com/upbit-theft-update-16m-in-stolen-eth-were-just-transferred/)

For now the price hasnt reacted yet since those stole ETH's cant really be easily disposed off yet its still hot on the eyes of many.Im saying that this one might not heavily affect btc price unless
if those ETH's would be converted fully to btc then slumped down those coins to fiat.It might surely affect the market but only on small margins.

We are almost ending up this year but negative news like this do really pops out randomly.Im aint actually got shocked to these kind of events yet any exchangers would really be a honey pot for all of hackers out there
since they do know that millions of dollars is being stored to these places.

that's why non custodial crypto exchange like Nash exchange will succeed

Hackers are getting smarter and smarter. But exchanges are working on security, hopefully

We have a long way too there, centralized exchanges are so popular, and they will stay on top for years probably. Some articles about this matter says that centralized exchanges cover more than 95% of the crypto market, and the rest is on decentralized exchanges and local transactions. It's a huge favor for centralized exchanges, they will not be taken down so easily. Why is like that, well people don't like to wait, centralized exchanges with much higher volumes attract more people. Other thing is probably peoples ignorance, many people don't know how to use cex and from dex they are still far away.
Popularity of dex will not come so soon, 5 to 10 years and maybe more. For people first to figure out crypto, and then everything else, that takes time.

Does this news still bothering up til now? Well provably we should move on since this is an old news since it cannot effect on what's current happening right now and remember we are almost reaching at year 2020 so most provably we will reach a another milestone for that year since halving is coming anyways so chill up guys and future is great ahead.

I wouldn't consider this an old news though, this is an on-going battle, so this has a definite far reaching effect to crypto enthusiast.

Yes, I would agree that we need to be positive and look at 2020 with gusto and enthusiasm, but we can't just move on and forget about money being lost because of hacking and it will continue to increase as time goes on.

Vulnerabilities present in crypto wallets and exchanges are used by hackers to steal crypto coins and irony is that once coin move from one wallet to another there is no way you can return them. This is where fiat is more responsible in handling your money, you can always recover the loss if you face any cyber hack.

I think differently since if we base the bitconnect scam where they scam about I think multi millions or even billions(if I am not wrong in my figure) it  doesn't give any fuck on the market that's why we see the price became good even if the thieves dumping it. That's why we need to relax since the support is risen up and people for sure starting to fill their bags which help to maximize the Bitcoin support.

 I think we are getting used to the fact nowadays, I mean it says "one billion dollars" but think about the early days of bitcoin and compared to how much was tolen today in bitcoin terms instead of dollar terms and there used to be a lot more bitcoins stolen back in the day.

 Just mt.gox alone is enough bitcoins gone for probably 3-4 years of todays bitcoin gone, sure it worth a lot less back in the day and worths a lot more now so when you steal 1000 bitcoins today the dollar equal is probably 100k bitcoins back in the day but those were still bitcoins gone, maybe some people would hold it? Maybe some would sell it for a profit, all of those possibilities are gone now.

 In 2020 there will be a lot of bitcoins stolen as well and in 2021 as well, its not going to stop, there are a lot of dollars stolen every year as well so if we are talking about money there will be some people who will try to steal it, some will be small like pick pocketing level, some will be murdoff but eventually there will be a lot of money stolen no matter if its bitcoin or dollar or euro or any other currency

This is sad, but it's still small compared to fiat been stolen. Exchanges must spend more on cyber-security and never toy with security issues. Equally, individuals must must keep a good practice of using exchanges and their wallet  by avoiding little security lapses. Traders must avoid new exchanges of shady character and stick to good existing ones.

That is one of the biggest issues affecting crypto-currency since it's invention.Billions and millions worth of dollars is been stolen within short periods of time making most investors to shy away from investing in any crypto-based program.I think the issue of theft in crypto-currency should be taken care of as it is affecting the market negatively.

Majority of crypto are stolen from exchange so its exchange fault as they couldn't protect the fund and they give their excuse whether it is hacker or insider job. As for those who are new to crypto are easy target to scammers and mainly phishing site which take their private key or phrase, so crypto awareness is more needed. In my opinion crypto exchange should move to dex with speed comparable to regular exchange.

Hackers will always win.

I don't know if you guys heard another CEX hacked in the last couple of days:


https://twitter.com/altsbit/status/1225319347687653377?

Might be small amount, but a lost is a still a lost form this cyber criminals.

Bitcoin and cryptocurrencies have controversial beginnings to begin with and these events make investors big or small insecure about their assets. If popular exchanges which are trusted by people are vulnerable to such threats then trading in cryptocurrencies will be less trusted.

What do you mean? I would agree that no one is safe specially if you leave your most of the funds in an exchange, but I doubt that people feel less trusted. If you know what you are doing, and you have the knowledge, then unlikely that you will lose in this game and stop trading completely, just saying. Everyone should do their due diligence and learn how to protect your assets at all costs.

I wouldn't say it's controversial, there is no controversy, the media just spun bitcoin or crypto that's why it attracted a lot of attentions from governments.

If they became insecure then why the number of Bitcoin transactions are going up? and the number of crypto traders are also growing exponentially? "Trust" is a strong word in crypto world and I don't think that traders really do trade on exchanges because they trust them, but just because they can earn money, the same as exchanges are making money out of us traders.

And as far as hacking goes, it won't simply just as what @Jating as posted, we have hacks are early as this time, but at least it is not in millions of dollars.

It is better to write how much was stolen at the rate exactly at the time of the theft, because I strongly doubt that the hackers did not spend and did not convert this money into fiat, but they persistently keep it until the current moment. Although it is possible that part remained, and part was sold.

Already anticipated for this kind of events yet no matter how tight the security is, there would still always a flaw if its not a total breach then it would be an inside job.
So these kind of events arent really surprising if one day we would hear again another exchange been hacked and losing most of the funds and telling all is being stored
on the hotwallet. Why they cant just use cold wallets and just put up sufficient amount on hot ones for daily tx? Seems like intentional eh?  :D

well we cannot really anticipate what hackers did to the stolen amount maybe some of them Sell it out instantly while others keep the currency and also others may be converted into other crypto coin as investment but no one can tell right?

what we need to tackle here is how this can be prevented and how can these hacker put into Jail that is the most important thing here,because they are really not helping the community.and the sad part is those victims that making the investments here as their future.

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

First of all it's not about the security issue. You should research first "Why crypotcurrency was stolen and how they did it". Than it'll be clear that many users are not aware of ponzi scheme or their account security. Only in this point, hackers take advantage to stole crypto. So everything is well secure in the blockchain or cryptocurrency ecosystem. But users aren't aware about the account security or further researching.

I personally believe that blockchain security is the best,
if a wallet is hacked, I think it's the wrong user who keeps the key in a bad place, or the user's device has been infected by a virus

Of course blockchain is very secure. The only thing they can do is the 51% attack but it will cost millions of dollars to do that and I don't think that hackers will do that because they will get no incentive from it. The problem is exchanges, yes they can the best security in place, but hackers are always one step of the game.

They are good in finding security loopholes, API attacks that's why most of the time they are successful in exploiting exchanges. That's why the golden rule is that don't put too much money in an exchange so that you won't loss that much when attacks goes to work their magic.

51% attack only happen when a hacker or software cracker find out some point to manipulate the blockchain hash power or make changes in the upcoming records of new blocks of that blockchain ecosystem. It's don't need any kind of money , but it's need more knowledge of cracking or ability to make changes in blockchain. In the past, Ethereum classic was faced the 51% attack because of some exchange's api low durability.

in these case, you are right . We should always use personal those wallets which private key owned by us, not by exchanges or others.  ;D By this, none fund will be lossed in hacker's attack.  :D

hackers always make panic companies and individual traders, from this news many traders are afraid to save their assets in the crypto market.

if think back it is true that the crypto market is made for trading, not for storing assets, if you want to keep assets better in a personal wallet

if you are lazy to store assets in a personal wallet because sending assets to trade on the market takes time and there are fee on transaction, then you can store on the crypto market but, must be prepared to risk losing if the crypto market is successfully hacked

Bitcoin is the first cryptocurrency in the world. Nobody expect bitcoin goes to zero to 15000$. This is the volatile market. Really, $1 billion dollars worth of cryptocurrency stolen in 2018 nobody can expect

I'm sorry but I disagree, they need funds to pull a 51% attack, Why? I advise you to read this

https://twitter.com/LinaSeiche/status/1248233613008625664

So there is what the experts called "theoretical cost" because 51% attacks includes miners.

And those ETC attacks in not through API loopholes but involved dishonest miners if I'm not mistaken, so there is still money involved pulling that act.

Totally agree with you

Although the exchanges work together, they aren't able to prevent this from happening, there are many ways for hackers to bypass them. For example, hackers can disperse the amount that they steal then use mixing services, which can be detected but quite difficult.

How can they prevent this from happening, there's no way for that to happen. Hackers are better, and we had information that some hacks were a possible inside job. We talk about huge money here, $1 billion is a lot, but I wonder is there some statistic for banks and how much money was stolen from banks and some other institutions!? I would like to compare stolen funds from them too! Then this post would be complete!

No need to compare because its like comparing apples and oranges. Banking system has been here for centuries and I also doubt that we can get a accurate data from them. Hackers do also attacks them, but we seldom get the news as compare to crypto market that every money lost is usually highlighted by media including mainstream news.

The exchange says they have been hacked in an imaginary way, so much money and protection must be insurmountable by hackers. The exchange is using depositors' funds and at some point the prices are falling and losing that money to delete them. Once hitbtc did not add my storm and trxler to my account for 34 days.

Use DEXes only;

https://bitcointalk.org/index.php?topic=5296499.0

It's very hard to find and do something about it. They are not stupid I guess changing the wallets makes them impossible to find them.

The fact that cryptocurrency projects are hacked due to holes in the management and operation of newly developed projects, the value of BTC is now too great, causing hackers to constantly pay attention to projects cryptocurrency with the purpose of finding holes to steal it.

They accumulated millions of fundings so they must secure their website to avoid any hole that could possibly  compromise their operation. Don't know why there are other devs play lame around while they are dealing such huge amount of money maybe in some small exchange use this as exit scam so we need to be careful.

Btc right now is on more higher attention accumulator for sure hackers now are finding some ways to punch some holes in big platforms.

This is probably a wake-up call for new crypto projects when everything is not secure, hackers are always looking for such projects to steal money, recently Farming projects are also constantly being hacked Such a theft, perhaps the cryptocurrency platform is a land of hackers.

And now my friend they are stealing more worth of 1bilion $ by fake exchange sites like what on bycoin exchange site in Turkey the just stoal it and run away

Nothing new and this would continue upto coming years or until this market would ran and as long there would be money circling around then this would be always a honeypot for hackers and scammers.

https://fortune.com/2021/04/06/cyber-thefts-bitcoin/
https://www.coindesk.com/tag/hacks

Mt.Gox would be the number one in the list plus those exchangers do end up on getting hacked or just simply some inside jobs and indirectly
telling that it was a hacking incident. No one really knows.

What was stolen is a child's play compared to what was stolen in Cryptocurrency space within the late 2020 and 2021. Late 2020 saw a hack in kucoin which was one of the most secured exchanges in the second tier level. Over $600M worth of tokens was stolen.

And the emergence of Binance Smart Chain has also seen lot of manipulation which can be regarded as theft. Many projects have been affected in flashloan attacks which are responsible for for loss of funds.

Everyone just have to be careful in dealing in Cryptocurrency and investments should be done with caution of investing what one can afford to lose.