$1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018

[Jennifer.mathew731]

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.

[hugeblack]

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.

[Panxora_COO]

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!
 

[ralle14]

Scam or hack in crypto is part of investment like that's the risk so if you going to make a site better for you to consult the best developer that can activate good security because anytime they can really scam or hack you in an instant then like in trading site if that happen there no one will trust you anymore and that's why users will not use that then you will force to close that,Moreover as a users use hardwallet and we have many trusted site here

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.  

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/

[Baofeng]

Scam or hack in crypto is part of investment like that's the risk so if you going to make a site better for you to consult the best developer that can activate good security because anytime they can really scam or hack you in an instant then like in trading site if that happen there no one will trust you anymore and that's why users will not use that then you will force to close that,Moreover as a users use hardwallet and we have many trusted site here

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.  

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.

[milewilda]

Scam or hack in crypto is part of investment like that's the risk so if you going to make a site better for you to consult the best developer that can activate good security because anytime they can really scam or hack you in an instant then like in trading site if that happen there no one will trust you anymore and that's why users will not use that then you will force to close that,Moreover as a users use hardwallet and we have many trusted site here

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.  

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.

[buwaytress]

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.

[Lucius]

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.

[Slow death]

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

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.

[Stedsm]

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.

[glowing10]

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.

[Lynks]

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

[astridwi]

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

[ausbit]

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.

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.

[Willitivity]

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.

[Apolloshsh]

Its just small set back in cryptor world

[Morpexmorpex]

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.

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.

[audaciousbeing]

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.

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.

[mersal]

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.

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.

[3acaga]

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.