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

[btc_angela]

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.

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.

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.

[miningguru]

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.

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.

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.

[TravelMug]

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.

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 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.

[noormcs5]

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.

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.

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.

[peter0425]

I wonder if this record will be beaten in 2019

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.

[EdenHazard]

I wonder if this record will be beaten in 2019

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.

[Mahanton]

I wonder if this record will be beaten in 2019

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.

[anodyne]

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 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.

[joinfree]

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 .   

[senin]

I wonder if this record will be beaten in 2019

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.

[ILScoin]

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

[The Cryptologist]

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.

[ropyu1978]

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

[Mahanton]

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.

[HarmonyA]

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.

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.

[HarmonyA]

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 .  

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.

[Baofeng]

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

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.

[mascherono]

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. 

[djselery]

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.

[Yaunfitda]

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.