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

[rey88]

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

[shoreno]

there is still a lot to be done for the security of the developers of crypto-exchanges.

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

This report shows us all how much the cryptoculture in the world is just beginning to develop.

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  .

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

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

[GregH37]

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 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.

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

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.

[suwandichen13]

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

[Jating]

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.

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.

[el kaka22]

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.

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.

I'm sure that exchanges are also evolving and trying to prevent this so called hacks

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.

[tbossmitche]

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.

[onrise]

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 .

[LiFiCOIN]

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.


This is crazy lets hope exchanges become more secure.I feel for the hard working person who have had their investments taken.

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.

[Indamuck]

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.

[BitHodler]

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.

[Sengoko]

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.

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.

[Sadlife]

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.

[Jating]

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.

[MidKnight]

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.

[jrrsparkles]

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.

[Omega Weapon]

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.

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.

[goaldigger]

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.

[Kemarit]

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.

[EyeOfHorus]

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.