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

[Tylev]

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!
 

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.

[South Park]

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.

[JohnBitCo]

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. 

How can a exchange Crytopia which is hacked and is closed is being hacked again ? 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.

[bitcoinisbest]

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. 

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.

[Salauddin1994]

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.

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.

[Baofeng]

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

[Bit_Discourse]

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

[shitcoinoffering]

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/

[Bit_Discourse]

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.

[XFlowZion]

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.

[South Park]

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.

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.

[bitbunnny]

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.

[tbossmitche]

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.

[@prashant]

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.

[Teamfearless]

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 .. 

[South Park]

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.

[bitcoinisbest]

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. 

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.

[sidkz]

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

[Jating]

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 .. 

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.

[fasdorcas]

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.