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

[Vladdy]

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.

[sidkz]

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

[tbossmitche]

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.

[Olatunjex]

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.

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.

[bitbunnny]

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.

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.

[aervin11]

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.

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.

[michellee]

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.

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.

[JohnBitCo]

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.

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.

[Lanatsa]

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.

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.

[btc_angela]

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.

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.

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.

[UmerIdrees]

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.

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.

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.

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

[Bonsaiav]

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.

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.

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.

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.

nobody has ever said that.
the correct statement is "bitcoin is not hackable" not all cryptocurrencies.

and just because some shitcoin that has had lots of exploits as small as broken wallets to as big as broken multi signature design and lack of immutability and roll backs and exploitable smart contracts,..... gets exploited every now and then, you can't conclude that bitcoin is also the same!

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

[spike420211]

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.

[btc_angela]

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.

[Indamuck]

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.

[bitcoinisbest]

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.

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.

[Kemarit]

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.

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.

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.

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.

[liuqi]

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.

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.

[OrangeSeller]

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.

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.  

[rocku12345]

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.

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.