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

[ApocalypseNow]

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 am pretty sure it is more than that like 1.5-2 billions that are now in the pockets of topnotch hackers or huge whale group of scammers or anyone related to any syndicate that has a huge influence on the financial industry. But ICO barely scam anyone anymore so I hope the next batches of  upcoming  exchanges have learned from those reports to tighten up their security.

[leea-1334]

I am pretty sure it is more than that like 1.5-2 billions that are now in the pockets of topnotch hackers or huge whale group of scammers or anyone related to any syndicate that has a huge influence on the financial industry. But ICO barely scam anyone anymore so I hope the next batches of  upcoming  exchanges have learned from those reports to tighten up their security.

1 billion probably just means a few hundred million at the end of the day, thanks to all the ways to discover tainted crypto plus of course how some private blockchains can detect and freeze transactions in agreement with exchanges. Was not some of the stolen funds from NANO for example done like this? They saw that it was going to be exchanged at shapeshift and SS just froze and confiscated those funds and returned to exchanges?

[FanEagle]

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.

There are many good Android wallets you do know that? Just that some people are quite careless and makes use of wallets that are not really safe… Why are even talking about only Android like other phones don't face the same challenges too? The only is solution is left for investors to be careful on how they store their coins and try to make use of wallets that are very secured.

There are different types of wallets and each has their level of security. If you talk about mobile wallets, there are ones that are safe to make use of and that is Block chain wallet, Coinbase and the list goes on. People should go for these wallets.

[noormcs5]

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 am pretty sure it is more than that like 1.5-2 billions that are now in the pockets of topnotch hackers or huge whale group of scammers or anyone related to any syndicate that has a huge influence on the financial industry. But ICO barely scam anyone anymore so I hope the next batches of  upcoming  exchanges have learned from those reports to tighten up their security.

Hackers are always active on this crypto currency world and looking to exploit any loopholes. In 2019, Crytopia exchange was hacked. At first i had a feeling that it was some insiders job or scam exit case but later the exchange came back online and team are working to restore their services as soon as possible, which means it was a  really hacked.

[HighArT]

Would be interesting to see those numbers in 2019, should be less as i assume security of a lot of websites/exchanges went up, hopefully.

Keep your crypto on private hardware wallets boyz.

[Spaffin]

Yes, of course, the practice of cryptocurrency is not yet secure. This is one of the reasons why people may refuse to switch to the use of cryptocurrency, if in the future its security level does not increase. An ordinary man in the street will not spend a lot of his time in order to learn how to increase the level of security when working with cryptocurrency. It will be easier for him to take out a banknote and pay or use a bank card, where the bank is responsible for security, than to learn the wisdom of cryptocurrency. This is a very big problem.

[slaman29]

Hackers are always active on this crypto currency world and looking to exploit any loopholes. In 2019, Crytopia exchange was hacked. At first i had a feeling that it was some insiders job or scam exit case but later the exchange came back online and team are working to restore their services as soon as possible, which means it was a  really hacked.

Hackers are hackers. Doesn't matter if it's email, or bank account or crypto. None of them are safe if the person using them doesn't practice safe behaviors. Email with high grade encryption. Bank accounts with 2fa. Crypto with SHA 256. None of these things are actually cracked (those are crackers). Hackers just look for weaknesses. Usually people being careless with passwords.

We'll always see new cases too, because people will never change their habits.

[d1ceplayer]

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.

It might surprise you that it is even more than that with today's skyrocketing price. In 2017 when the price of bitcoin went up, the rate of stolen bitcoins was around $15 billion according to Fast Company and the number of coins that have been stolen is about 980,000 and it is likely to be more than that, but since the price has dropped since the bear trend started the worth will be below $15 billion I think.

[1BTC EQUALS 1CAR]

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 know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.

[1BTC EQUALS 1CAR]

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 know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.

[Rooster101]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

[susila_bai]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

[imstillthebest]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

[Indamuck]

Now try to get an estimate about how much fiat was stolen through fraud and just plain theft.  The number will be much higher so this isn't a problem exclusive to cryptocurrency.

As long as you follow basic security common sense you should never be a victim of crypto theft.

[Jating]

And now we have the top exchanges being hacked as well. So it only means that no one is really safe from those criminals in the internet. Another lesson for us not to put our funds in an exchange no matter what because we don't know when will these hackers strike.

So we need to be very conscious at time to learn how to protect our assets. "Not your keys, not your coins" should be our main motto.

[Mahanton]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.

[Yaunfitda]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.

Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.

[Psynthax]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.

Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.

But can we withdraw such amount automatically? i thought that to withdraw that amounts or even more than 1 million dollars and we will need direct contact with exchange site. It's a pre-assumption but it looks like true if there was something weird with binance. This looks so horrible for me personally.
There was a lot of impossible things that happened with the latest case that happened with binance.

[btc_angela]

The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .

We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.

Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.

But can we withdraw such amount automatically? i thought that to withdraw that amounts or even more than 1 million dollars and we will need direct contact with exchange site. It's a pre-assumption but it looks like true if there was something weird with binance. This looks so horrible for me personally.
There was a lot of impossible things that happened with the latest case that happened with binance.

What do you mean? You can follow the trail of the withdrawals here,

https://www.blockchain.com/btc/tree/444776063

The hackers was able to withdraw it in many addresses and that's why Binance was unable to detect it. Besides, it's a accumulation of hack accounts so probably more addresses is involved here.

[liss sa]

I think cryptocurrency does not yet have specific legislation to protect assets of consumer . People mainly exchange through community trust and support. We should still be careful with our assets.