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

[wxa7115]

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.

And there is never going to be a legislation that gives to you protection and the ability to recover the coins you have lost, remember once your coins are no longer in a wallet that you control you have no way to get those coins back, this is the way cryptocurrencies have been built so there is not a possibility of getting chargebacks so it does not matter what legislation is put in place that is not going to change the technology and the philosophy of cryptocurrencies.

Now, governments could develop their own cryptocurrencies in which this is possible but by using their crypto you will be participant of the fiat system which is something that many in the community want to avoid since they know fiat is used to scam the average people out of their savings.

[Jating]

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.

Governments around the world like G20 is planning to supplant crypto with regulations that can or will protect investors of their assets. But I don't know if this is a welcoming news for crypto lovers around the world.

We all know the crypto should be decentralize in nature, but if government is stepping up then it will defeat the purpose, just saying. So it is still up to us to really secure, as what the saying goes here, not your keys, not your coins.

[MIner1448]

The amount of hacking of course the space, I hope after this exchange has revised its security and work on new methods of security.I think not all exchanges, after this will be able to resume work.

[pragna]

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.

Actually there is nothing to do i think. Everywhere there are hacker whom are so talented so if anyone lost there money or tokens he should think its a part of trading and transaction. I ever hard any administration did hack to stolen traders tokens or money. If any admin  did these that's might be problem and i also think that no admin did this kind of work as they has come to market for business.

[FUD Expert]

You can't blame those hackers to target huge exchanges because I know they find it very irresistable. I really hope that a tighter regulation or even a government body is going to be created that will focus on hunting down these hackers and jailed for life imprisonment. And now even Binance was proven prone to hacking and the market is very healthy again, I start wondering on how much will be stolen on this year by online theft again.

[buwaytress]

You can't blame those hackers to target huge exchanges because I know they find it very irresistable. I really hope that a tighter regulation or even a government body is going to be created that will focus on hunting down these hackers and jailed for life imprisonment. And now even Binance was proven prone to hacking and the market is very healthy again, I start wondering on how much will be stolen on this year by online theft again.

I'm not sure regulation will improve anything. On one hand we've got Japan who's really gone to great lengths after Mt Gox to do right. I think they got a great model, any exchange wanting a licence in Japan's got to comply with a lot of measures, the ones I like best are the audits and the requirement to insure deposits. Mind you, this hasn't stopped the hacks from happening, but it has meant that people are protected -- assuming those insurance covers get paid out, because none of them have as far as I can tell!

On the other hand we've got Binance who's on a supposedly really great blockchain jurisdiction yet that government/regulator hasn't said a peep since Binance's hack. Strange much? I think so.

[noormcs5]

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.

Since crypto currency is not legalized, there is no insurance of crypto assets. No one takes the responsibility of the crypto assets and any loss is the lose of the individual. If crypto is ever regularized , only then we may see that our loses may be covered. There will be lot less scams exits of exchanges because exchange will only operate if they will provide some sort of assurance that in case of any hack they will compensate their users.

[Kemarit]

You can't blame those hackers to target huge exchanges because I know they find it very irresistable. I really hope that a tighter regulation or even a government body is going to be created that will focus on hunting down these hackers and jailed for life imprisonment. And now even Binance was proven prone to hacking and the market is very healthy again, I start wondering on how much will be stolen on this year by online theft again.

For those criminals, this is a job for them, just like their counterpart in robbing physical banks. But I'm not sure if there will be dedicated government body whose task is to hunt those hackers, unless there is a regulatory framework that will cover such cases. Everyone is prone to hacking, because as I have said, those criminals are very smart and always one step of the game. Binance though was very quick to say that they are going to refund because of their so called SAFU, but for those exchanges that doesn't have that kind of program, then it will be very difficult to get back your money.

[Nellayar]

Comparing those thefts to US dollars to maximize their value is not considered a valid comparison.
The price was above $ 10,000 "&Bumping altcoins" during the first quarter of this year, most of these thefts related to platforms, some manipulation of prices and exploitation of weak legal control.
We have not heard of stealing thousands of cryptos at the moment and people are becoming more aware of wallets.

That's right! People becoming aware of what cryptocurrency is. More than million dollars was scammed and gave freely to the scammers. All of those events, we already learned from our mistakes. Soon, scam projects as well as hacking of exchanges will eradicate or lessen. We will feel comfortable once they hunt by the authorities.

[Jating]

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.

[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.

[monalia]

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.

[quality.crypto]

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.

Governments around the world like G20 is planning to supplant crypto with regulations that can or will protect investors of their assets. But I don't know if this is a welcoming news for crypto lovers around the world.

We all know the crypto should be decentralize in nature, but if government is stepping up then it will defeat the purpose, just saying. So it is still up to us to really secure, as what the saying goes here, not your keys, not your coins.

After G20 Summit still, we don't see any news from the government but whether US government will allow this to launch their Cryptocurrency against the US dollar. We need to wait and see how far the US government will give options to the rest of the world because without sperate legal activities we cannot control these many scams in crypto.

[Kemarit]

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.

Governments around the world like G20 is planning to supplant crypto with regulations that can or will protect investors of their assets. But I don't know if this is a welcoming news for crypto lovers around the world.

We all know the crypto should be decentralize in nature, but if government is stepping up then it will defeat the purpose, just saying. So it is still up to us to really secure, as what the saying goes here, not your keys, not your coins.

After G20 Summit still, we don't see any news from the government but whether US government will allow this to launch their Cryptocurrency against the US dollar. We need to wait and see how far the US government will give options to the rest of the world because without sperate legal activities we cannot control these many scams in crypto.

I think US will have it's own regulatory framework, independent of what G20 summit has said about crypto. But I'm sure they are going to work with them in conjunction of laying it out and what they wanted to happen or at least what they want to do in order to have full control back on their side.

I'm sure US regulators are in heightened alert, just remember that US congress has put a lot of pressure on Libra or Facebook coin. This for me will be significant as to what will be the outcome. I'm seeing a domino effect on Bitcoin and the rest of crypto in general.

[onrise]

This are the very high amount and thus many government fear that people would lose the money and they have many negative effect due to which they are not making it legal and are not even in the favor of it. We need to see if think can be curb it will help overall crypto from it and also the users. Many exchanges have got scammed and thus even the market has fallen due to this news.

[peter0425]

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.

Paying their customer back is really good, however, exchanges should almost at the top of their list keep your exchange safe from hackers. I mean it's like almost paying a ransom. So it's better for them to really raise security awareness otherwise if they keep on paying them, one day some of them will go bankrupt.

[diazepam666]

This are the very high amount and thus many government fear that people would lose the money and they have many negative effect due to which they are not making it legal and are not even in the favor of it. We need to see if think can be curb it will help overall crypto from it and also the users. Many exchanges have got scammed and thus even the market has fallen due to this news.

Formal information most of the centralised business gives their investors and government to avoid the tax and other charges. Many exchanges then the same in this case.

I am not sure still this information from the centralised exchanges is true or they stole the funds and hide that for their future betterment. At present news will not going to affect anything good or bad.

[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.

[michellee]

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.

[MinMan]

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.