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

[FanatMonet]

It is better to write how much was stolen at the rate exactly at the time of the theft, because I strongly doubt that the hackers did not spend and did not convert this money into fiat, but they persistently keep it until the current moment. Although it is possible that part remained, and part was sold.

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[milewilda]

I don't know if you guys heard another CEX hacked in the last couple of days:

Dear users,
Unfortunately we have to notify you with the fact that  our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen.
A small part of the funds are safe on cold wallets.

https://twitter.com/altsbit/status/1225319347687653377?

Might be small amount, but a lost is a still a lost form this cyber criminals.

Already anticipated for this kind of events yet no matter how tight the security is, there would still always a flaw if its not a total breach then it would be an inside job.
So these kind of events arent really surprising if one day we would hear again another exchange been hacked and losing most of the funds and telling all is being stored
on the hotwallet. Why they cant just use cold wallets and just put up sufficient amount on hot ones for daily tx? Seems like intentional eh? 

[btc78]

It is better to write how much was stolen at the rate exactly at the time of the theft, because I strongly doubt that the hackers did not spend and did not convert this money into fiat, but they persistently keep it until the current moment. Although it is possible that part remained, and part was sold.

well we cannot really anticipate what hackers did to the stolen amount maybe some of them Sell it out instantly while others keep the currency and also others may be converted into other crypto coin as investment but no one can tell right?

what we need to tackle here is how this can be prevented and how can these hacker put into Jail that is the most important thing here,because they are really not helping the community.and the sad part is those victims that making the investments here as their future.

[arthurbarajas]

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

[Review Master]

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

First of all it's not about the security issue. You should research first "Why crypotcurrency was stolen and how they did it". Than it'll be clear that many users are not aware of ponzi scheme or their account security. Only in this point, hackers take advantage to stole crypto. So everything is well secure in the blockchain or cryptocurrency ecosystem. But users aren't aware about the account security or further researching.

[arthurbarajas]

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

First of all it's not about the security issue. You should research first "Why crypotcurrency was stolen and how they did it". Than it'll be clear that many users are not aware of ponzi scheme or their account security. Only in this point, hackers take advantage to stole crypto. So everything is well secure in the blockchain or cryptocurrency ecosystem. But users aren't aware about the account security or further researching.

I personally believe that blockchain security is the best,
if a wallet is hacked, I think it's the wrong user who keeps the key in a bad place, or the user's device has been infected by a virus

[Jating]

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

First of all it's not about the security issue. You should research first "Why crypotcurrency was stolen and how they did it". Than it'll be clear that many users are not aware of ponzi scheme or their account security. Only in this point, hackers take advantage to stole crypto. So everything is well secure in the blockchain or cryptocurrency ecosystem. But users aren't aware about the account security or further researching.

I personally believe that blockchain security is the best,
if a wallet is hacked, I think it's the wrong user who keeps the key in a bad place, or the user's device has been infected by a virus

Of course blockchain is very secure. The only thing they can do is the 51% attack but it will cost millions of dollars to do that and I don't think that hackers will do that because they will get no incentive from it. The problem is exchanges, yes they can the best security in place, but hackers are always one step of the game.

They are good in finding security loopholes, API attacks that's why most of the time they are successful in exploiting exchanges. That's why the golden rule is that don't put too much money in an exchange so that you won't loss that much when attacks goes to work their magic.

[Review Master]

The only thing they can do is the 51% attack but it will cost millions of dollars to do that

51% attack only happen when a hacker or software cracker find out some point to manipulate the blockchain hash power or make changes in the upcoming records of new blocks of that blockchain ecosystem. It's don't need any kind of money , but it's need more knowledge of cracking or ability to make changes in blockchain. In the past, Ethereum classic was faced the 51% attack because of some exchange's api low durability.

They are good in finding security loopholes, API attacks that's why most of the time they are successful in exploiting exchanges. That's why the golden rule is that don't put too much money in an exchange so that you won't loss that much when attacks goes to work their magic.

in these case, you are right . We should always use personal those wallets which private key owned by us, not by exchanges or others.  By this, none fund will be lossed in hacker's attack. 

[harrydrummond]

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.

hackers always make panic companies and individual traders, from this news many traders are afraid to save their assets in the crypto market.

if think back it is true that the crypto market is made for trading, not for storing assets, if you want to keep assets better in a personal wallet

if you are lazy to store assets in a personal wallet because sending assets to trade on the market takes time and there are fee on transaction, then you can store on the crypto market but, must be prepared to risk losing if the crypto market is successfully hacked

[hajirkhalid2]

Bitcoin is the first cryptocurrency in the world. Nobody expect bitcoin goes to zero to 15000$. This is the volatile market. Really, $1 billion dollars worth of cryptocurrency stolen in 2018 nobody can expect

[Jating]

The only thing they can do is the 51% attack but it will cost millions of dollars to do that

51% attack only happen when a hacker or software cracker find out some point to manipulate the blockchain hash power or make changes in the upcoming records of new blocks of that blockchain ecosystem. It's don't need any kind of money , but it's need more knowledge of cracking or ability to make changes in blockchain. In the past, Ethereum classic was faced the 51% attack because of some exchange's api low durability.

They are good in finding security loopholes, API attacks that's why most of the time they are successful in exploiting exchanges. That's why the golden rule is that don't put too much money in an exchange so that you won't loss that much when attacks goes to work their magic.

in these case, you are right . We should always use personal those wallets which private key owned by us, not by exchanges or others.  By this, none fund will be lossed in hacker's attack. 

I'm sorry but I disagree, they need funds to pull a 51% attack, Why? I advise you to read this

https://twitter.com/LinaSeiche/status/1248233613008625664

So there is what the experts called "theoretical cost" because 51% attacks includes miners.

And those ETC attacks in not through API loopholes but involved dishonest miners if I'm not mistaken, so there is still money involved pulling that act.

[Nodespor]

this is clear proof, if the hacker is fabulous than security,

why is a hacker more powerful and fabulous than security? because they never give up, they have proven that there is no security that is 100% safe on the internet

First of all it's not about the security issue. You should research first "Why crypotcurrency was stolen and how they did it". Than it'll be clear that many users are not aware of ponzi scheme or their account security. Only in this point, hackers take advantage to stole crypto. So everything is well secure in the blockchain or cryptocurrency ecosystem. But users aren't aware about the account security or further researching.

I personally believe that blockchain security is the best,
if a wallet is hacked, I think it's the wrong user who keeps the key in a bad place, or the user's device has been infected by a virus

Totally agree with you

[culuuton]

So much money. If all exchangers works togheter then for clear we can somehow find who stole it and exchange it if they exahnge it.

Although the exchanges work together, they aren't able to prevent this from happening, there are many ways for hackers to bypass them. For example, hackers can disperse the amount that they steal then use mixing services, which can be detected but quite difficult.

[Barbut]

So much money. If all exchangers works togheter then for clear we can somehow find who stole it and exchange it if they exahnge it.

Although the exchanges work together, they aren't able to prevent this from happening, there are many ways for hackers to bypass them. For example, hackers can disperse the amount that they steal then use mixing services, which can be detected but quite difficult.

How can they prevent this from happening, there's no way for that to happen. Hackers are better, and we had information that some hacks were a possible inside job. We talk about huge money here, $1 billion is a lot, but I wonder is there some statistic for banks and how much money was stolen from banks and some other institutions!? I would like to compare stolen funds from them too! Then this post would be complete!

[btc_angela]

So much money. If all exchangers works togheter then for clear we can somehow find who stole it and exchange it if they exahnge it.

Although the exchanges work together, they aren't able to prevent this from happening, there are many ways for hackers to bypass them. For example, hackers can disperse the amount that they steal then use mixing services, which can be detected but quite difficult.

How can they prevent this from happening, there's no way for that to happen. Hackers are better, and we had information that some hacks were a possible inside job. We talk about huge money here, $1 billion is a lot, but I wonder is there some statistic for banks and how much money was stolen from banks and some other institutions!? I would like to compare stolen funds from them too! Then this post would be complete!

No need to compare because its like comparing apples and oranges. Banking system has been here for centuries and I also doubt that we can get a accurate data from them. Hackers do also attacks them, but we seldom get the news as compare to crypto market that every money lost is usually highlighted by media including mainstream news.

[franch]

The exchange says they have been hacked in an imaginary way, so much money and protection must be insurmountable by hackers. The exchange is using depositors' funds and at some point the prices are falling and losing that money to delete them. Once hitbtc did not add my storm and trxler to my account for 34 days.

[Ambivalet_88]

Use DEXes only;

https://bitcointalk.org/index.php?topic=5296499.0

[JooBra]

So much money. If all exchangers works togheter then for clear we can somehow find who stole it and exchange it if they exahnge it.

Although the exchanges work together, they aren't able to prevent this from happening, there are many ways for hackers to bypass them. For example, hackers can disperse the amount that they steal then use mixing services, which can be detected but quite difficult.

It's very hard to find and do something about it. They are not stupid I guess changing the wallets makes them impossible to find them.

[ziennakarishma21]

The fact that cryptocurrency projects are hacked due to holes in the management and operation of newly developed projects, the value of BTC is now too great, causing hackers to constantly pay attention to projects cryptocurrency with the purpose of finding holes to steal it.

[arwin100]

The fact that cryptocurrency projects are hacked due to holes in the management and operation of newly developed projects, the value of BTC is now too great, causing hackers to constantly pay attention to projects cryptocurrency with the purpose of finding holes to steal it.

They accumulated millions of fundings so they must secure their website to avoid any hole that could possibly  compromise their operation. Don't know why there are other devs play lame around while they are dealing such huge amount of money maybe in some small exchange use this as exit scam so we need to be careful.

Btc right now is on more higher attention accumulator for sure hackers now are finding some ways to punch some holes in big platforms.