More than USD 1.5 bln has been stolen from exchanges. Here’s a recap

[shitcoinoffering]

_{Originally published on https://shitcoinoffering.com/more-than-usd-1-5-bln-has-been-stolen-from-exchanges/}

The history of hacker attacks in one picture

 
June 2011 Mt. Gox  (8 750 000)

September 2012 Bitfloor (250 000)

February 2014 Mt.Gox (487 400 000)

July 2014  Poloniex (60 000)

January 2015 Bitstamp (5 000 000)

August 2016 Bitfinex (72 000 000)

July 2017 Bithumb (31 800)

December 2017 NiceHash (60 000 000)

December 2017 Yobit (15 200 000)

January 2018 Coincheck (500 000 000)

February 2018 BitGrail (170 000 000)

June 2018 Bithumb (31 000 000)

June 2018 Coinrail (37 000 000)

July 2018 Bancor (23 000 000)

September 2018 Zaif (60 000 000)

January 2019 Cryptopia ? (the company declared that the losses were “significant”)

 

Total: more than 1 469 660 000 dollars

Investing in a scam – a shitton of money. Subscribing to Shitcoinoffering – priceless.

Note. All numbers are in dollars at the rate of cryptocurrency for the day of the hacker attack.

In Blockchain we trust!

[1714605117]

1714605117

[1714605117]

1714605117

[1714605117]

1714605117

[1714605117]

1714605117

[dothebeats]

I don't think that cryptocurrency and blockchain is to blame for these hacks, as surely it is the platforms that have the problem in the first place, as they are the ones being breached and not blockchain or cryptocurrencies' code. More hacks would arise in the future if exchanges and platforms don't keep their systems in check and secure. Also, the notion that cryptocurrencies per se are not secure due to hacks is plainly wrong. Exchanges and services have their own code for their platforms which is obviously different from blockchain and cryptocurrencies.

[netto7]

DEX can solve this problem?

[creeps]

Blockchain is all good, but some exchanges are really not good in terms of security, and a lot of professional hacker are in this market so I think there will be more like this if there is no strong regulation. We should learn from now on, look at this timeline and you will see that even a big exchange is not that safe, so better to be more secured and don’t put too much money on exchanges.

[Mat Lion]

More than 1.5 billion has been stolen from exchanges, PLAAK has a solution to store your crypto assets on the PLAAK Hardwallet Card. Keep your digital assets safe and be your own bank.

https://www.instagram.com/p/BsvaRFhnwnv/?utm_source=ig_twitter_share&igshid=l5rwytv5b65u …

Personally i feel exchanges need to be regulated with KYC and AML compliance. I hope they find these criminals to get back the stolen funds.


https://www.plaak.com/

[Indamuck]

Sounds like a lot but how much money are banks and wall street stealing from the common people? Banks are making billions off overdraft fees alone.  Throw in a good amount of insider trading and fraud from Wall STreet and crypto thefts pale in comparison.  P.S. I think most of these crypto hacks are inside jobs and not really from hackers.

[Upgrade00]

All of these hacks are synonymous with centralized exchanges and not a direct breach of the bitcoin network, which has only been flawed once in history. The flaw was quickly corrected and the generated coins reversed.

The security of your assets lies with the holder, avoid exchanges, except during active trades. Do not use an exchange wallet to store funds.

[Dreamchaser21]

Sounds like a lot but how much money are banks and wall street stealing from the common people? Banks are making billions off overdraft fees alone.  Throw in a good amount of insider trading and fraud from Wall STreet and crypto thefts pale in comparison.  P.S. I think most of these crypto hacks are inside jobs and not really from hackers.

Banks are the greatest scammer of all time, but this kind of situation should not be tolerated in cryptoworld no matter the what value of this. Yes, its possible that its an inside job and if this continue until the next generation, for sure cryptomarket will just become more like banks.

[kolesozw]

I lost “significant” for me amount of the last Cryptopia hack. I don't know how can somebody hack something more than the hot wallets without internal help. So those investigation always need to look for inner man first, but unfortunately most of the time police is not competent enough to do this job.

Let;s hope for some positive resolution of the Cryptopia case...

[tomahawk9]

Interesting to see how even with those numbers, centralized exchanges still rule the market while DEXs (decentralized exchanges) are yet to reach mainstream status. You would think that by now DEX would be at least competing head-to-head with the big exchanges but only a minority of the crypto users actually use DEX, I guess the low liquidity is an issue, but that should be the price to pay for having to trade in a decentralized exchange.

[Crypdon]

Cryptopia needs to be resolved, it is a proper exchange with a new zealand license. They should store enough in cold storage to cover any losses via hacks, clearly they failed and now rely on other exchanges like binance to freeze them

[Findingnemo]

DEX can solve this problem?

Yes it can be the best solution for the exchange hacks since in DEXs people are in control of their exchange's wallet so they are responsible for whatever happen with their funds because they are going to have their private keys.

[kolesozw]

DEX can solve this problem?

Yes it can be the best solution for the exchange hacks since in DEXs people are in control of their exchange's wallet so they are responsible for whatever happen with their funds because they are going to have their private keys.

This is not always correct.
Even for DEX you need to deposit your tokens with their smart-contract and if somebody find an error there, you are screwed like in every other exchange. But I'm curious about the new EOS DEX which is coming in next month. Maybe they will offer something new as a solution.

[millgates]

Okay then that is wrong rate, you should rate it based on the time when each cases happen. By the way bitcoin or blockchain can't be blame for this security breaches. The one who should be blamed is the hackers, hackers can hack bank as well so cybercrime should be stopped by the law enforcement. I hope cryptopia team could solve this problem immediately.

[kenzawak]

The funds stolen on Cryptopia seem to have been found and frozen on Binance.

[ramesh770]

More than 1.5 billion has been stolen from exchanges, PLAAK has a solution to store your crypto assets on the PLAAK Hardwallet Card. Keep your digital assets safe and be your own bank.

https://www.instagram.com/p/BsvaRFhnwnv/?utm_source=ig_twitter_share&igshid=l5rwytv5b65u …

Personally i feel exchanges need to be regulated with KYC and AML compliance. I hope they find these criminals to get back the stolen funds.


https://www.plaak.com/

Even KYC and AML can be faked by the hackers, because when they can hack the exchange what is the big deal in faking the documents and create a new account in exchanges and then hack it. So in real their is no big security which cannot be defended. It will take time to hack the exchange but it can be done. That is why it is not good to keep your coins in exchange if you are not trading daily. Even then you are insecure in any way.

[horrifiedx1]

Okay then that is wrong rate, you should rate it based on the time when each cases happen. By the way bitcoin or blockchain can't be blame for this security breaches. The one who should be blamed is the hackers, hackers can hack bank as well so cybercrime should be stopped by the law enforcement. I hope cryptopia team could solve this problem immediately.

they always look for loopholes to enter and seize everything that can be taken. although with a high level of security, they seemed reluctant to give up on finding their way. therefore do not put assets on one exchange, because the risk will be greater, spread into several exchanges of our assets to reduce risk

[Naida_BR]

It is very sad to see so many popular exchanges in this list.
These hacks also made a negative impact on the market cap of the cryptocurrency market and made people more cautious and frightened of investing money in this market. The best way to save your funds is not hodling them in the exchanges but what is the best solution when you are trading? You need to keep them there so as to act in time. This is one of the reasons that I don't trade and I try to make long-term decisions.

[Harlot]

That is why we need to push for a better regulation when it comes to the whole cryptocurrency industry. I know a lot of people here still don't want to connect the industry to the government but it is the only way to move forward, these crypto exchange companies cannot protect our person security on their own and the government has their right to protect their own citizen's well being. If you want for mass adoption to happen without this scams continuing we need to support the government to improve the industry not protest against them interfering.

[chenille]

That is why we need to push for a better regulation when it comes to the whole cryptocurrency industry. I know a lot of people here still don't want to connect the industry to the government but it is the only way to move forward, these crypto exchange companies cannot protect our person security on their own and the government has their right to protect their own citizen's well being. If you want for mass adoption to happen without this scams continuing we need to support the government to improve the industry not protest against them interfering.

I don't see an advantage in this, if funds are stolen they are lost anyways. Regulation can't get back hacked funds and hackers will always find a way to trick exchanges and getting them hacked. It's just a normal security issue everyone should be well aware of. Also governments get hacked.
Best solution is to store as little funds as possible on an exchange wallet and store coins offline in a safer wallet. The high number of hacks to famous exchanges has shown that exchanges are not suitable for storing funds.