$1.7 billion in Bitcoin stolen

[AXELNetwork]

Since Bitcoin launched more than $1.7 billion worth of Bitcoin has been stolen by hackers:

https://www.youtube.com/watch?v=g5iCx8cY6l4&feature=youtu.be

[prasad87]

It's probably much more, many hacks happen to reputable companies and they're trying to hide the fact so they can keep their reputation.
The network is secure, but second layers (exchanges, storage services and others) if not made by the right people are always subject to hacking.
And some individuals just don't know how to keep their coins safe despite our constant reminders.

[dewildance]

I think we need to do some research here. How much of these lost Bitcoins is on the exchanges. As we know, Bitcoin wallets cannot be hacked by normal means. In my opinion there are very few hacking events due to the use of daily BTC.

[HiDevin]

I think we need to do some research here. How much of these lost Bitcoins is on the exchanges. As we know, Bitcoin wallets cannot be hacked by normal means. In my opinion there are very few hacking events due to the use of daily BTC.

It's probably around like the number said in the OP, but I know NiceHash lost a lot of bitcoins too when it got hacked.

If only people knew how to keep their coins in their own wallets then this wouldn't be a problem at all.

[livingfree]

Hacking is a popular incident through crypto's and counting them won't make sense because there's still money flowing to the market. And what'swith those youtube videos that you've been including with your every post?

What's the point of telling that there's $1.7B lost because of hacks? the banks has the most lost when there are hackers penetrating to their clients and steals money out of their own funds on cloud.

[AXELNetwork]

Hacking is a popular incident through crypto's and counting them won't make sense because there's still money flowing to the market. And what'swith those youtube videos that you've been including with your every post?

What's the point of telling that there's $1.7B lost because of hacks? the banks has the most lost when there are hackers penetrating to their clients and steals money out of their own funds on cloud.

The videos offer an easy explainer on the subject to inform viewers. It's important to point out just how much has been lost in crypto hacks in recent years.

[c_atlas]

$1.7 billion of CRYPTOCURRENCIES have been stolen since bitcoin came into being. Not $1.7 billion of BITCOIN.

How many $ worth of paper notes do you think have been stolen since they introduced cash? How many $ have been stolen as a result of credit card skimming?

The overwhelming majority of bitcoin theft has been due to exchange hacks, it's well known that if you don't own your keys, it's not your crypto.

Some examples of that:
Mt Gox lost +$480 million bitcoin (Source)
Bitfinex lost +$70 million bitcoin (Source)

Also NiceHash lost $70 million bitcoin (Source)


As for other cryptocurrencies:
CoinCheck lost +$530 million NEM (Source)

BitGrail lost +$150 million Nano (Source)

My point isn't just that it wasn't solely bitcoin that was stolen, but more importantly that these thefts, for the most part, occurred due to SecOps mistakes of centralized companies (most of which are exchanges). Sure there's malware floating around that might change a btc address when you copy/paste it, the solution is don't manually enter addresses, use a QR code or nfc or something else. Also stop storing crypto on exchanges and assuming it's safe, look at what happened to Cryptopia the other week. This will keep happening until people learn to store their crypto in addresses that they are the sole owners of. If everyone stored their crypto properly and stopped storing them in honeypots, we wouldn't be hearing about this all the time.

Exchanges are great, in fact, they're essential, but they're not banks, so don't store your crypto on them unless you're okay with losing it.

[CryptoBry]

It's probably much more, many hacks happen to reputable companies and they're trying to hide the fact so they can keep their reputation.
The network is secure, but second layers (exchanges, storage services and others) if not made by the right people are always subject to hacking.
And some individuals just don't know how to keep their coins safe despite our constant reminders.

The problem is not with Bitcoin but with many platforms keeping Bitcoin especially the many exchanges who could not keep up with the security challenges which hackers are always exploiting. There must be standard along this line and maybe some certification so we know that an exchange is doing what they should be implementing along the security concerns. It is quite sad that with cryptocurrency, we are becoming the big paradise for hackers and scammers because these people find this industry more lucrative and easier to break. I am wishing for the time when these scammers and hackers can be stopped.

[Pumared]

I think a lot more has been stolen. So many Exchange and ponzis around the world that were never "accounted for" and that no one bothered to speak. These Robberies happen every day.

[encycrypto]

Please put the word "billion" in the title

[Malam90]

Since Bitcoin launched more than $1.7 billion worth of Bitcoin has been stolen by hackers:

https://www.youtube.com/watch?v=g5iCx8cY6l4&feature=youtu.be

Only $1.7M stolen !! I think it is more than that you have said and referring from this video. Hackers are always trying to hack Bitcoin but Blockchain wallet is normally not hackable but if you do any fault, your wallet may be hacked.

[c_atlas]

Since Bitcoin launched more than $1.7 billion worth of Bitcoin has been stolen by hackers:

https://www.youtube.com/watch?v=g5iCx8cY6l4&feature=youtu.be

Only $1.7M stolen !! I think it is more than that you have said and referring from this video. Hackers are always trying to hack Bitcoin but Blockchain wallet is normally not hackable but if you do any fault, your wallet may be hacked.

You said $1.7M even though you quoted the OP and it says $1.7 billion

[marcbitcoins]

Since Bitcoin launched more than $1.7 billion worth of Bitcoin has been stolen by hackers:

https://www.youtube.com/watch?v=g5iCx8cY6l4&feature=youtu.be

This is one of the reasons of why Bitcoin price and the whole crypto market plummet as we cannot expect that the hackers will hold their stolen cryptos for good but they will surely will sell those assets for cash immediately making the price of the market to crash. This is constanly happening since the beginning but still it seems that the exchanges ignored it or the hackers are just talented enough to bypass the exchanges defense.

[pooya87]

you have got two things wrong here, first that these coins are not lost, they are stolen or hacked. second is that the value is mostly a guesstimate specially since price has been going up constantly and last time i checked they weren't doing a good job calculating the USD value of the total stolen amount based on the price change.

in any case this proves once again that you should not trust exchanges because they are either weak and are going to get hacked or shady and are going to scam you themselves

[romero121]

As bitcoin is completely dependent on internet connectivity, hackers find it an easy way to try the hacking tricks. In another use case, this being decentralized even a small bug leads to freezing of funds. It's highly risk involved and to the same exchanges and the blockchain networks were developing the security system better. Beyond this when something takes place we cannot blame the developers and the team. It is our fate to lose.

[ice18]

Not only hacking many ICOs are fake collected millions of money we cannot really conclude that most of this are really cause of hacking what about inside job? Some exchanges cannot provide liquidity to users and they are forced to close the service, some pretended to be hacked no one knows. 

[eann014]

Bitcoin is hacked before but I think bitcoin is more secure now. I dont know how hackers hacked bitcoin before and they get millions of $ before but we can secure our own bitcoin with some other ways if you are holding huge amount of bitcoin today, you can save it in a safe storage so you will not lose your bitcoin and hack by hackers

[r1s2g3]

There are so many unreported thefts , and many personal thefts that are discussed in various forum but never accounted in any official report. The number can go much higher. As already pooya pointed, there is difference between the lost vs stolen. these all are stolen coins.

[jubilarian]

$1.7 billion of CRYPTOCURRENCIES have been stolen since bitcoin came into being. Not $1.7 billion of BITCOIN.

How many $ worth of paper notes do you think have been stolen since they introduced cash? How many $ have been stolen as a result of credit card skimming?

The overwhelming majority of bitcoin theft has been due to exchange hacks, it's well known that if you don't own your keys, it's not your crypto.

Some examples of that:
Mt Gox lost +$480 million bitcoin (Source)
Bitfinex lost +$70 million bitcoin (Source)

Also NiceHash lost $70 million bitcoin (Source)


As for other cryptocurrencies:
CoinCheck lost +$530 million NEM (Source)

BitGrail lost +$150 million Nano (Source)

My point isn't just that it wasn't solely bitcoin that was stolen, but more importantly that these thefts, for the most part, occurred due to SecOps mistakes of centralized companies (most of which are exchanges). Sure there's malware floating around that might change a btc address when you copy/paste it, the solution is don't manually enter addresses, use a QR code or nfc or something else. Also stop storing crypto on exchanges and assuming it's safe, look at what happened to Cryptopia the other week. This will keep happening until people learn to store their crypto in addresses that they are the sole owners of. If everyone stored their crypto properly and stopped storing them in honeypots, we wouldn't be hearing about this all the time.

Exchanges are great, in fact, they're essential, but they're not banks, so don't store your crypto on them unless you're okay with losing it.

Yeah, this information is clear more. $1.7B includes other altcoins/ tokens. We can see that almost the money has been hacked from the exchanges. So I think we should store coins/ tokens in hardwallet or private wallet. That looks safe more.

[piebeyb]

I've also discussed this on my YouTube channel about where there will be a lot of hacking on exchange sites in 2018 and early 2019, so the video looks normal in my opinion, just saying a little that history always repeats with the same purpose