$1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 - page 3.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: Baofeng on November 30, 2019, 01:58:39 AM

Quote from: Yaunfitda on November 27, 2019, 08:00:41 AM

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

Quote

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Funny thing though, after the said hacked, bitcoin goes on a run and touch $7800.

Also, there's some movement already, just a matter of time before this hacker makes a mistake an exposed himself, Upbit Theft Update – $16M in Stolen ETH Were Just Transferred.

For now the price hasnt reacted yet since those stole ETH's cant really be easily disposed off yet its still hot on the eyes of many.Im saying that this one might not heavily affect btc price unless
if those ETH's would be converted fully to btc then slumped down those coins to fiat.It might surely affect the market but only on small margins.

We are almost ending up this year but negative news like this do really pops out randomly.Im aint actually got shocked to these kind of events yet any exchangers would really be a honey pot for all of hackers out there
since they do know that millions of dollars is being stored to these places.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: Yaunfitda on November 27, 2019, 08:00:41 AM

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

Quote

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Funny thing though, after the said hacked, bitcoin goes on a run and touch $7800.

Also, there's some movement already, just a matter of time before this hacker makes a mistake an exposed himself, Upbit Theft Update – $16M in Stolen ETH Were Just Transferred.

Mumbeeptind1963

hero member

Activity: 1190

Merit: 568

Sovryn - Brings DeFi to Bitcoin

Quote from: Yaunfitda on November 27, 2019, 08:00:41 AM

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

Quote

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Oh too bad, a lot of bad news will come up few hours from now , it will really affects bitcoin price and surely many people will have a doubt in cryptocurrency. But the thing is, security in every exchange must be updated regularly, I know their part but, they need to invest more in security because when like this happen? They will lose many amount of money, and investors as well.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: Yaunfitda on November 27, 2019, 08:00:41 AM

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

Quote

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

For now it do start up to make up some noise knowing that $50 million isnt a small amount of money.Im already expecting for some changes or drop of the price either on BTC or on ETH knowing
that the stolen coins are on ethereum.We are almost on the ending of this year 2019 but it looks that we arent still finished with those surprise news about exchange hacks.
Whats next? Do upbit have the plans on reimbursing those users had been affected?

Yaunfitda

hero member

Activity: 2814

Merit: 574

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

Quote

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: btc_angela on November 24, 2019, 09:57:16 PM

Quote from: Gyfts on November 24, 2019, 03:47:44 AM

The dark side of crypto's that people tend not to talk about. Fraud is easy and it happens a lot. You deal with fiat currencies and there's the ability to trace transactions and follow the paper trail. With Bitcoin, you're not left with much if your money gets stolen. The more adoption Bitcoin gets by naive investors or traders, the more scams that are going to happen.

I wouldn't say that it's a dark side of crypto, I mean crypto enthusiast knows that once their assets gets stolen here, it's bye-bye for their money. That's why we should really educate first ourselves when we wanted to enter this world because unlike fiat, money trails are hidden and obscure because there are so many ways to hide the scammers track.

How could you say it's not a dark side while there's a money involve for frauds and stolen asset by certain badass out there and we really need to educate ourselves for something new since the kind of style is evolving and there are so many things that we need to be careful with.

And also there are hardware wallets that is safe for us to use so that the chances for getting attack is to low and maybe it's good for use to always use escrow when dealing someone especially if we use crypto.

kro55

sr. member

Activity: 1610

Merit: 301

*STOP NOWHERE*

CC is no doubt secure but when it gets hacked there is no way you can get your coins back like we do with fiat currency stored in banks. If you are having cryptocurrency take special care of your keys n use good wallets.

btc_angela

hero member

Activity: 2604

Merit: 542

Quote from: Gyfts on November 24, 2019, 03:47:44 AM

The dark side of crypto's that people tend not to talk about. Fraud is easy and it happens a lot. You deal with fiat currencies and there's the ability to trace transactions and follow the paper trail. With Bitcoin, you're not left with much if your money gets stolen. The more adoption Bitcoin gets by naive investors or traders, the more scams that are going to happen.

I wouldn't say that it's a dark side of crypto, I mean crypto enthusiast knows that once their assets gets stolen here, it's bye-bye for their money. That's why we should really educate first ourselves when we wanted to enter this world because unlike fiat, money trails are hidden and obscure because there are so many ways to hide the scammers track.

Gyfts

legendary

Activity: 2744

Merit: 1512

The dark side of crypto's that people tend not to talk about. Fraud is easy and it happens a lot. You deal with fiat currencies and there's the ability to trace transactions and follow the paper trail. With Bitcoin, you're not left with much if your money gets stolen. The more adoption Bitcoin gets by naive investors or traders, the more scams that are going to happen.

romero121

legendary

Activity: 3164

Merit: 1213

Quote from: Jating on November 20, 2019, 09:25:04 PM

Quote from: Sexaphiliac on November 17, 2019, 05:26:38 PM

I think as more people enter into the cryptocurrency markets, it's likely more of such cases will be recorded. More scam platforms (exchanges, wallets) will definitely be the bane of the cryptoworld next bull run.

Good point, if crypto market will start its bull run, more scammers will appear in the crypto space, and obviously those numbers will rise exponentially.

At least though, we should help those newbie how to practice good and safe way to protect their assets so that they will not be a victim of scammers or cyber criminals.

When someone enters into the cryptocurrency network the main focus is to earn. The same is being used as the key to trap them. There will be followup with ponzi schemes, multipliers, softwares, cloud miners and in various forms. Here people get a mentality, why don't we give a try. In most cases even after knowing what is happening around people take risk and end up losing the funds.

As stated everyone should help each other, and the same is happening in the forum. Here proper guidance needs to be given for the ways by which earnings in terms of cryptocurrency is possible. If one has learned it then it is easy to stop people getting into traps.

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: tracey77 on November 22, 2019, 08:13:08 AM

The more bitcoins are mined, the more often they are stolen, that's normal because the value/popularity increase all time and frauds are common. I really hope there will be some regulations in the future to prevent that sort of thing. Until then the only option to reclaim stolen cryptocurrencies is to use platform concentrated on such stuff. It's essential to pay attention to the background of a company we want to gain help from. For instance Coinfirm which cooperates with Binance or PKO Bank Polski.

More often they are stolen because the bitcoin been mined is more nowadays? Total nonsense for you to say.Yes, its popularity do increases up together into its price which is the main reason why hackers/scammers do target out to accumulate btc in all sorts of ways.Frauds and scams are typical things not only to this market but also on other traditional markets that we had known.The thing here on crypto that its too hard to trace once those coins being stolen, tracing is almost impossible that's why this is the perfect recipe and place for those who are really tending to scam big time.

tracey77

newbie

Activity: 39

Merit: 0

The more bitcoins are mined, the more often they are stolen, that's normal because the value/popularity increase all time and frauds are common. I really hope there will be some regulations in the future to prevent that sort of thing. Until then the only option to reclaim stolen cryptocurrencies is to use platform concentrated on such stuff. It's essential to pay attention to the background of a company we want to gain help from. For instance Coinfirm which cooperates with Binance or PKO Bank Polski.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: Sexaphiliac on November 17, 2019, 05:26:38 PM

I think as more people enter into the cryptocurrency markets, it's likely more of such cases will be recorded. More scam platforms (exchanges, wallets) will definitely be the bane of the cryptoworld next bull run.

Good point, if crypto market will start its bull run, more scammers will appear in the crypto space, and obviously those numbers will rise exponentially.

At least though, we should help those newbie how to practice good and safe way to protect their assets so that they will not be a victim of scammers or cyber criminals.

Sexaphiliac

copper member

Activity: 122

Merit: 0

I think as more people enter into the cryptocurrency markets, it's likely more of such cases will be recorded. More scam platforms (exchanges, wallets) will definitely be the bane of the cryptoworld next bull run.

iv4n

legendary

Activity: 3122

Merit: 1171

I didn't notice this topic before, its interesting to know how much money is stolen in crypto. I made a quick research about this topic and I found some interesting informations. One of the articles I would like to share is https://www.cnbc.com/2019/01/29/crime-still-plague-cryptocurrencies-as-1point7-billion-was-stolen-last-year-.html, in 2018 1.7 billion dollars was stolen from investors! Of that total, around 1 billion was taken from exchanges. You can read more about it in this article.
One more interesting article is https://www.forbes.com/sites/jeanbaptiste/2019/08/15/hackers-stole-over-4-billion-from-crypto-crimes-in-2019-so-far-up-from-1-7-billion-in-all-of-2018/#9691c9055f58, we have the same trend in 2019, hackers stole over 4 billion dollars, up from 1.7 billion in all of 2018. Interesting beginning of the article "2019 is shaping up as the year of the “exit scam” according to a new study" and when you think about it, it really is like that, we have seen many exit scams this year.
Well I wish you good reading, articles are very interesting, I will try to find more about this, I would like to find some numbers about how much money hackers took since the beginning of crypto, I doubt I can find accurate info about that, but even some rough calculation would be good.

btc_angela

hero member

Activity: 2604

Merit: 542

Quote from: Yaunfitda on November 10, 2019, 12:18:20 AM

Well I have to disagree though mate, I mean it's the exchange responsibilities to protect our assets within their platform. In some sense if they've been hacked at least they should have the audacity to return our money back right?

Anyways, we can still salvage it though, at some point we shouldn't be putting a lot of money in an exchange and then expect nothing to happen. We have to think that crypto money is not safe at any given time whether in an exchange or even in our own wallet so we really need to be very very careful and should understand how to protect our assets by now.

But the thing is that there are newbies every minutes here, being suckered by crypto exchanges because they think that they can make huge profits in an instant and keep all their profits in a trading platform, but as the saying goes in crypto sphere, "not your keys, not your coins" and I do hope that beginners won't have to go to a painful experience to realised this.

Yaunfitda

hero member

Activity: 2814

Merit: 574

Quote from: bohr on October 28, 2019, 12:11:37 PM

Quote from: Yaunfitda on October 15, 2019, 07:30:55 AM

Quote from: djselery on October 12, 2019, 12:19:02 PM

It is a huge amount. Hackers nowadays are focusing to steal the crypto funds, especially the crypto exchanges, and unfortunately, they reached a good level of success in many cases. Lastly, we remember the hacking of MyEtherWallet and Cryptopia, just for examples. There are other big amounts stolen by getting the private keys of the BTC and ETH wallets.

I think there are underground hackers that really targets crypto exchanges. Those guys are dedicated and I'm sure they also worked 24x7 to find any loopholes on a exchanges. And these guys are cyber criminals and they don't work alone, they work as a group and I even read news that they could be sponsored by a certain nation to wreck havok and still crypto for their own sake.

It's really disheartening to hear that, but what can we do, unless exchanges patch all the loopholes and exploits, those hackers or cyber criminals will continue to do it and stole money from us.

It was disheartening but it was to be expected, exchanges are moving an enormous amount of money every day and they are doing it in a type of currency that once stolen cannot be gotten back, this is simply too tempting to hackers, which is why I have always thought that one of the best ways to defend yourself from them is simply to not bring attention to yourself and never reveal your holdings but unfortunately for exchanges that is not something they can do.

Well I have to disagree though mate, I mean it's the exchange responsibilities to protect our assets within their platform. In some sense if they've been hacked at least they should have the audacity to return our money back right?

Anyways, we can still salvage it though, at some point we shouldn't be putting a lot of money in an exchange and then expect nothing to happen. We have to think that crypto money is not safe at any given time whether in an exchange or even in our own wallet so we really need to be very very careful and should understand how to protect our assets by now.

DeathProxy

sr. member

Activity: 756

Merit: 251

World's First Crowd Owned Cryptocurrency Exchange

Cryptocurrency and blockchain technology have been clamouring for mainstream adoption ever since, but these kind of news is being reported about crypto always then mainstream adoption might be far off. All crypto related busienss within the crypto space needs to build a strong security wall and defense system which will be hard for criminals to exploit and hack. This will reduce vulnerabilities if crypto system and thus will reduce news of hacks and loss of money. Crypto community needs all the good news it can get now if adoption is to be achieved

bohr

sr. member

Activity: 994

Merit: 257

Quote from: Yaunfitda on October 15, 2019, 07:30:55 AM

Quote from: djselery on October 12, 2019, 12:19:02 PM

It is a huge amount. Hackers nowadays are focusing to steal the crypto funds, especially the crypto exchanges, and unfortunately, they reached a good level of success in many cases. Lastly, we remember the hacking of MyEtherWallet and Cryptopia, just for examples. There are other big amounts stolen by getting the private keys of the BTC and ETH wallets.

I think there are underground hackers that really targets crypto exchanges. Those guys are dedicated and I'm sure they also worked 24x7 to find any loopholes on a exchanges. And these guys are cyber criminals and they don't work alone, they work as a group and I even read news that they could be sponsored by a certain nation to wreck havok and still crypto for their own sake.

It's really disheartening to hear that, but what can we do, unless exchanges patch all the loopholes and exploits, those hackers or cyber criminals will continue to do it and stole money from us.

It was disheartening but it was to be expected, exchanges are moving an enormous amount of money every day and they are doing it in a type of currency that once stolen cannot be gotten back, this is simply too tempting to hackers, which is why I have always thought that one of the best ways to defend yourself from them is simply to not bring attention to yourself and never reveal your holdings but unfortunately for exchanges that is not something they can do.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: Jennifer.mathew731 on December 12, 2018, 05:11:02 AM

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.

Thanks for the news and i was surprised to see the numbers as million of dolllars worth crypto are being stolen every year by the hackers from trading companies and individuals which has no record.We have heard many time that $10-$20 million of crypto were stolen from that exchange or so but what after nothing can be done to trace them.These things poses a threat to adoption of bitcoin and other altcoins in the global market as governmemt think it as unsecured decentralized mode of payment which can cause loss to the country.

Topic: $1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 - page 3. (Read 4905 times)