$1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 - page 4.

Yaunfitda

hero member

Activity: 2814

Merit: 574

Quote from: Mahanton on October 19, 2019, 09:50:19 AM

Quote from: Jating on October 19, 2019, 09:27:44 AM

Quote from: Apes on October 19, 2019, 04:54:59 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.

true, some exchanges with weak security systems are targeted, hackers now often direct their attacks to cryptocurrency exchanges, with the big amount of funds stored in it maybe if they succeed in breaking into the system they will get rich instantly.
because breaking into an exchange system is very difficult, direct attacks on cryptocurrency users still exist.

What do you mean that it's difficult, many exchanges has been breached already, including Binance (although the hackers have colluded with someone inside allegedly), so it's not that hard actually. The thing with cyber criminals is that they are really good at it. They really stalked crypto exchanges for many months before finally executing their plans.

So it's a combination of skills, hard work as well, and then one day when everyone thought that crypto exchanges are safe, they will attack, get everything that their hands can reach get out used mixing services to hide the trail or sometimes they won't moved it at all and again wait for the perfect time when everyone is not looking.

For scammers and hackers they would tend to let the issue or fire would cooldown before they do tend to move those funds.Even me as a hacker would definitely do the same. Cool

No exchange is safe on what most platforms do promise on.Yes, we can think off that there might be some inside job in these cases but no one can really still make a conclusion since these were only alleged or speculations but high chances this would be most likely the case.This crypto space would involved lots of hacking events and it would continue
because this market do involved millions and billions of dollars.

Yep, they will have to wait for a cool down, however, there are also group of people who's work is to track those movement. I think it all started with the Mt. Gox and crypto investigators are still fascinated by it. So once we heard about hacking incidents, we will see a lot of tweet about it. Experts on the field and even some crypto enthusiast because everything is public in the blockchain.

So it will be very difficult for hackers to move the coins, without anyone noticing it, specially if it involves huge amount of cryptos.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: Jating on October 19, 2019, 09:27:44 AM

Quote from: Apes on October 19, 2019, 04:54:59 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.

true, some exchanges with weak security systems are targeted, hackers now often direct their attacks to cryptocurrency exchanges, with the big amount of funds stored in it maybe if they succeed in breaking into the system they will get rich instantly.
because breaking into an exchange system is very difficult, direct attacks on cryptocurrency users still exist.

What do you mean that it's difficult, many exchanges has been breached already, including Binance (although the hackers have colluded with someone inside allegedly), so it's not that hard actually. The thing with cyber criminals is that they are really good at it. They really stalked crypto exchanges for many months before finally executing their plans.

So it's a combination of skills, hard work as well, and then one day when everyone thought that crypto exchanges are safe, they will attack, get everything that their hands can reach get out used mixing services to hide the trail or sometimes they won't moved it at all and again wait for the perfect time when everyone is not looking.

For scammers and hackers they would tend to let the issue or fire would cooldown before they do tend to move those funds.Even me as a hacker would definitely do the same. Cool

No exchange is safe on what most platforms do promise on.Yes, we can think off that there might be some inside job in these cases but no one can really still make a conclusion since these were only alleged or speculations but high chances this would be most likely the case.This crypto space would involved lots of hacking events and it would continue
because this market do involved millions and billions of dollars.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: Apes on October 19, 2019, 04:54:59 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.

true, some exchanges with weak security systems are targeted, hackers now often direct their attacks to cryptocurrency exchanges, with the big amount of funds stored in it maybe if they succeed in breaking into the system they will get rich instantly.
because breaking into an exchange system is very difficult, direct attacks on cryptocurrency users still exist.

What do you mean that it's difficult, many exchanges has been breached already, including Binance (although the hackers have colluded with someone inside allegedly), so it's not that hard actually. The thing with cyber criminals is that they are really good at it. They really stalked crypto exchanges for many months before finally executing their plans.

So it's a combination of skills, hard work as well, and then one day when everyone thought that crypto exchanges are safe, they will attack, get everything that their hands can reach get out used mixing services to hide the trail or sometimes they won't moved it at all and again wait for the perfect time when everyone is not looking.

Apes

sr. member

Activity: 1316

Merit: 257

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.

true, some exchanges with weak security systems are targeted, hackers now often direct their attacks to cryptocurrency exchanges, with the big amount of funds stored in it maybe if they succeed in breaking into the system they will get rich instantly.
because breaking into an exchange system is very difficult, direct attacks on cryptocurrency users still exist.

Yaunfitda

hero member

Activity: 2814

Merit: 574

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.

djselery

legendary

Activity: 1386

Merit: 1001

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.

mascherono

newbie

Activity: 88

Merit: 0

There were several news were published at different news websites or journals. It was really sorrowful for us but true. Lots of crypto money was hacked by the hacker/scammer. The same news was published by Omri Shabath in October 20, 2018 here.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: ropyu1978 on October 09, 2019, 02:49:57 AM

it seems like this year the number will not be repeated, the security system continues to progress and we hope it can prevent the stolen of large amount
many people still worry if they become victims

I don't think so, cyber criminals tends to be very sophisticated and I doubt that exchanges security can keep up with them. You also have to remember that there is also a "inside job", that alone can't be stop by any exchanges even if their employees goes to a rigorous background check. The employees will also be tempted because of the huge money involved here that's why they might think to connive with someone outside and that means another statistics to the growing hacks year-to-year.

HarmonyA

full member

Activity: 602

Merit: 100

Quote from: joinfree on October 02, 2019, 12:59:50 PM

When its come to hacking its started way back in 1960. Do you know how much money people loses each and every day from their credit and debit card. but seem like every manipulator try paint cryptocurrency as bad thing. but there no other place where money got missing than a bank , there is no place where money laundry happens than bank. Scammer were around before bitcoin was implemented so hacking and scamming got nothing to do with cryptocurrency. When ever there is money always there is always a bad guy going to after it so is up to you to protect your self well .

Your opinion is not wrong, but I think that the advantage of new technology should be to reduce or close the lapses of previous technology. Crypto is a new tech that is going through a tough time, so the issue of theft should be properly addressed to foster speedy mass adoption of crypto. we are not ignorant of the advances of criminals on financial assets, but we shouldn't create a fertile ground for them to perpetrate their evil acts. Let's make people believe in this system than the traditional banking system.

HarmonyA

full member

Activity: 602

Merit: 100

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.

This is disheartening to hear. Imagine the lost people have gone through and we expect mass adoption of crypto. We are still scratching the surface for mass adoption. Despite the risk involved in investing, no one wishes to experience this kind of loss. Things should be properly checked, and crypto exchanges and crypto wallet management should be held accountable for the safety of people's assets. Some of the people that were affected by the theft shouldn't be blamed if they float an opposing idea against crypto. But that notwithstanding, The relevant authorities should do everything necessary to enable crypto to be accepted with minimal risk.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: ropyu1978 on October 09, 2019, 02:49:57 AM

it seems like this year the number will not be repeated, the security system continues to progress and we hope it can prevent the stolen of large amount
many people still worry if they become victims

As years progress we can really see the rate does really differ when it comes to hack and scamming events.Security does progress and so as with hacking ways.

We cant get rid of these hacks though even how we thought that we are secure there would always be some exploit that would lead up to lost of funds because
not all people are way too concern of their security.

ropyu1978

hero member

Activity: 1904

Merit: 510

it seems like this year the number will not be repeated, the security system continues to progress and we hope it can prevent the stolen of large amount
many people still worry if they become victims

The Cryptologist

full member

Activity: 546

Merit: 100

That is a lot of money but I am curious if those thieves quickly cash that money out or they just like other greedy traders or investors that want to wait more so they can cash out more when the price continue to rise. Because if the hackers really did wait then I'm very sure that the $1B worth will go down to only $700-$500M when btc when btc was dumped hard to $3k in December 2018.

ILScoin

member

Activity: 224

Merit: 10

I'm not surprised with the amount stolen, because there has been a lots of hacking of both exchanges wallets and personal wallet occurred such as myetherwallet hacking during those time, a measure needs to be put in place so that such huge loss won't be occurring in order not to get people scared in investing in crypto

senin

full member

Activity: 938

Merit: 137

Quote from: ?? on ??

I wonder if this record will be beaten in 2019

Yes, this record is already broken and to a much greater extent. I read that this year the damage from theft, hacking and all kinds of fraud amounted to about 4.2 billion dollars. If this is true, then this figure is so serious that all measures aimed at combating this evil are really justified. However, this state of affairs casts a serious shadow on the safe use of cryptocurrency.

joinfree

sr. member

Activity: 1246

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

When its come to hacking its started way back in 1960. Do you know how much money people loses each and every day from their credit and debit card. but seem like every manipulator try paint cryptocurrency as bad thing. but there no other place where money got missing than a bank , there is no place where money laundry happens than bank. Scammer were around before bitcoin was implemented so hacking and scamming got nothing to do with cryptocurrency. When ever there is money always there is always a bad guy going to after it so is up to you to protect your self well .

anodyne

full member

Activity: 518

Merit: 100

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.

I don't think that the crypto currency scammers, theft and other people that does wrong with the crypto currency community will stop. But I still do hope they will. It will be a great help for all of us then. A more peaceful place and very delighted to walk into lile the old days it was.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: EdenHazard on July 30, 2019, 12:21:34 AM

Quote from: peter0425 on July 29, 2019, 07:46:24 PM

Quote from: ?? on ??

I wonder if this record will be beaten in 2019

It's possible, we are still in the mid year so there's a lot of hackers that could happen in the near future. Nevertheless, I do hope that exchanges will have the time to tighten up the screw and not let this hackers stole from them and from us as well. This is a headache and a nightmare for all of us specially losing big amount of money unexpectedly.

If you have large amount of cryptocurrencies especially bitcoin you can move to hardware wallet or sofware wallet. I'm not willing to spent only one bitcoin in my exchange wallet because it is very risky and I only choose sofware wallet such as electrum to store it. Hacked event is still become a worst thing on cryptocurrency investment.

Because the investor not only have a fear of price movements cryptocurrency that are volatile or scam exchange but they have another fear, namely hackers. I don't know the exchange still have a chance to build their system in order to avoid from hacked event because the hacker always many ways to access their system. How many exchange has hacked by hacker thus far? but the exchange can't do anything against it.

As an exchange user, we should always put up on our minds about this possible risk.Lots of exchange hacks happen and it would happen anytime on we least expected.
Storing 1btc or even lesser is already out of my vocalbulary when it comes to exchange wallets.I would actively transfer it immediately without minding too much on fees
at least you do know that your funds is safe.Hackers is always there just waiting for a chance.

EdenHazard

legendary

Activity: 2674

Merit: 1048

Quote from: peter0425 on July 29, 2019, 07:46:24 PM

Quote from: ?? on ??

I wonder if this record will be beaten in 2019

It's possible, we are still in the mid year so there's a lot of hackers that could happen in the near future. Nevertheless, I do hope that exchanges will have the time to tighten up the screw and not let this hackers stole from them and from us as well. This is a headache and a nightmare for all of us specially losing big amount of money unexpectedly.

If you have large amount of cryptocurrencies especially bitcoin you can move to hardware wallet or sofware wallet. I'm not willing to spent only one bitcoin in my exchange wallet because it is very risky and I only choose sofware wallet such as electrum to store it. Hacked event is still become a worst thing on cryptocurrency investment.

Because the investor not only have a fear of price movements cryptocurrency that are volatile or scam exchange but they have another fear, namely hackers. I don't know the exchange still have a chance to build their system in order to avoid from hacked event because the hacker always many ways to access their system. How many exchange has hacked by hacker thus far? but the exchange can't do anything against it.

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: ?? on ??

I wonder if this record will be beaten in 2019

It's possible, we are still in the mid year so there's a lot of hackers that could happen in the near future. Nevertheless, I do hope that exchanges will have the time to tighten up the screw and not let this hackers stole from them and from us as well. This is a headache and a nightmare for all of us specially losing big amount of money unexpectedly.

Topic: $1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 - page 4. (Read 4905 times)