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Topic: $1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 - page 6. (Read 4956 times)

full member
Activity: 1582
Merit: 101
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.

Actually there is nothing to do i think. Everywhere there are hacker whom are so talented so if anyone lost there money or tokens he should think its a part of trading and transaction. I ever hard any administration did hack to stolen traders tokens or money. If any admin  did these that's might be problem and i also think that no admin did this kind of work as they has come to market for business.
member
Activity: 938
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Tontogether | Save Smart & Win Big
The amount of hacking of course the space, I hope after this exchange has revised its security and work on new methods of security.I think not all exchanges, after this will be able to resume work.
hero member
Activity: 2842
Merit: 772
I think cryptocurrency does not yet have specific legislation to protect assets of consumer . People mainly exchange through community trust and support. We should still be careful with our assets.

Governments around the world like G20 is planning to supplant crypto with regulations that can or will protect investors of their assets. But I don't know if this is a welcoming news for crypto lovers around the world.

We all know the crypto should be decentralize in nature, but if government is stepping up then it will defeat the purpose, just saying. So it is still up to us to really secure, as what the saying goes here, not your keys, not your coins.
hero member
Activity: 2702
Merit: 704
Bitcoin is GOD
I think cryptocurrency does not yet have specific legislation to protect assets of consumer . People mainly exchange through community trust and support. We should still be careful with our assets.
And there is never going to be a legislation that gives to you protection and the ability to recover the coins you have lost, remember once your coins are no longer in a wallet that you control you have no way to get those coins back, this is the way cryptocurrencies have been built so there is not a possibility of getting chargebacks so it does not matter what legislation is put in place that is not going to change the technology and the philosophy of cryptocurrencies.

Now, governments could develop their own cryptocurrencies in which this is possible but by using their crypto you will be participant of the fiat system which is something that many in the community want to avoid since they know fiat is used to scam the average people out of their savings.
newbie
Activity: 59
Merit: 0
I think cryptocurrency does not yet have specific legislation to protect assets of consumer . People mainly exchange through community trust and support. We should still be careful with our assets.
hero member
Activity: 2660
Merit: 551
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .
We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.


Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.
But can we withdraw such amount automatically? i thought that to withdraw that amounts or even more than 1 million dollars and we will need direct contact with exchange site. It's a pre-assumption but it looks like true if there was something weird with binance. This looks so horrible for me personally.
There was a lot of impossible things that happened with the latest case that happened with binance.

What do you mean? You can follow the trail of the withdrawals here,

https://www.blockchain.com/btc/tree/444776063

The hackers was able to withdraw it in many addresses and that's why Binance was unable to detect it. Besides, it's a accumulation of hack accounts so probably more addresses is involved here.
hero member
Activity: 2366
Merit: 504
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .
We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.


Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.
But can we withdraw such amount automatically? i thought that to withdraw that amounts or even more than 1 million dollars and we will need direct contact with exchange site. It's a pre-assumption but it looks like true if there was something weird with binance. This looks so horrible for me personally.
There was a lot of impossible things that happened with the latest case that happened with binance.
hero member
Activity: 2870
Merit: 594
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .
We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.


Yes, it's just a presumption that it could be an inside job. But I don't think that CZ will be benefiting if they lie to their customers.

It is 2% of their bitcoin holding's and that is still huge. It could be the hacks has triggered panic already, but the market bounce back immediately and it seems that this issue has been forgotten because we have a massive rally at this point.
hero member
Activity: 2730
Merit: 632
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .
We can always make presumptions that the site either being fully hacked or just an inside job.No one really knows until if theres some leakage about such informations

but for now we are sticking out on the situation that they are totally hacked.7000 btc isn't really a small thing no matter which angle we do try to see yet its 40M usd atm.
It might be 2% on Binance total possession but these exchange hacks do really trigger out panic on the market.
hero member
Activity: 2842
Merit: 772
And now we have the top exchanges being hacked as well. So it only means that no one is really safe from those criminals in the internet. Another lesson for us not to put our funds in an exchange no matter what because we don't know when will these hackers strike.

So we need to be very conscious at time to learn how to protect our assets. "Not your keys, not your coins" should be our main motto.
hero member
Activity: 1120
Merit: 554
Now try to get an estimate about how much fiat was stolen through fraud and just plain theft.  The number will be much higher so this isn't a problem exclusive to cryptocurrency.

As long as you follow basic security common sense you should never be a victim of crypto theft.
full member
Activity: 1638
Merit: 122
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.

thats also what im thinking about . maybe the hacker is one of binance team and it was an inside job  ?  but luckily the hack was only small , it was only 7k btc based on what i read .  binance exchange are still in control of the situation   .  this is why i dont like to store my coins on an exchange , not even on an online wallet  .  anyway , lets hope that incident will not happen again because this causes alot of trauma to some .
hero member
Activity: 1260
Merit: 524
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.

The hacks not usually happen due to security flaws but it may also happen when insider cheat and leak the vital information to hackers due to that the hackers are able to hack the exchange. So we cannot always blame the technology flaws.
sr. member
Activity: 826
Merit: 256
The hackers seem to be one step ahead in technology because even the most considered secured exchange like binance is successfully hacked recently. Aside from high technology, hackers are always devising ways on how to hack their target successfully so exchanges should not also stop looking for effective solutions to prevent their systems being hacked.
full member
Activity: 602
Merit: 100
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 know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.
full member
Activity: 602
Merit: 100
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 know that this data is very upsetting but I am sure that security team of exchanges or trading sites have  learned many things on this incidents. They will implement tight measures so we can avoid losses that reaches billions of dollars in the futrure. But I know that there's much more losses on money laundering cases in banks and governments' corruption that we experience here.
sr. member
Activity: 686
Merit: 277
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.
It might surprise you that it is even more than that with today's skyrocketing price. In 2017 when the price of bitcoin went up, the rate of stolen bitcoins was around $15 billion according to Fast Company and the number of coins that have been stolen is about 980,000 and it is likely to be more than that, but since the price has dropped since the bear trend started the worth will be below $15 billion I think.
legendary
Activity: 2674
Merit: 1226
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Hackers are always active on this crypto currency world and looking to exploit any loopholes. In 2019, Crytopia exchange was hacked. At first i had a feeling that it was some insiders job or scam exit case but later the exchange came back online and team are working to restore their services as soon as possible, which means it was a  really hacked.

Hackers are hackers. Doesn't matter if it's email, or bank account or crypto. None of them are safe if the person using them doesn't practice safe behaviors. Email with high grade encryption. Bank accounts with 2fa. Crypto with SHA 256. None of these things are actually cracked (those are crackers). Hackers just look for weaknesses. Usually people being careless with passwords.

We'll always see new cases too, because people will never change their habits.
full member
Activity: 1316
Merit: 108
Yes, of course, the practice of cryptocurrency is not yet secure. This is one of the reasons why people may refuse to switch to the use of cryptocurrency, if in the future its security level does not increase. An ordinary man in the street will not spend a lot of his time in order to learn how to increase the level of security when working with cryptocurrency. It will be easier for him to take out a banknote and pay or use a bank card, where the bank is responsible for security, than to learn the wisdom of cryptocurrency. This is a very big problem.
jr. member
Activity: 65
Merit: 1
Would be interesting to see those numbers in 2019, should be less as i assume security of a lot of websites/exchanges went up, hopefully.

Keep your crypto on private hardware wallets boyz.
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