Topic: [2020-01-23] Exchange hacks on the rise (Read 385 times)
The article forgot to take into account that the number of exchanges is also growing.
@1Referee
People are dumb, they think they can become rich overnight, they buy coins without knowing correctly what cryptocurrency is and once they bought their coins the only thing they do all day long is to hit F5 on Coinmarketcap. (off-topic I have listened to someone last week asking me "What happens if Satoshi decides to close the shop?" "He will leave with all the bitcoins mined"
)
There are 2 interesting questions to ask people buying altcoins
- Did you visit their website?
A lot of them will reply no, crazy isn't? They will tell you they discovered it on a Youtube video or Twitter, people talked about it saying it will pump so I searched on Google how to buy BTC and then bought this shitcoin after looking at Coinmarketcap to know what are the exchange platforms listing it.
If they reply yes then you can ask:
- Did you read the White paper?
The white what? What is that man!
For some money, people can be so naive and stupid
People are dumb, they think they can become rich overnight, they buy coins without knowing correctly what cryptocurrency is and once they bought their coins the only thing they do all day long is to hit F5 on Coinmarketcap. (off-topic I have listened to someone last week asking me "What happens if Satoshi decides to close the shop?" "He will leave with all the bitcoins mined"
)There are 2 interesting questions to ask people buying altcoins
- Did you visit their website?
A lot of them will reply no, crazy isn't? They will tell you they discovered it on a Youtube video or Twitter, people talked about it saying it will pump so I searched on Google how to buy BTC and then bought this shitcoin after looking at Coinmarketcap to know what are the exchange platforms listing it.
If they reply yes then you can ask:
- Did you read the White paper?
The white what? What is that man!
For some money, people can be so naive and stupid
if a hack is staged or not by the exchange these event will hunt them for the rest of their business life especially the reputable ones since not only their reputation for being safe is damage the eyes of the authorities will suddenly shift towards them.
Bitfinex is the prime example of how one company is fucking with people over and over again, and they still use that platform and their phony Tether tokens. If Bitfinex, isn't shady enough, then we can also use Hitbtc as an example of how a crap exchange on every possible level still attracts new people despite the hundreds (perhaps even thousands) of complaints easy to find when you search for it.
Another example of why reputation is meaningless in crypto; BTG has yet again faced a double spend attack some days ago, and the coin hasn't been sold off. It didn't even sell off when a major altcoin exchange such as Bittrex delisted it after a huge double spend attack. People in crypto are messed up. No wonder scammers can screw people over and over.
If exchange reputation mattered, we would be left with only the Coinbase's of the space.
However, it is not also a remote possibility that some exchanges will be staging their own hacking to cover up problems they themselves created and of course to take away some money for themselves, and this is a big ground for a good regulation covering exchanges with the end-view of protecting the ordinary users. Exchanges must now start using an insurance system or have something like what Binance has. Personally, I don't think that any government will transfer this privilege to do business with cryptocurrency exchange exclusively to the banks, though it is quite possible that banks can be introducing a similar platform competing with what we already have around.
That some big accusation you got there, if a hack is staged or not by the exchange these event will hunt them for the rest of their business life especially the reputable ones since not only their reputation for being safe is damage the eyes of the authorities will suddenly shift towards them. If millions of dollars are loss then you know investigations like this won't only view an external problem but also internally. They would like to see all angles and they won't waste their time on a lead they don't even have so expect them to investigate them internally first before them going to other routes. Just take a look at Mt. Gox or QuadrigaCX millions of dollars are loss and until now the authorities are still breathing under their necks.
We have to accept the big fact that any exchange no matter how secured it can be is actually at risk everyday against hacking. Hackers are getting sophisticated all because they have the money, the resources, the talent and of course that strong drive to be successful in inundating exchanges due to the high prize tag involved. However, it is not also a remote possibility that some exchanges will be staging their own hacking to cover up problems they themselves created and of course to take away some money for themselves, and this is a big ground for a good regulation covering exchanges with the end-view of protecting the ordinary users. Exchanges must now start using an insurance system or have something like what Binance has. Personally, I don't think that any government will transfer this privilege to do business with cryptocurrency exchange exclusively to the banks, though it is quite possible that banks can be introducing a similar platform competing with what we already have around.
to be fair part of the increase in the amount stolen is because of bitcoin price rise. for example if 1 bitcoin was stolen in 2014 it would have been ~$300 but if it is stolen today it is worth ~$8000k.
additionally part of it is because of the large number of shitcoins that were created in 2017 and were dumping in 2017 and 2018. people had to go to exchanges to dump their shitty tokens so they transferred a lot of funds to exchanges and when the exchange is hacked (or scams its users and runs away) a larger amount of money is lost.
additionally part of it is because of the large number of shitcoins that were created in 2017 and were dumping in 2017 and 2018. people had to go to exchanges to dump their shitty tokens so they transferred a lot of funds to exchanges and when the exchange is hacked (or scams its users and runs away) a larger amount of money is lost.
Agreed. Also, the increase of the no. of attacks and hacks should clearly be more concerning than total amount stolen and it should be approached more as a computer security problem, I reckon.
Yeah. Unfortunately centralized exchange platforms are problematic for crypto market. but there is no other choice yet. You have to trust in these platforms to trade, there is no other option.
Actually the hard part is the thing you have said.We dont have any choice yet centralized exchange platforms are places which we can make transactions betweencrypto and fiat.We know that Dex cant do such thing thats why people do still end up on using centralized ones.
Hacking is inevitable thing thats why even top exchangers do suffer such breach which cant really isolate such risk.Even how careful we are but possibilities are still there.
Wondering on how many would be next on line for this year 2020.?Hopefully it would be lesser compared to previous years.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.
But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.
Binance site is always liable for the welfare of their customers, that's why they got more praises from different anonymous individuals. This situations on exchange hacks was rampant these days, and my opinion towards the raging problem is they needed to determine the cause. We can't allow this to hinder our activities, specially during peak season of trading.
Best for whales and crime is what?
Anonymity
Best for average Joes?
Regulated trading / consumer protection
Easy to vote what
Yeah. Unfortunately centralized exchange platforms are problematic for crypto market. but there is no other choice yet. You have to trust in these platforms to trade, there is no other option.
Hopefully, any decent exchange that we use will finally come to their senses and try to find the best ways to protect their websites.
Let's face it, there are not many websites in the whole world with millions of dollars of money inside, if you can hack one exchange and get into their hot wallets or even just pump up any coin you want with everyone's money, you could make millions of dollars in profit, that is something you can't just find anywhere else in the world.
Banks do not put their money in hot wallets or anything, its all digital and if you hack and put money into your account they will just reverse it and jail you, in crypto you just put it on your wallet and get away with it. So, exchanges have to realize they are prime targets for hackers all around the world and have to do something much much better in the future to protect themselves.
Let's face it, there are not many websites in the whole world with millions of dollars of money inside, if you can hack one exchange and get into their hot wallets or even just pump up any coin you want with everyone's money, you could make millions of dollars in profit, that is something you can't just find anywhere else in the world.
Banks do not put their money in hot wallets or anything, its all digital and if you hack and put money into your account they will just reverse it and jail you, in crypto you just put it on your wallet and get away with it. So, exchanges have to realize they are prime targets for hackers all around the world and have to do something much much better in the future to protect themselves.
yeah there's really high number of exchange hacks and IMO, decentralized exchanges should have more developments so people will have choices when it comes to their exchange. But hybrid exchanges are also good. Im actually into next exchangeright now and they even had their IEO already for NEXT. Its currently ongoing if you guys wanna buy. https://medium.com/nextexchange/the-next-ieo-is-available-now-4674e3fa5abb
I like hybrid exchanges as its a good combo of decentralized and centralized exchanges.
I like hybrid exchanges as its a good combo of decentralized and centralized exchanges.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.
But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.
Binance site is always liable for the welfare of their customers, that's why they got more praises from different anonymous individuals. This situations on exchange hacks was rampant these days, and my opinion towards the raging problem is they needed to determine the cause. We can't allow this to hinder our activities, specially during peak season of trading.
I see there are other factors that make this increase one of which is halving day, when it will halving day news about cryptocurrency is increasing which makes the public's attention to crypto also increase.
I assume that the number of hacks reported is not what actually happened, there must be data manipulated , it could be due to an operational error in the exchange and they prefer to make fake news, as it they do to keep users not go away from their exchanges.
Not placing a large amount of funds in exchange is a general suggestion, which must be understood also is that once entered into cryptocurrency, must be prepared with all the risks including losses hacked etc.
I assume that the number of hacks reported is not what actually happened, there must be data manipulated , it could be due to an operational error in the exchange and they prefer to make fake news, as it they do to keep users not go away from their exchanges.
Not placing a large amount of funds in exchange is a general suggestion, which must be understood also is that once entered into cryptocurrency, must be prepared with all the risks including losses hacked etc.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.
But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.
Binance site is always liable for the welfare of their customers, that's why they got more praises from different anonymous individuals. This situations on exchange hacks was rampant these days, and my opinion towards the raging problem is they needed to determine the cause. We can't allow this to hinder our activities, specially during peak season of trading.
I lost only with Cryptopia because it turned scam. Had kept my coins in orders and they never got sold. Transferring money from wallet to the exchange was troublesome as my wallet was more unsafe as it was MEW but then noticed it's better to have my coins in my own wallet rather than Cryptopia.
Most of these hacks are inside jobs. If these exchanges really care about user funds, let us use our own wallet and trade like Etherdelta did but storing the coins even for few hours on an exchange is not worth the risk.
Most of these hacks are inside jobs. If these exchanges really care about user funds, let us use our own wallet and trade like Etherdelta did but storing the coins even for few hours on an exchange is not worth the risk.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.
But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.
to be fair part of the increase in the amount stolen is because of bitcoin price rise. for example if 1 bitcoin was stolen in 2014 it would have been ~$300 but if it is stolen today it is worth ~$8000k.
additionally part of it is because of the large number of shitcoins that were created in 2017 and were dumping in 2017 and 2018. people had to go to exchanges to dump their shitty tokens so they transferred a lot of funds to exchanges and when the exchange is hacked (or scams its users and runs away) a larger amount of money is lost.
Exactly. I wanted to buy ETH when I predicted the last significant price increase and my BTC took over half an hour for the confirmations. Bought ETH after it had already soared by $5 in a matter of minutes, and transferred it to my personal wallet.
Later, ETH touches $175. I wanted to sell it, as my prediction has turned into actual facts. Deposited ETH, had to wait 2 hours for the confirmations (although I chose highest fee). Meanwhile, price dropped back to $166..
That's why a lot of people have their funds on exchanges. It's easier to make instant moves. Otherwise, you can lose significant amounts of money.. I have no idea how much money is spent by an exchange for security, but if I had an exchange I would reinvest 20% out of all my profit in security. Safety is #1 priority.
you got lucky that you weren't making the ETH deposit during those couple of separate weeks where ETH network crashed under the load and went down so exchanges had to disable all deposits and withdrawals of ETH and all its shittokens for weeks.
additionally part of it is because of the large number of shitcoins that were created in 2017 and were dumping in 2017 and 2018. people had to go to exchanges to dump their shitty tokens so they transferred a lot of funds to exchanges and when the exchange is hacked (or scams its users and runs away) a larger amount of money is lost.
The problem is there are many short-term traders, so continuously deposit & withdraw their Bitcoin is impractical due to minimum confirmation and various fees (withdraw fee, bitcoin transaction fee, etc.)
Exactly. I wanted to buy ETH when I predicted the last significant price increase and my BTC took over half an hour for the confirmations. Bought ETH after it had already soared by $5 in a matter of minutes, and transferred it to my personal wallet.
Later, ETH touches $175. I wanted to sell it, as my prediction has turned into actual facts. Deposited ETH, had to wait 2 hours for the confirmations (although I chose highest fee). Meanwhile, price dropped back to $166..
That's why a lot of people have their funds on exchanges. It's easier to make instant moves. Otherwise, you can lose significant amounts of money.. I have no idea how much money is spent by an exchange for security, but if I had an exchange I would reinvest 20% out of all my profit in security. Safety is #1 priority.
you got lucky that you weren't making the ETH deposit during those couple of separate weeks where ETH network crashed under the load and went down so exchanges had to disable all deposits and withdrawals of ETH and all its shittokens for weeks.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.
Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked
Guys, never leave a large amount of funds in an exchange for a long time. I did and you don't want to know what happened.
The problem is there are many short-term traders, so continuously deposit & withdraw their Bitcoin is impractical due to minimum confirmation and various fees (withdraw fee, bitcoin transaction fee, etc.)
Yes, but I think those day traders are just the tip of the iceberg. No matter how much exchanges have been hacked in the past and even if how much we force unto people's throats that leaving funds unnecessarily on exchanges and custodial wallets is a bad idea, apparently people still do. Unfortunately Bitcointalk and Reddit users are unfortunately probably just a minority. Heck, even some people here on Bitcointalk in our local boards openly admit that they still prefer leaving funds on custodial wallets solely due to convenience.
Most people will simply learn the hard way, unfortunately.
Everyone is trying to get free money because if they get it, it's almost impossible to catch them. You can most likely get away with the coins if you successfully steal private keys. It happened to me with the exchange Cryptsy a few years ago.
It must be admitted that more and more large exchanges have been successfully hacked, this is indeed a concern for all of us as a
community crypto. Seeing the data in the opening post should make us more vigilant about protecting our assets, and this is a lesson
not to be save all the funds we have in exchanges. Save the funds we have in various places, for core funds can be saved in the hardware
wallet which is proven to be the safest. And leaving funds in exchanges is only capital for trading.
community crypto. Seeing the data in the opening post should make us more vigilant about protecting our assets, and this is a lesson
not to be save all the funds we have in exchanges. Save the funds we have in various places, for core funds can be saved in the hardware
wallet which is proven to be the safest. And leaving funds in exchanges is only capital for trading.
Exchange hack is a black box, we cannot judge all reports as real because many companies report hacking to cover up losses or is an administrative problem from one of the company’s managers.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
I very much agree! However it does not change the premise that there will be stricter regulations imposed on the cryptospace in the name of safety and security. However, we know what it really is. To tame and control hehehehee.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted.
These also aren't the good old days where the market only had a handful of exchanges like Mt. Gox, Bitstamp, and BTC-e. There are hundreds and hundreds of tiny, shitty exchanges now, many of which don't earn enough to fund robust security. The number of easy targets is larger than ever so I'd expect an increasing number to be hacked.
Every stats from ChainAnalysis I take it with a grain of salt because sometimes they try to drive people's opinions showing you something that doesn't exist.
The same feeling when I read who did the report, those guys like to come up in the open and make a great fuss out of nothing just to be in the spotlight so they can get some contracts and clients for their "analysis".
Imagine a world with no hack or money laundering via crypto, they would be out of business, so they need to keep bringing those up.
Anyhow if somebody has a link to the full report, (I haven't seen it published anywhere) please link to it.
I'm rely curious about the list of the hacked exchanges, and if those that have been "hacked" are there also, not to mention that are exchanges that haven't been hacked or "hacked" yet...quadriga, idax., and many more.
~snip~
They do trying to emphasis the numbers of exchanges rather than on the total amount was hacked and yes most of them are the small guys but you can actually tell the difference.
Hacks happen because of hackers period and no matter how strict the government is enforcing their laws or how secure their exchanges are if there are still hackers trying to steal our money you know our crypto aren't safe.
+1 to this and the cycle would continue.As long theres money to this market, these hacks would exist no matter what and inevitable.
Every stats from ChainAnalysis I take it with a grain of salt because sometimes they try to drive people's opinions showing you something that doesn't exist.
If you check the graph posted in the original post we can see the number of platforms hacked increased but the total value stolen did the opposite, about 5 times less.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted. Perhaps it's sad but as I said, Darwin's theory and the natural selection, at the end we get the 'best'
See 2018 with $800 million reported but in fact, 60% come from a single exchange platform (Coincheck with $530 million), if you remove it 2018 and 2019 show no major difference in term of stolen funds
If you check the graph posted in the original post we can see the number of platforms hacked increased but the total value stolen did the opposite, about 5 times less.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted. Perhaps it's sad but as I said, Darwin's theory and the natural selection, at the end we get the 'best'
See 2018 with $800 million reported but in fact, 60% come from a single exchange platform (Coincheck with $530 million), if you remove it 2018 and 2019 show no major difference in term of stolen funds
I always blame the governments of countries on why hacks happen on exchanges with the lack of laws and regulation surrounding the crypto industry but then I stand corrected by myself. The Japanese government is one of the perfect examples why we can't blame it on them. If you don't know Japan's FSA has one of the most strictest screening process for crypto exchanges in terms of their security and and their solvency and even if those exchanges pull through they are still under the microscope and in any time they can be decommissioned by the FSA if they get in any kind of trouble. These exchanges even though they pass the screening process they are still hacked by criminals one of the most recent Japanese exchange that was hacked was Zeif who recently lost 59$ million. So even if the FSA is doing their best with their regulations this does not guarantee that hacks will not happen. Hacks happen because of hackers period and no matter how strict the government is enforcing their laws or how secure their exchanges are if there are still hackers trying to steal our money you know our crypto aren't safe.
The problem is there are many short-term traders, so continuously deposit & withdraw their Bitcoin is impractical due to minimum confirmation and various fees (withdraw fee, bitcoin transaction fee, etc.)
Exactly. I wanted to buy ETH when I predicted the last significant price increase and my BTC took over half an hour for the confirmations. Bought ETH after it had already soared by $5 in a matter of minutes, and transferred it to my personal wallet.
Later, ETH touches $175. I wanted to sell it, as my prediction has turned into actual facts. Deposited ETH, had to wait 2 hours for the confirmations (although I chose highest fee). Meanwhile, price dropped back to $166..
That's why a lot of people have their funds on exchanges. It's easier to make instant moves. Otherwise, you can lose significant amounts of money.. I have no idea how much money is spent by an exchange for security, but if I had an exchange I would reinvest 20% out of all my profit in security. Safety is #1 priority.
No proper EXCHANGE holding any funds
These a all casino style brokers - still
These a all casino style brokers - still
Exchange hack is a black box, we cannot judge all reports as real because many companies report hacking to cover up losses or is an administrative problem from one of the company’s managers.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Guys, never leave a large amount of funds in an exchange for a long time. I did and you don't want to know what happened.
I reckon this should be an important chart to follow for the next 5 years to observe if exchanges have improved security. I speculate that regulators might use it against the cryptospace to take away licenses from the exchanges we know and give them to the banks which was what the cryptospace was supposed to take power from. Also, more strict regulations limiting the cryptospace to qualified investors similar to hedgefunds.
Hackers are getting more sophisticated, breaching a greater number of crypto exchanges in 2019 compared to the previous year.
Chainalysis has published an initial overview of its 2020 Crypto Crime report. It indicates that exchange attackers are becoming more sophisticated and carrying out more hacks compared to 2018. However, the total value of funds stolen in 2019 decreased compared to the previous year.
The overall verdict of the 2019 Chainalysis report can be considered mixed for cryptocurrency exchange users. While it appears to be good news that the value of funds stolen in 2019 is down, it’s also worth bearing in mind that a single exchange hit hard by one attack can skew the total for the year.
Read in full https://cryptobriefing.com/crypto-exchange-hacks-rise/
Hackers are getting more sophisticated, breaching a greater number of crypto exchanges in 2019 compared to the previous year.
Chainalysis has published an initial overview of its 2020 Crypto Crime report. It indicates that exchange attackers are becoming more sophisticated and carrying out more hacks compared to 2018. However, the total value of funds stolen in 2019 decreased compared to the previous year.
The overall verdict of the 2019 Chainalysis report can be considered mixed for cryptocurrency exchange users. While it appears to be good news that the value of funds stolen in 2019 is down, it’s also worth bearing in mind that a single exchange hit hard by one attack can skew the total for the year.
Read in full https://cryptobriefing.com/crypto-exchange-hacks-rise/
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