$2 billion in cryptocurrency has already been stolen this year — the year is only half over.
From July of this year to now, 1.9 billion USD in crypto has been stolen by cybercriminals.
According to this report, as of last year, hackers had stolen $1.2 billion. That's an increase of over 60% when compared to the same date last year.
Although it's a misconception that cryptocurrency is anonymous, it's still easier to go into the system and get coins or tokens than it is with regular platforms, says Max Krupyshev, co-founder and leader of the CoinsPaid cryptocurrency payment ecosystem. I don't think that crypto hackers are more intelligent than the 'usual' kind. They're just making the most of opportunities. Cryptocurrency platforms are still new and often have some very valuable things.
$1.9 billion stolen in crypto hacks so far this year
From Mt. Gox to Coincheck, it seems like not a week goes by without another major cryptocurrency exchange being hit by hackers. And with the value of Bitcoin and other digital currencies on the rise, these attacks are becoming more and more costly. In this article, we'll take a look at some of the biggest crypto hacks of 2018 and what you can do to protect your own coins.
$1.billion stolen in crypto hacks so far this year
According to a new report from CipherTrace, crypto-related crimes have already cost investors over $1 billion this year.
The report notes that there have been 18 major hacks so far in 2019, with the largest being the $40 million Coincheck hack in January. Other notable hacks include the $30 million Bithumb hack in June, and the $32 million Bitfinex hack in August.
While the total amount stolen this year is down from the $1.6 billion stolen in 2018, the average value of each hack is up considerably. The average hack in 2019 has been worth over $50 million, compared to just $5 million in 2018.
CipherTrace attributes the increase in hacking activity to the growing popularity of cryptocurrency exchanges and the large amounts of money that they hold. Exchanges have become increasingly attractive targets for hackers, as they offer a way to quickly convert stolen cryptocurrencies into cash.
As cryptocurrency exchanges continue to grow in popularity, it is likely that we will see more hacking attempts in the future. investors need to be aware of the risks involved in holding digital assets on exchanges and take steps to protect themselves from potential attacks.
How do these hacks happen?
There are a few different ways that crypto hacks can happen. One way is through phishing scams. This is where hackers send out fake emails or messages that look like they are from a legitimate source, such as a cryptocurrency exchange. They then trick people into clicking on a link that leads to a fake website where they enter their login details. The hackers can then use these details to access the victim's account and steal their funds.
Another way that crypto hacks can happen is through malware. This is where hackers create malicious software that infected people's computers. Once the malware is on a person's computer, it can be used to steal their cryptocurrency passwords and private keys. This allows the hacker to gain access to the victim's accounts and steal their funds.
Hacks can also happen due to human error. For example, if a person forgets their cryptocurrency password or loses their private key, they will not be able to access their account and will lose their funds.
Overall, there are a few different ways that crypto hacks can happen. Phishing scams and malware are two of the most common methods used by hackers. However, human error can also lead to crypto hacks.
Who is behind these hacks?
There is no definitive answer to this question. Some experts believe that most of the hacks are perpetrated by organized crime groups, while others believe that many of the hacks are actually carried out by nation-states. However, it is generally agreed that a large percentage of the hacks are probably carried out by groups or individuals with sophisticated technical skills.
In some cases, the identity of the hackers may never be known. This is particularly true in cases where the hackers use "anonymous" cryptocurrencies like Monero or Zcash. In other cases, the hackers may leave clues that allow them to be identified. For example, some hacks have been traced back to North Korea.
While it is impossible to know for sure who is behind all of the crypto hacks, it is clear that they are a major problem. So far this year, over $1 billion worth of cryptocurrencies have been stolen in hacks. This represents a huge loss for both investors and for the cryptocurrency industry as a whole.
How can you protect yourself from crypto hacks?
Cryptocurrency exchanges have been hacked for billions of dollars this year. How can you protect yourself from these hacks?
First, it’s important to use a reputable exchange. Don’t use an exchange that doesn’t have a good reputation. Second, use a strong password and two-factor authentication. Make sure your password is at least 8 characters long and includes numbers, symbols, and both upper and lower case letters. Third, don’t store all of your cryptocurrency in one place. Spread it out among different exchanges and wallets. Fourth, keep your software up to date. Regularly update your operating system and antivirus software. Fifth, be aware of phishing scams. Don’t click on links or open attachments from people you don’t know.
By following these steps, you can help protect yourself from crypto hacks.
Conclusion
With nearly $2 billion stolen in crypto hacks so far this year, it's clear that the security of digital assets is a major concern. While there are no guarantees when it comes to security, there are steps that you can take to help protect your cryptocurrencies. In addition to using a secure wallet, be sure to keep your private keys safe and never share them with anyone. Also, remember to diversify your holdings and not keep all of your eggs in one basket. By following these simple tips, you can help reduce the risk of losing your hard-earned digital assets.