Spread the love

bitcoin wallet hack copay breach

According to cryptocurrency intelligence firm CipherTrace’s Q3 Cryptocurrency Anti-Money Laundering report, as of quarter-three, 2018, cryptocurrency thefts had already reached $927 million. The blockchain cybersecurity professionals identified theft and hacks at platform layers and exchanges to be a major problem, evolving further from its Q2 findings.

In the CipherTrace second-quarter report, 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.

In fact, the report already leaves out some $50 million swindled in CoinHoarder phishing attempts and the company further claims to be aware of at least $60 million cryptocurrency that was stolen but not made public.

Major Cryptocurrency Thefts of Q3

The report highlights the main cryptocurrency thefts of Q3 2018 as Bithumb, which lost some $30 million in a “cyber intrusion,” and Bancor that lost $23.5 million due to a breach in a smart contract and was forced to shut down operations.

Another Korean exchange Coinrail also lost over $40 million in altcoins while the Bitcoin Gold 51% attack netted thieves in excess of $18 million.

Of note is the fact that the US came out as one of the most vulnerable countries to cryptocurrency theft, with 56% of all attacks happening here.

With cryptocurrency tanking and holders’ portfolios losing value daily, the last thing they need is to have their cryptocurrency stolen due to a cyberthreat.

This report just goes to highlight the importance of correctly storing your cryptocurrency in a hardware wallet. Never leave it exposed in a hot wallet on an exchange where a hacker has a good chance of reaching your funds.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.


Please follow and like us: