The losses related to crypto hacks continue to rise sharply, with nearly $1 billion stolen so far this year, new research suggests.
In the first nine months of 2018, hackers stole $927 million from the cryptocurrency exchanges and other platforms, according to a recent report from blockchain security firm CipherTrace.
The document, titled “Cryptocurrency Anti-Money Laundering 2018 Q3,” indicates the losses are 3.5 times higher than the levels seen in 2017, which came to $266 million. CipherTrace estimates the total figure will reach over $1 billion by the end of 2018.
The most notable theft of the year 2018 was the hack of Japanese exchange Coincheck, which saw $530 million-worth of cryptos stolen.
Other major breaches included a number of crypto exchanges such as Italy’s BitGrail ($195 million), Japan’s Zaif (around $60 million) and South Korea’s Coinrail (over $40 million) and Bithumb (over $30 million). Other types of businesses hit included token creation platform Bancor ($23.5 million) and Geth, an ethereum client (over $20 million).
While the biggest attacks dominated the headlines, the report also cited a steadily growing number of “smaller” thefts in the range of $20 million–$60 million, totaling $166 million since the second quarter report.
The report states:
“This data indicates a pattern of smaller robberies on a regular basis and sophisticated professional cyber thieves who carry out hacks at both the exchange and platform levels by capitalizing on exposed vulnerabilities, as well as by socially engineering employees who work at these companies.”
Some other hacks such as the CoinHoarder phishing thefts, estimated at $50 million, were excluded from the report, CipherTrace said, adding that it will include them in the 2018 annual report if the figures can be confirmed. The firm also said that it is aware of an over $60 million hack, which has not been reported publicly.
CipherTrace further revealed that 97 percent of the direct
WANT TO KNOW MORE? READ FULL ARTICLE ON CoinDesk
Disclaimer: No copyright infringement intended. The content presented in this article is only as a preview and completely belongs to CoinDesk. Our site only helps interested users to get to the right content quickly. You can always see the full article here: https://www.coindesk.com/nearly-1-billion-stolen-in-crypto-hacks-so-far-this-year-research/