Cryptocurrency Exchanges Misplaced $882 Million to Hackers in Two Years, Report Finds – Bitcoinist.com

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Cryptocurrency Exchanges Lost $882 Million to Hackers in Two Years, Report Finds - Bitcoinist.com

A latest report by cybersecurity firm discovered that over the previous two years cryptocurrency exchanges have misplaced $882 million to hackers. The report additionally warns that the pattern is prone to improve sooner or later as hackers direct extra of their consideration to exchanges.


$1.three Million Misplaced Each Day

Moscow-based cybersecurity firm Group-IB has launched a report on the hacker assaults in opposition to cryptocurrency exchanges within the final two years, indicating that $882 million have been misplaced in damages. If we break this right down to a every day common, we’ll see that over $1.three million are misplaced to hackers day by day.

Essentially the most notable heist within the reported interval is the assault in opposition to Japan’s Coincheck which resulted in $532 million price of NEM tokens being stolen. The second largest hit was in opposition to Italian BitGrail which noticed $170 million in NANO misplaced. Different profitable assaults had been additionally launched in opposition to Bithumb, EtherDelta, Zaif, and others alike.

Among the busiest hacker teams which purportedly orchestrated these assaults embrace Lazarus, Cobalt, Silence, and MoneyTaker.

Cybercrime

Issues Are Unlikely to Get Higher

Group-IB’s report additionally signifies that issues are unlikely to get higher within the close to future. Simply the other, the variety of assaults “will rise.” The report reads:

In 2019, cryptocurrency exchanges can be a brand new goal for probably the most aggressive hacker teams often attacking banks. The variety of focused assaults on crypto exchanges will rise.

It’s additionally price noting that cryptocurrency exchanges are usually not the one sufferer to cybercriminals. In keeping with the report, one other very disturbing discovering outlined by the analysis is that over 10 p.c of the cash raised with preliminary coin choices (ICOs) was stolen all through the indicated time-frame.