• Latest
$1 Billion worth of cryptos stolen in 2018

$1 Billion worth of cryptos stolen in 2018

January 17, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Trading

$1 Billion worth of cryptos stolen in 2018

coinnewsdaily by coinnewsdaily
January 17, 2019
in Trading
0
$1 Billion worth of cryptos stolen in 2018
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

price analysis 4/20: btc, eth, bnb, xrp, sol, ada, luna, avax, doge, dot

Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

April 21, 2022
naga review unveiling the platformac280c299s copytrading value proposition 1[1]

3 Facts Points Out BTC To Surge Extremely In A Week: How To Seize The Chance to Profit?

April 20, 2022

2018 was a tough year for everyone involved in the cryptocurrency space as the market retraced from an overall cap of around $800 billion in January to $130 billion at the end of December. In addition, close to $1 billion worth of cryptocurrencies were also lost over the year to malicious entities as hackers continued to step up their game.

Hackers Target Exchanges

Cryptocurrency intelligence firm CipherTrace released a number of reports over the year, and their Q3 Cryptocurrency Anti-Money Laundering report outlines that approximately $927 million worth of thefts had already hit the community by the third quarter of the year. This figure represents 3.5 times the expected amount of cryptocurrencies stolen over the previous year as around $266 million was lost in 2017. By comparison, $152 million was lost to hackers in 2016, and it’s now estimated that the final total amounts to well over $1 billion for 2018.

There were in fact more thefts during the first half of 2018 than over the whole of 2017, and close to $731 million worth of cryptocurrencies were stolen from exchanges alone. The most high profile theft of the year involved the Japanese Coincheck exchange, which was targeted by hackers and lost $530 million worth of tokens. Some other notable breaches include Italy’s BitGrail which lost $195 million, Japan’s Zaif which lost around $60 million, and South Korea’s Coinrail which lost over $40 million, as well as Bithumb which lost over $30 million.

In addition, the decentralized exchange protocol Bancor experienced a hack in July that led to $23.5 million damages as hackers got away with $12.5 million in ETH, as well as $11 million worth of BNT and NPXS. Hackers were also able to exploit vulnerabilities in Geth and steal more than $20 million worth of ETH by targeting insecurely configured clients. Geth is a popular client for running Ethereum nodes; however, thieves were able to remotely access the Ethereum blockchain and node functionalities, including the ability to send transactions from any account which had been unlocked before. Victims of the attackers had opened their JSON RPC port 8545 to the outside world, and once unlocked, the port stays open for the entire session, thus allowing hackers to breach their wallets.

While the report also outlins the Bitcoin Gold 51% attack that saw thieves get away with over $18 million worth of digital currency, the CoinHoarder phishing thefts, currently estimated at $50 million, were excluded from the report. However, CipherTrace will include the figures in their 2018 annual report once they can be confirmed.

The US Under Attack     

The United States was the most targeted country, with approximately 56% of all attacks taking place against platforms or users in the States. Other key takeaways include that 97% of direct criminal Bitcoin payments are sent to unregulated exchanges, and that 380,000 Bitcoin ($2.5 billion worth) are being laundered by these exchanges.  The team at CipherTrace also found that 36 times more tainted Bitcoins are received by cryptocurrency exchanges based in countries where Anti Money Laundering (AML) is either weak or not enforced. They also state that new cryptocurrency crime threats continue to emerge, including highly targeted mass cyber extortion, SIM swapping, and advanced cyber attacks on exchange personnel.

However, they also outline that opportunities to launder cryptocurrencies will be greatly reduced throughout 2019 and 2020 if cryptocurrency AML regulations are successfully enacted and enforced globally. Dave Jevans, CEO of CipherTrace, elaborated in a press release:

“Different geographies are competing on regulations and trying to become ‘trusted’ digital currency hubs in order to grow their economies. We will see the opportunities to launder cryptocurrencies greatly reduced in the coming 18 months as cryptocurrency AML regulations are rolled out globally.”

As a result,
criminals will need to quickly launder their stolen tokens before the stronger AML
controls are deployed over 2019 and governments around the world begin to come
up with unified measures to curb the thefts.

The report highlights the importance of correct storage and the benefits of using cryptocurrency hardware wallets. It also mentions Binance announcing a user safety fund called “Secure Asset Fund For Users” (SAFU) earlier in the year. The team announced that from July 2018, 10% of all trading fees received would be allocated to SAFU to guarantee users protection against extreme irregularities. In addition, 2018 has seen the rise of regulatory compliant stablecoins such as Gemini’s Dollar (GUSD) or Circle’s USDC, that provide traders with increased protection from malicious actors and any possible financial irregularities.

Tags: CEOCrypto TradingDave Jevansexchange protocolJSONSecure Asset Fund For UsersTrading
Share76Tweet48
Previous Post

Circle’s USDC Stablecoin Fully Dollar Backed, Says Latest Auditor’s Report

Next Post

How Will Blockchain Change Our Future?

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

price analysis 4/20: btc, eth, bnb, xrp, sol, ada, luna, avax, doge, dot
Alt Coin

Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

April 21, 2022
naga review unveiling the platformac280c299s copytrading value proposition 1[1]
Bitcoin

3 Facts Points Out BTC To Surge Extremely In A Week: How To Seize The Chance to Profit?

April 20, 2022
here's how ether options traders could prepare for the proof of stake migration
Ethereum

Here’s how Ether options traders could prepare for the proof-of-stake migration

April 20, 2022
Pro traders know it’s time to range trade when this classic pattern shows up
Ethereum

Pro traders know it’s time to range trade when this classic pattern shows up

April 17, 2022
ethereum derivatives data shows pro traders are bearish, but for how long?
Ethereum

Ethereum derivatives data shows pro traders are bearish, but for how long?

April 17, 2022
price analysis 4/11: btc, eth, bnb, sol, xrp, ada, luna, avax, dot, doge
Bitcoin

Price analysis 4/11: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

April 11, 2022
Load More
Next Post
How Will Blockchain Change Our Future?

How Will Blockchain Change Our Future?

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,016.00-0.69%
  • ethereumEthereum(ETH)$1,577.98-1.07%
  • tetherTether(USDT)$1.00-0.10%
  • binancecoinBNB(BNB)$306.71-0.18%
  • rippleXRP(XRP)$0.4106850.04%
  • cardanoCardano(ADA)$0.3856310.58%
  • dogecoinDogecoin(DOGE)$0.0886702.09%
  • matic-networkPolygon(MATIC)$1.15-1.59%
  • okbOKB(OKB)$39.237.64%
  • solanaSolana(SOL)$24.10-0.90%
  • polkadotPolkadot(DOT)$6.44-0.45%
  • shiba-inuShiba Inu(SHIB)$0.0000121.62%
  • litecoinLitecoin(LTC)$88.14-0.14%
  • tronTRON(TRX)$0.0634690.81%
  • daiDai(DAI)$1.00-0.27%
  • cosmosCosmos Hub(ATOM)$13.321.12%
  • chainlinkChainlink(LINK)$7.24-1.01%
  • leo-tokenLEO Token(LEO)$3.79-1.22%
  • moneroMonero(XMR)$182.763.59%
  • ethereum-classicEthereum Classic(ETC)$21.78-0.63%
  • bitcoin-cashBitcoin Cash(BCH)$132.76-2.26%
  • stellarStellar(XLM)$0.092664-0.02%
  • crypto-com-chainCronos(CRO)$0.081046-0.15%
  • filecoinFilecoin(FIL)$5.28-1.77%
  • algorandAlgorand(ALGO)$0.2557120.94%
  • vechainVeChain(VET)$0.024006-1.82%
  • internet-computerInternet Computer(ICP)$5.93-2.46%
  • aaveAave(AAVE)$84.30-4.49%
  • eosEOS(EOS)$1.09-2.65%
  • elrond-erd-2MultiversX(EGLD)$44.49-0.35%
  • theta-tokenTheta Network(THETA)$1.09-2.68%
  • tezosTezos(XTZ)$1.10-1.77%
  • paxos-standardPax Dollar(USDP)$1.00-0.11%
  • bitcoin-cash-svBitcoin SV(BSV)$43.50-2.24%
  • huobi-tokenHuobi(HT)$5.080.47%
  • havvenSynthetix Network(SNX)$2.46-3.36%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.99-0.21%
  • iotaIOTA(MIOTA)$0.235966-2.61%
  • makerMaker(MKR)$658.42-0.06%
  • zcashZcash(ZEC)$45.28-2.27%
  • neoNEO(NEO)$8.19-0.98%
  • dashDash(DASH)$50.59-1.31%
  • zilliqaZilliqa(ZIL)$0.0295991.71%
  • basic-attention-tokenBasic Attention(BAT)$0.259584-2.17%
  • compound-governance-tokenCompound(COMP)$56.24-1.90%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038731-3.12%
  • kusamaKusama(KSM)$36.350.55%
  • bitcoin-goldBitcoin Gold(BTG)$17.13-1.55%
  • wavesWaves(WAVES)$2.80-1.32%
  • qtumQtum(QTUM)$2.63-2.92%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • sushiSushi(SUSHI)$1.29-3.10%
  • yearn-financeyearn.finance(YFI)$7,624.27-0.36%
  • golemGolem(GLM)$0.2493091.25%
  • omisegoOMG Network(OMG)$1.48-0.59%
  • ontologyOntology(ONT)$0.213803-2.61%
  • digibyteDigiByte(DGB)$0.010688-3.47%
  • umaUMA(UMA)$2.04-1.17%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%