$1 billion Cryptocurrency has been Stolen by Hackers from Cryptocurrency Exchanges in 2018: Research

$1 billion Cryptocurrency has been Stolen by Hackers from Cryptocurrency Exchanges in 2018: Research

Nowadays, people are interested on cryptocurrency investment, as well as the number of crypto exchanges is increasing day by day. A website has claimed that japan based Binance topping the ranking for 24-hour transaction volume.

This is an opportunity to make advantage by clipping the ticket on crypto trades. At the same time, more transaction providers in the nascent, largely unregulated market for cryptocurrencies means more targets for hackers. So far in 2018, the hackers have been busy.

According to the report that, Hackers have stolen $US800 million ($AU1.08 bn) worth of cryptocurrency in same year. The statistics are based on an enquiry by Autonomous Research, an independent research provider for the finance industry.

  • This year’s biggest hack was on coincheck, this exchange website is based on japan, $US500 Million worth of crypto stolen in last January.

 

  • South Korea based crypto exchange website Bithumb was targeted as hackers made off with around $US30 million while the company suspended operations and moved its crypto holdings to cold stolen.

Coincheck and bethumb, these companies are ordinarily mentioned to as crypto Exchange, their functions differ from traditional stock exchanges such as the ASX.

The chairperson of the Australian Digital Commerce Association (ADCA), Mr. Loretta Joseph give statement, that exchanges should be referred to as “digital marketplaces”, given that they aren’t regulated and merely provide a forum for buyers and sellers to exchange crypto independently.

Some crypto exchange companies

Another way in which crypto exchange companies differ from stock exchanges is that they often provide a vehicle to store users’ cryptocurrency, which is also what makes them a target for hackers.

In 2011, this year had 56 cyber-attacks across currency exchange and coin offerings. according to research there’s been 7 crypto exchange hacks so far this year, four of them in Asia.

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