Hackers Have Stolen About 14 Percent of Big Digital Currencies
Digital currencies and software developed to track them have become attractive targets for cybercriminals, while creating a lucrative new market for computer security companies.
In less than a decade, hackers have stolen $ 1.2 billion. Bitcoin and rival currency, according to Lex Sokolin, global director of fintech strategy for autonomous research. Given the explosive rise of the currencies by the end of 2017, the cost of today's money is much higher.
Hackers Have Stolen About 14 Percent of Big Digital Currencies
“It looks like crypto hacking is a $200-million annual revenue industry,” Sokolin said. Hackers have compromised more than 14 percent of the bitcoin and ether supply, he said.
All told, hacks involving cryptocurrencies like bitcoin have cost companies and governments $11.3 billion through lost potential tax revenue from coin sales and illegitimate transactions, according to Susan Eustis, chief executive of WinterGreen Research. The blockchain ecosystem — the decentralized “distributed ledgers” that track crypto transactions — is also vulnerable.
Super secure?
Blockchain records are shared, making them hard to alter, so some users see them as super secure. But in many ways, they are no safer than any other software, said Matt Suiche, who runs the blockchain security company Comae Technologies.
Read more: baltimoresun.com
14% given today's total market cap is over 80B.
If total number of hackers is 1000 (one thousand) => one hacker averaged 80M.
i think not all would have been stolen by hackers, majority of it would have been lost by negligence of the owner.
so the number of actual hacker/beneficiaries would be very large.
$1.2 billion?!?! Wow!
And another way they're accessing people's information is via credit card skimmers. I just posted about a guy who recorded himself literally pulling one of them from a local ATM he frequented.
Once they have your card information, they basically have your personal information, as well as spending locations. If you've got Coinbase laced all up and down your transaction history, it's only a matter of time before they simply follow the breadcrumbs.
Blockchain only works if they don't have your private information. They find out what email you've attached to your bank. Then, they find out you've also got your crypto receipts coming to that same email. From there, it's just "following the yellow brick road." ESPECIALLY if you also have your phone attached to the same email. Lol.
cryptocurrency security have to improve because is very easy for a hacker to sell it and go without been caught
That is why paper wallets are your friend!
Very interesting post.Thanks for sharing with us
Bad news. I hope they didn't steal my cyrptocurrencies :) Thanks for the interesting post!
Thanks boss @tradewonk for this eye opener, you are a great man
I'm under the impression that the crypto currency itself is secure. The problem(s) have been more at the exchange levels?
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'In less than a decade, hackers have stolen $ 1.2 billion.' This is frightening. Happy that Steemit has a good solution to this - the non availability of password on their servers.