$673 million stolen in crypto hacks in 2018 | finder.com

$673 million stolen in crypto hacks in 2018

Peter Terlato 5 April 2018 NEWS

These are just the biggest hacks. Most crypto scams and frauds occur much more frequently to individuals.

The cryptocurrency industry has suffered US$673 million in losses during the first quarter 2018, as a result of global hacks, ponzi scams, phishing attacks and digital currency theft, according to the latest research report.

Crypto Aware has curated a list of the most substantial reported crypto hacking incidents between 2011 and 2018. The not-for-profit organization verifies and summarizes reports in an effort to help the cryptocurrency community improve through education, advocacy and protection.

2018 is on track to becoming the worst year of crypto losses in terms of assets stolen. So far, before the first quarter is even over, the reported loss has grown to over $670 million. We have also witnessed significant attacks on altcoins.

Crypto Aware on the increasingly frequent attacks on the crypto community

Crypto Aware asserted that the list is by no means comprehensive for all of the losses related to cryptocurrency hacks and scams. The association revealed that in actuality most crypto-related scams and frauds occur much more frequently to individuals in smaller quantities, which often go unreported.

Crypto hacks and scams Q1 2018

Name Reported Loss (Crypto) Reported Loss (USD) Occurred On Source(s)
BTC Global Ponzi Scam N/A $50,000,000 Mar 2018 Coindesk
Coinhoarder Phishing Scams (ongoing) N/A $50,000,000 Feb 2018 Cisco Research
Seele ICO Theft 2,162 ETH $1,800,000 Feb 2018 Cointelegraph
Bee Token Phishing 890 ETH $928,000 Feb 2018 Coindesk
BitGrail Theft 17,000,000 NANO $170,000,000 Feb 2018 Bitcoinist
BlackWallet Theft 670,000 XLM $400,000 Jan 2018 Coindesk
Coincheck 500,000,000 NEM $400,000,000 Jan 2018 Bloomberg

The scam alerts website also reveals that estimated losses from the most significant crypto hacks and scams between 2011 and 2018 is valued at approximately US$1.7 billion. This includes 1.7 million bitcoin, 4.5 million Ether, 304,000 litecoin, 500 million NEM, 30 million USDT, 17 million NANO and 670,000 Lumens.

Crypto Aware lists the Mt. Gox theft as the biggest bitcoin hack of all time. Around 800,000 bitcoin was stolen. The largest Ethereum hack was the DAO incident. 3.6 million ether was lost and the blockchain hardforked.

Former chief executive of ruined cryptocurrency exchange Mt. Gox, Mark Karpeles, admitted that he stands to benefit enormously as a result of Japan’s bankruptcy laws, according to a recent apology post on social media.

In February, research revealed that American electric car manufacturer Tesla fell victim to cryptojacking.

That same month, Kaspersky Lab reported that researchers had uncovered malware attacks being executed on cloud-based instant messaging service Telegram, for the purpose of illicit cryptocurrency mining.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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