Recently, a Russian cyber security firm concluded a report on past two years hacking attempts on crypto currency exchanges. The report suggest that there has been $882 million stolen from crypto currency exchanges by hackers and still counting. As report suggest that none of these were captured or tracked down.
These figures are more likely to grow in next year. The potential increase is due to the ever growing price of Bitcoin and other digital currencies in these years. It’s more like an easy money. Somehow hackers get in to the wallets, take money and leave no sign behind. Many hackers are really expert and know crypto currency exchanges from inside out. Further Group-IB ad:
In 2019, crypto currency exchanges will be a new target for the most aggressive hacker groups usually attacking banks. The number of targeted attacks on crypto exchanges will rise.
The report suggest that hackers use various methods to get an access to a crypto exchange. Some of the effective techniques are phishing emails and malware software being distributed for free. Hackers also attack companies which launch ICO to get access the user database they have. The cyber security firm noted that hackers stole over 10 percent of ICO from February 2017 to September 2018. The theft range from $5 million to $534 million, bringing the total sum to $882 million. CipherTrace, a U.S based blockchain solution provider suggest that these thefts were closer to $1 billion. According to CipherTrace, theft started in 2017 but grew higher to 2018.
This January, a high profile hacking attack cost about 523 million to Coincheck, a Japanese Bitcoin Exchange. Another exchange based in South korea faced a cyber attack. Asian crypto currency exchange seems to face the worse hit, most of these exchanges were in Japan and South Korea. The Japan FSA has taken steps to ensure investor’s safety. In Jan, the FSA issued a business improvement order to CoinCheck after the hack to take all the necessary security measures.