End Of Year Analysis: $930 Million Dollars Worth Of Cryptocurrency Stolen In 2018

The new Anti-Money Laundering report done by CipherTrace crypto intelligence company is what we are reading about in today’s crypto news where you can see that almost a billion dollars are stolen this year in various hack attacks.

Currently, about $930 million worth of cryptocurrency is reported to be stolen via hack attacks but the value is expected to reach over a billion until the end of 2018. The company conducting the investigation noted that the protective layers on multiple exchange platforms to be a major problem.

In the Q2 report, CipherTrace noted that there were multiple thefts in the first half of 2018 compared to 2017 in general. One of the biggest hack attacks were more than $730 million worth of cryptocurrency was stolen including the hack of the Japanese exchange Coincheck and BitGrail which were one the exchanges who got hit the hardest.

According to the Q3 report, the things don’t stand optimistic as well. CipherTrace predicts that this trend will go, unfortunately. The company also claims that there are plenty of phishing attempts and scams that are not reported and haven’t made it to the public.

One of the main thefts for 2018 was the hack attack on Bithumb where the exchange lost more than $30 million in a so-called ‘’cyber intrusion’’, and Bancor that lost $24 million due to a smart contract breach. Another exchange Coinrail also lost more than $40 million.

If you take a look at the report, you will see that the US is one of the most vulnerable countries to crypto thefts and hack attacks with more than 55% of the attacks happening in the US.

The report only shows how important is the storing of your cryptocurrency in a hardware wallet and that users should not leave their assets on an exchange exposed.