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$1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018

Last Updated March 4, 2021 3:15 PM
Christina Comben
Last Updated March 4, 2021 3:15 PM

According to cryptocurrency intelligence firm CipherTrace’s Q3 Cryptocurrency Anti-Money Laundering report , as of quarter-three, 2018, cryptocurrency thefts had already reached $927 million. The blockchain cybersecurity professionals identified theft and hacks at platform layers and exchanges to be a major problem, evolving further from its Q2 findings.

In the CipherTrace second-quarter report, the company identified that there were more thefts during the first half of 2018 compared to the entire year of 2017 alone. Some $731 million worth of cryptocurrency was stolen from exchanges with some of the most notable hacks including that of Japanese exchange Coincheck at $530 million, and BitGrail that lost some $195 million dollars’ worth of tokens.

As of the Q3 report, the number now stands at $927 million lost in cyber attacks and CipherTrace predicts that this trend will continue. By the end of the year, they say, thefts will add up to well over $1 billion.

In fact, the report already leaves out some $50 million swindled in CoinHoarder phishing attempts and the company further claims to be aware of at least $60 million cryptocurrency that was stolen but not made public.

Major Cryptocurrency Thefts of Q3

The report highlights the main cryptocurrency thefts of Q3 2018 as Bithumb, which lost some $30 million in a “cyber intrusion,” and Bancor that lost $13.5 million due to a breach in a smart contract and was forced to temporarily shut down operations.

Another Korean exchange Coinrail also lost over $40 million in altcoins while the Bitcoin Gold 51% attack netted thieves in excess of $18 million.

Of note is the fact that the US came out as one of the most vulnerable countries to cryptocurrency theft, with 56% of all attacks  happening here.

With cryptocurrency tanking and holders’ portfolios losing value daily, the last thing they need is to have their cryptocurrency stolen due to a cyberthreat.

This report just goes to highlight the importance of correctly storing your cryptocurrency in a hardware wallet. Never leave it exposed in a hot wallet on an exchange where a hacker has a good chance of reaching your funds.