Toshi crypto? Cryptocurrency Exchange Hacks Saw Uptick in 2019 (But Thieves Made Off with Less)

165 Views

Thanks! Share it with your friends!

You disliked this video. Thanks for the feedback!

Published Jan 27, 2020

Reported today on Being Crypto

For the full article visit: https://beincrypto.com/cryptocurrency-exchange-hacks-saw-uptick-in-2019-but-thieves-made-off-with-less/

A new report released by blockchain analysis firm, Chainalysis, shows that cryptocurrency exchange hacks in 2019 resulted in a theft of $283 million - a sharp drop from 2018 which saw roughly $875 million stolen. The report also notes that exchanges have strengthened security measures, though some hacking groups have grown more sophisticated as well.

Chainalysis released a condensed version of a soon-to-be-published report that details cybercriminal activity in the blockchain space. The excerpt of the Chainalysis 2020 Crypto Crime Report provides a lot of telling information regarding the evolution of security and attacks in the space.

The most notable conclusion drawn from the report is that there has been an enormous reduction in the amount of funds stolen from last year. 2018 saw roughly $875 million worth of cryptocurrencies stolen, while in 2019 that number fell to $283 million.

The report states that exchanges have 'gotten better at limiting damage,'

"Only 54% of the hacks we observed in 2019 took in more than $10 million, compared with all hacks in 2018. While the increase in the number of individual hacks should be concerning, the data indicates that exchanges have gotten better at limiting the damage any one hacker can do."

Cryptocurrency Hacks Evolving

In explaining how it came to these numbers, Chainalysis said that it counted both "technical vulnerabilities and attacks conducted through social engineering or other forms of deception." It also only focused on attacks related to exchanges, and not entities such as payments processors or walletThere are many different types of cryptocurrency wallets. Still, unlike the physical wallet in your back pocket, a cryptocurrency wallet... More providers.

The firm analyzed more than 10 of the major tokens and coins