Crypto Hackers Stole Over $500 Million in 2018


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Crypto hackers with cryptocurrency logo behind them

What is happening with the security of cryptocurrency exchanges? Crypto Hackers are becoming even more dangerous, especially in Japan. It seems that crypto thefts are becoming a normal thing in this country. After yet another crypto exchange robbery, the police has released official cyber criminal data.

An official report shows that in the first half of 2018 cyber attacks had tripled compared to last year. Japanese police stated that there were 158 cyber-breaches in which hackers had stolen around $540 million worth of cryptocurrency. That’s not all, as crypto hackers also stole over $22 million from individual crypto wallets.

Crypto Exchanges and Low-Security Standards

The Japanese police report states that in over 60 percent of individual wallet breaches, owners were partialy guilty. As it turns out, they were using the same usernames and passwords for their Internet services and wallets. Furthermore, some users have lost their money because of bad security habits.

Now that you know this, please change your password immediately. You can return to this article after that.

All set? Great, moving on.

If it’s some consolation, most of the stolen cryptocurrencies came from a  breach. Around $517 million worth of virtual currencies were stolen from the Coincheck exchange breach in January. That was easily one of the worst hacks ever, and a clear sign that something had to change. Since then, the Japanese Financial Services Agency had a series of site inspections. They were demanding a higher level of security from crypto exchanges, and companies had responded.

Crypto Hackers Have Favorite Currency

As a result of the more aggressive stance of the country’s regulators, security has tightened up. A number of successful cyber attacks dropped significantly, as a report stated that most losses came from January to March. In that period, crypto exchanges lost around 76 percent of the stolen funds in 120 attacks. After that, hackers had only 38 successful attacks.

Coincheck website with apology for crypto hackers
Coincheck website

Interestingly, crypto hackers stole mostly NEM currency. To be precise, in 36 hacks they stole over $500 million, with the majority coming from the infamous Coincheck breach. Altogether, other cryptocurrencies were less popular as hackers stole $13.5 million in XRP and $7.66 million in bitcoins.

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