$1.1 Bln In Crypto Hacked This Year

Cybersecurity company Carbon Black announced that roughly $1.1 bln worth of digital currency has been stolen in the first half of 2018, CNBC reported June 7.

The security company said that criminals take advantage of the dark web to facilitate large-scale cryptocurrency theft. Estimates reportedly show there are 12,000 marketplaces and 34,000 offerings connected to cryptotheft hackers. 27% of attacks were on exchanges.

The report notes that thefts can be carried out by organized crime organizations, but often it’s a highly-trained engineer who works alone. As explained by McElroy, cyber-theft is “pretty easy to do” and anyone could be capable, not only notorious hacker groups.

Unlike banking and conventional financial operations, cryptocurrency holders do not have institutional support to protect their savings or cover their losses in case of a fraud or hacker attacks. McElroy said:

“Usually we rely on banks, the tools are out there but investors need to know how to do this. A lot of people are unaware in this new gold rush, people are using cloud wallets and not securing their money.”

Categories Cryptocurrency

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