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$1.2 Billion Worth of Cryptocurrencies Stolen – 2018 Update

According to the reports, approx 14% of the BTC and ETHER supply have been compromised by the hackers in less than a decade, said by Lex Sokolin, Director of Autonomous Research LLP.

When looking at particular Ethereum, many researchers found so many bugs that can lead to the leak of sensitive data about existing accounts. This then resulted in a $155 million loss in November 2017.

Just the following month i.e. December 2017 as well, Youbit, an exchange in South Korea filed for bankruptcy, after it was the victim of an attack in which it lost 17% of its assets.

This same month (December 2017), NiceHash also reported that hackers also stole $63 million in Bitcoin from its virtual wallet.

So, why all this happens?

Cryptocurrencies work on a blockchain technology, and once these records are shared, it is incredibly hard to alter them, leaving many to believe that they are actually super-secure; but, in reality, they are no safer than any other software, and are often left open to the risk of hacking.

“When you have a bug, you release a patch…With a smart contract, you deploy it to the network, and it’s not possible to every change it again” said by Richard Ma, a co-founder of Quantstamp.

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