Crypto news

How much has been Stolen in Cryptocurrency in the Current Year, is it Easy to Steal?

How Much Has Been Stolen In Cryptocurrency In The Current Year, Is It Easy To Steal?

Carbon Block thinks that it is easy for cybercriminals to steal cryptocurrency pointing out the enormous offerings and marketplaces to select. The world crypto community is worried about the growing number of thefts of digital coins from either the exchange or the wallet. The cybersecurity firm’s findings could be surprising to genuine traders and investors since the first half of the current year has seen about $1.1 billion loss from the theft. That suggested how hackers are better equipped to use the malware to make a quick buck of money.

Dark Web

Carbon Block disclosed that dark web is used by cyber criminals that would enable big-scale digital currency theft. The company pointed out that there are as many as 12,000 marketplaces currently apart from 34,000 offerings in respect of stealing of digital coins. The criminals could select anyone from them so that it could be used to attack the specific computing system without much difficulty.  This suggested that malware is growing at a much faster rate than the virtual currency to make a killing.

The cybersecurity firm’s Security Strategist, Rick McElroy, stated that he was surprised by the ease with which criminals could commit cybercrimes such ransomware without any great skill on technology. He believes that the criminals need not have to be big nefarious groups and that anybody could commit the crime easily. Interestingly, what is more, concerning is the fact that there was even customer service as the average costs of malware are $224. The study indicated that the marketplace economy had reached $6.7 million, according to a report on CNBC. Significantly, the dark web could be accessed only from special software, and that allows users to remain in anonymous states. Therefore, it is largely untraceable for others.

McElroy disclosed that a criminal could get customer support for any tips after logging in. He believes that thefts can come from anywhere and anybody. That include crime groups that are keen to extort exchanges, as well as, companies and organized cartels. However, it is the highly trained engineers, who are not employed, are the culprits as they look for additional cash.

The official said that “You have nations that are teaching coding, but there are no jobs. It could just be two people in Romania needing to pay rent.” The current year witnessed fresh buyers into the cryptocurrency since most of the digital coins witnessed unimaginable returns last year.

Crypto Is Not Protected

The study also showed that cryptocurrency is neither protected nor insured by a third party. McElroy indicated that banks usually provide the tools and that users are required to know as to how to use them. However, in the case of digital currency case, a number of people are not aware and use cloud wallets resulting in failure to secure their money.

In the current year, exchanges were the biggest target of cybercriminals. The segment represented 27 percent of the total attacks. Some exchanges like Mt.Gox has even filed for bankruptcy protection after it lost 750,000 bitcoins of users apart from 100,000 of its own.

About the author

Solomon Kingsley

Soloman got involved with Bitcoin while studying his Masters in Finance. Since then, he has been writing blogs relating to the cryptocurrencies and latest news relating to the same. Now he has joined this platform to take his passion a step ahead.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *