Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To $283 Million

Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To $283 Million

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, Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To 3 Million, Nice Bitcoins

The yr 2019 noticed extra cryptocurrency hacks than some other yr says Chainanysis of their annual weblog report on safety. The 11 assaults that blasted the group final yr, didn’t whole to losses something close to the 2018 $534 million Coincheck hack, or the $473 million Mt. Gox hack in 2014. Due to this fact, the whole quantity stolen from exchanges dropped sharply to $283 million price of cryptocurrency regardless of the elevated variety of assaults. 

Currencies included: ADA, BCH, BTC, ETH, EOS, LTC, NANO, NEM, USDT, XRP, and others (see desk entitled “2019 Alternate Assaults Quantified”)

Chainalysis, one of many world’s main blockchain evaluation firms, defined their conclusions:

 

  • We counted each hacks involving the exploitation of technical vulnerabilities and assaults carried out by social engineering or different types of deception. (A observe on terminology: All hacks are assaults, however not all assaults are hacks. Hacks refer particularly to instances the place a nasty actor exploits a technical vulnerability in a chunk of software program, whereas assaults can embody different, much less technically refined actions, comparable to phishing assaults that trick victims into downloading a malicious piece of software program.)
  • We solely counted assaults that allowed dangerous actors to entry funds belonging to exchanges, and never cost processors, pockets suppliers, funding platforms, or different sorts of companies. 
  • We didn’t rely alternate exit scams or instances of customers exploiting an alternate error, such because the pricing discrepancy that almost allowed a Synthetix person to internet over $1 billion in defective trades.
  • We solely included assaults during which the quantity stolen was measured and publicly confirmed by a number of sources. Meaning we didn’t embody incidents during which exchanges’ person knowledge was compromised, however no cryptocurrency was stolen. We additionally excluded hacks which were privately reported to us however are assured that together with them wouldn’t considerably skew the info we analyze right here. 

2019 Alternate Assaults Quantified

Extra from the weblog:

“With no hacks taking in additional than the $105 million stolen from Coinbene, each the typical and median quantity was stolen per hack fell considerably in 2019, after having risen every of the three previous years. Solely 54% of the hacks we noticed in 2019 took in additional than $10 million, in contrast with all hacks in 2018. Whereas the rise within the variety of particular person hacks ought to be regarding, the info point out that exchanges have gotten higher at limiting the injury anyone hacker can do.”

For extra particulars on the hacks and specifically, the notorious Lazarus Group – a cybercriminal syndicate linked to the North Korean authorities, please go to the wonderful report at Chainalysis Weblog.

 

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