NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Crypto Asset Thefts Top $1.2 Billion in Q1 2019, Report States

Rick Delafont
Rick Delafont
6 years ago
2 mins read
crypto cash stolen

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

According to a report by US blockchain forensics firm CipherTrace, crypto asset exchange platforms have already lost $1.2 billion in the first three months of 2019. This represents a substantial increase from last year.

Hackers make light work of compromising the often inadequate security precautions implemented by crypto exchanges. Those responsible also frequently make off without detection and funds are incredibly difficult to recover.

CipherTrace: Crypto Asset Thefts on Track to Smash 2018 Figures

As reported in the Nikkei Asia Review earlier today, incidents of crypto asset theft from digital currency exchanges are well on track to dwarf those seen in 2018. Whereas the whole of last year had around $1.7 billion stolen from exchanges, in just the first few months of 2019 there have been $1.2 billion stolen.

Already in 2019 $1.2 billion has been stolen from cryptocurrency exchanges. 

Given that the figures presented by CipherTrace only cover January to March of 2019, and in May one of the industry’s largest names, Binance, had around $40 million taken by cyber criminals, it seems highly likely that the figures for the end of 2019 will be far higher than the $1.7 billion reported last year.

The exchanges hacks frequently involve private keys and passwords of hot wallets being taken by criminals using malware distributed throughout the companies’ computer systems via emails.

Even when more advanced security precautions are taken, hackers can often make off with funds. Last Tuesday, Genki Oda of Bitpoint Japan, commented on the firm’s own recent compromise:

“We encoded our secret keys to make them unusable if they are stolen, but they were decoded.”

Once the attacker has the password and the hot wallet’s private key, they can simply send the contents to wallets under their own control. Although transactions made using blockchain-based digital currencies are all posted to a digital public ledger, criminals can make use of elaborate coin mixing services to eventually disappear into a sea of other transactions. This makes recovery of funds very difficult.

In fact, although the UN Security Council stated in March that it strongly believed North Korean hackers to be involved with a reported $571 million theft from crypto asset exchanges, it has been unable to recover any of the missing assets and the identities of those behind other high profile attacks remain a mystery.

Hacks Reflect Weak Exchange Security, Not That of Digital Assets

The ever-increasing incidents of exchange compromises serve once again to highlight the need for cryptocurrency users to observe good security practice themselves. Chief amongst the precautions they can take for themselves is to store their crypto holdings in an appropriate cold storage wallet that they themselves possess the private keys to. If your private key has never been online then it simply cannot be stolen digitally.

Not only do cold wallets protect crypto users from exchange security compromise, they also allow for users to make use of the more revolutionary qualities of digital assets – truly permissionless value transfer. If you need to request a withdrawal from Coinbase, Binance, or another exchange to send money, you really are not using crypto to its full potential.

 

Related Reading: What Can We Learn From Bitcoin’s Birthday Bank Run?

Featured Images from Shutterstock.
Tweet123Share245ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

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

Leave a Reply Cancel reply

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

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Wall Street Pepe 現已上線 Solana 統一 WEPE 代幣空投已到達

Wall Street Pepe (WEPE)今天正式跳上 Solana(SOL),橋接代幣空投已經完成。 最初誕生於以太坊(ETH)的 WEPE,如今通過 Wormhole 橋進入 Meme 幣世界...

newsbtc 2 hours ago

聯準會降息將至:比特幣、以太坊與加密貨幣市場是否迎來新一輪牛市?

隨著聯準會主席鮑爾(Jerome Powell)釋出可能降息的訊號,全球市場再度進入高度關注期。當美國就業數據顯示疲軟、通膨壓力卻仍高於目標,聯準會面臨一場艱難抉擇。降息的意圖不僅是支撐勞動市場與經濟...

Peter Chow 2 hours ago
dogecoin doge dogeusd

Dogecoin Price Falls 4% Today but Analysts Say Nasdaq Listing Could Reignite $1 Target

The Dogecoin price slipped roughly 4% on the day and 24% on the week, hovering near $0.20–$0.21 at press time....

James Halver 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

DeepSeek AI最新預測:點名Solana、XRP、Chainlink與Bitcoin Hyper成年底翻倍焦點

Mark Mak 49 minutes ago
Dogecoin news

Elon Musk Mentions Dogecoin Again — Is The Meme Coin About To Rally?

Jake Simmons 1 hour ago
Solana

Historic Liquidation Event Highlights Solana Resilience Against Ethereum, Which Is Leading?

Godspower Owie 2 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の価格予測:クジラの買い集めで1ドル目標が再び注目される

    ドージコイン...

    11 hours ago
  • リップル 今後:SEC申請が示すETF承認間近の兆し、XRPが1,000ドルを目指す瞬間か

    リップル...

    12 hours ago
  • 仮想通貨プレセール最終週:新興トークンが上場前に100倍高騰の予測

    ...

    12 hours ago
  • 新しい仮想通貨が350万ドルを調達、専門家が「2025年最高のプレセール」と評価

    ...

    12 hours ago
  • 新しい仮想通貨が急上昇:トランプ・トークンが注目され、次世代ミームプロジェクトが4百万ドル目前

    ...

    13 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.