According to a report, the number of exchanges hacked increases in 2019 but less money stolen
Popular blockchain analytics company ChainAnalysis recently published a review of how 2019 related to previous years in terms of hacked cryptocurrency exchanges. The data reveals a higher number of attacks, but less money stolen compared to 2018.
El report reports that hackers attempted the most attacks against cryptocurrency exchanges last year. Eleven of these efforts were made in 2019, while by comparison there were only six in 2018. According to the information, since Bitcoin went public in 2011, the total number of cyberattacks is 40.
More cryptocurrency tricks in 2019
The most massive heist on record in 2019 involved Coinbene. $ 105 million was taken in 109 different types of token usage ERC-20 from the exchange's hot wallet, even though it was initially denied. Too daycryptotrading reported UPbit's second largest successful cybercrime, where the perpetrators took Ethereum worth $ 50 million. Also, other hacked exchanges include Binance, Bithumb, Cryptopia, Bitrue, and more.
Although 2019 saw more attacks, the funds that were stolen were considerably less compared to 2018. Two of the most serious attacks against exchanges of cryptocurrencies in history. First of all, hackers stole $ 473 million from the Japanese exchange Mt. Gox Most recently, in early 2018, another Japanese cryptocurrency trading venue, Coincheck, went through something similar seeing more than $ 500 million in NEM tokens taken. from your network. The consequences of such events are devastating for any business and its customers.
Enhanced Operational Measures
Cryptocurrency exchanges have continuously improved in recent years. The report notes that they are implementing new cutting-edge security measures that should protect them. For example, they have fewer funds in less secure hot wallets, exchanges require additional withdrawal authorizations, and they monitor transactions more strictly for suspicious activity.
Despite that, hackers also seem much more sophisticated. The document implies that the perpetrators are not only adapting to the new security measures, but are also adopting more efficient ways to launder the stolen funds.
One of the examples provided involved the infamous cybercriminal syndicate Lazarus Group, allegedly linked to North Korea. According to the document, the group now uses more effective phishing tactics, a greater number of mixers and wallets, and faster settlements.
