• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Binance CEO CZ Steps Down As Part Of $4 Billion Settlement
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Binance CEO CZ Steps Down As Part Of $4 Billion Settlement

Crypto Cybercrime to Climb in 2018

Martin Young by Martin Young
6 years ago
in News, Bitcoin, News teaser, Technology
0

The popularity and resultant price surge of Bitcoin and its ilk will become a magnet for cybercrime and hackers vying to get an illicit profit from it in 2018. The price to be paid for the success of cryptocurrencies is the tsunami of crime and malevolent activity that will follow.


In many cases, the crime wave has already begun. According to reports earlier this month, the SEC announced that it had shut down the Plexcoin ICO for allegedly defrauding investors of $15 million. There is a well-documented inherent risk with investing in cryptocurrencies on unregulated exchanges and wallets. However, hacking will post the greatest threat going forward.

Hacking Threats

According to the US Department of Homeland Security, a third of all Bitcoin exchanges were hacked between 2009 and 2015, and an escalating number of one-off scams and attacks on individual investors have been occurring during the same period. Crypto heists are extremely lucrative at the moment, with prices reaching all-time highs just a week ago. This will incentivize hacking collectives to expand beyond their regular activities, which include ransomware, personal identity theft, and banking Trojans.

Unlike regular banks that are insured, there is no such safety net with cryptocurrencies, and there are more methods of exploitation open to hackers and cyber criminals. Investors that lose to theft, fraud, or exchange account freezes will not get reimbursed.

Crypto Crime Wave

If the past is anything to go by, the digital incursions have already started in earnest. Hackers have already targeted cryptocurrency exchanges, digital wallets, ICOs, Decentralized Autonomous Organizations, mining companies, virtual private servers, and hosting services.

Just this month, Bitcoin mining company NiceHash was hacked, leading to more than $60 million in losses for its customers. Last month was the Tether hack, which resulted in losses of over $30 million, and the list doesn’t stop there. Last year, the world’s largest exchange, Bitfinex, was hacked of 120,000 bitcoins that were worth an estimated $75 million at the time they were stolen.

The infamous DAO hack of June 2016 resulted in the loss of 3.6 million Ether, which went straight into the attacker’s Child DAO account. Developers were forced to soft fork the platform to prevent further losses. Tokyo-based exchange Mt. Gox filed for bankruptcy in 2014 after $800 million in Bitcoin was stolen, and the list goes on.

In addition to hacking, there have been DDOS attacks, ICO scams, and phishing attacks on individual investors.  Research firm Chainalysis estimates that as much as $225 million has been stolen from cryptocurrency investors this year alone. Next year will not be an improvement for cybercrime in the crypto industry.

Are you worried about the crypto crime wave? Share your thoughts in the comments below.


Images courtesy of Pixabay and Bitcoinist archives.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Martin Young

Martin Young

Related Posts

Genesis

Genesis And DCG Bury The Hatchet In $620 Million Legal Showdown

28 mins ago
Charlie Munger

Bitcoin’s Fierce Opponent Charlie Munger Breathes His Last At 99

6 hours ago
Cristiano Ronaldo

Red Card: Soccer Star Cristiano Ronaldo Faces Lawsuit Over Binance Endorsement

8 hours ago
Tornado Cash

Stormy Times For Tornado Cash: Token Plummets 60% Following Binance Delisting

1 day ago
Bitcoin

$57,000 Beckons: Bitcoin Ascent Hinges On Pending ETF Approval, Analyst Says

1 day ago
Bitcoin

Bitcoin Mining Difficulty Adjustment Triggers Record High, Time For $40,000?

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Fastest Growing Meme of 2023: Rebel Satoshi Shatters...

    1 hour ago
  • Chimpzee Presale In Last Stage, Bonus Also On Offer In The...

    2 hours ago
  • This Week’s Crypto Highlights: Blur’s 80%...

    3 hours ago
  • Price Prediction – In the Mother of All Bull Markets, How...

    5 hours ago
  • Bridging Markets: Torobase’s Bold Stride into Asia...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. 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.