Cryptocurrency Thefts: Just How much has been Lost?
The rising value of cryptocurrencies has attracted both investors and thieves in equal measures. Many people have lost their coins to thieves and hackers, with the figure amounting to millions of dollars, as of November, 2017.
According to CoinGecko, a whooping $606 million worth of cryptocurrencies have been lost so far, with most of these losses happening through exchanges. And yes, your guess is as good as ours – Bitcoin has suffered the most loses!
Cryptocurrency Theft from 2011 to 2017
Even with the security that Blockchain offers, hackers are still finding loopholes to get a share of your digital currency. And it hasn’t started recently; there are records showing that there was a hacking in 2011 by a user known as ALLINVAIN, who stole a cool 25,000 BTC equivalent to $775,000 (at that time).
Here’s a breakdown of recorded thefts and hacking of cryptocurrencies:
- June, 2011 – 25,000 BTC ($775k by a user known as “ALLINVAIN”)
- March, 2012 – 46,703 BTC ($6M on Bitcoinica)
- September, 2012 – 24,000 BTC ($250k on Bitfloor)
- November ,2012 – 263,024 BTC ($3.42M on Bitcoin Saving & Trust)
- November, 2013 – 1,296 BTC ($1.46M on BIPS); 4,100 BTC ($5.6M on Inputs); $6,000 BTC ($6.7M on PicoStocks)
- February, 2014 – 650,000 BTC ($368M on MT.GOX)
- March, 2014 – 150 BTC ($101k on bitCoin); 896 BTC ($572k on Flexcoin)
- July, 2014 – 3,700 BTC ($2M on Mintpal $2m); 5000 BTC ($1.8M on Bitpay)
- January, 2015 – 7,170 BTC ($1.82M on BTer.com); 3,000 BTC ($777k on Kipcoin); 1,000 BTC ($230k on 796 Exchange); 18,866 BTC ($4.3M on BITSTAMP)
- March, 2015 – 150 BTC ($3.2k on COINAPULT)
- May, 2015 – 1,500 BTC ($350k on BITFINEX)
- October, 2015 – 10 BTC ($3.2k on Purse)
- January, 2016 – 13,000 BTC; 3,000,000 Litecoin ($5.8M on Cryptsy)
- March, 2016 – 81 BTC ($33k on COINTRADER); 469 BTC, 5,800 ETH 1,900 Litecoins ($230k on ShapeShift)
- May, 2016 – 250 BTC, 185,000 ETH, 1,900 Litecoin ($2.14M on gatecoin)
- June, 2016 – 3,500,000 ETH ($53M on DAO)
- July, 2016 – $85k on Steemit
- August, 2016 – 119,756 BTC ($65M on Bitfinex)
- October, 2016 – 2,300 BTC ($2.6M on Bitcurex)
- February, 2017 – $444,000 on erocoin
- July, 2017 – 153,037 ETH (Parity); 37,000 ETH ($7M on COINDASH); $1M on Bithumb; $8.5M on Veritaseum
- August, 2017 – 1,500 BTC ($500k on enigma)
Should You Feel Safe With Your Cryptocurrency?
As you can see, thieves and hackers have really made a killing of the cryptocurrency growth. While some of these thefts have happened on storage wallets, studies indicate that 78% percent of them have happened on exchanges, with the highest number of theft being $368 million on MT.GOX. Weather you have a bitcoin wallet or trade on major exchanges; it’s recommended that you take necessary steps to protect your coins.