The Shocking Numbers Behind Digital Currency Theft
2019 was a grim year for crypto enthusiasts, as cyber criminals racked up a staggering $4.3 billion from malicious activities targeting digital currency exchanges and their unsuspecting users. According to a report by blockchain security firm CipherTrace, this massive loss stemmed from outright thefts, scams, and a myriad of shady dealings that left investors feeling as drained as their wallets.
Quarterly Breakdown: Where Did All the Crypto Go?
In the first quarter alone, hackers engineered a heist that saw over $124 million siphoned from cryptocurrency exchanges. By the end of the year, the total figure for stolen funds hit approximately $480 million. If you’ve been wondering where the real treasure was in the crypto world, it seems the hackers were holding onto it tight!
The Monstrous PlusToken Scheme
Among the various scams reported, the PlusToken scheme took the crown for the largest single incident, duping investors out of a jaw-dropping $2.9 billion. This massive Ponzi scheme sold itself as a legitimate investment opportunity, all while it was busy emptying wallets faster than a kid at a candy store.
Bitcoin: The King of Criminals
When it comes to the currency of choice for illicit activities, Bitcoin (BTC) reigns supreme. It’s the preferred medium for the purchase and sale of illegal drugs, weapons, and cyber credentials. Shockingly, in dark markets, Bitcoin was used in a whopping 76% of trade cases, leaving competitors like Ether (ETH) with a mere 7%. It’s as if Bitcoin is sporting a crown while the altcoins are just trying to call themselves princes!
Dark Markets and Malware: A Haven for Hacking
Interestingly, privacy coins like Monero (XMR) and others are barely a blip on the radar in dark markets. With only 4% of all transactions involving Monero, it seems that when it comes to criminals, they favor the visibility of Bitcoin. Malware and ransomware attacks follow suit, with Bitcoin being reported in 98% of instances. It’s hard to be stealthy when you’re working with the most popular coin in the crime underworld!
The Global Implications of Crypto Theft
Adding fuel to the fire, a report from the United Nations highlighted that North Korea evidently netted around $2 billion by hacking banks and crypto exchanges. This trend raises serious security alarms and reinforces the need for robust security measures. Cryptocurrency enthusiasts might want to invest in more than just coins; they should consider investing in a solid peace of mind!
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