Hackers Steal Billions In Bitcoin

 Billions Of Dollars Have Been Hacked In Bitcoin

Cryptocurrencies like to boast themselves as secure and better options to a regular currency like the dollar. However, these unregulated units of value aren’t immune to hacking attacks and sometimes even more dangerous.

Cyber Attacks

In 2015 alone, Japan-based crypto exchanged released a report and revealed that approximately 850,000 bitcoins belonging to customers were missing and most likely stolen. The price of bitcoins fluctuates heavily but as of today, the 850,000 would translate to roughly $46 billion ($450 million at the time).

Is My Bitcoin Safe?

The currency is only safe as long as they’re in safe hands. Your own wallet might sound safe but you’re just as much susceptible to attacks and theft. Bitcoin has been gaining so much attention in the past few decades and therefore more attackers focus on obtaining it due to its high price. If you’re a real fan of crypto, give other currencies a try and don’t get sucked into the hype.

There are cryptocurrencies that are just as good a probably even better like Ethereum, which has a much better potential thanks to its smart contracts.

How Are Exchanges Breached?

As of 2021, a total of 55 online crypto exchanges have been hacked and the estimated total of stolen 1,246,018 in BTC alone. 

These heists are approaching enormous scales and many people speculate, that whole countries are behind such attacks. Out of all the 55 cases, more than one-third were suspected as inside jobs and the culprits were never discovered.

Lazarus Group

One of the biggest suspects is the Lazarus group who is a hacking cybercrime force allegedly working for North Korea.  While not much is known about the organization, dozens of attacks have been confirmed by the FBI, CISA, and U.S. Department of Treasury.

There are many speculations around hackers in North Korea and some people believe Kim Jon Un has over 50,000 people hacking in one area at the same time.

What Should You Avoid

There many important lessons to take from these incidents, and the main one being -- your money is never safe. Unless you’re a day trader, who handles huge volumes of crypto trades on weekly basis, there is no need for you to keep your money in these exchanges.

Your money will be much safe on your own digital wallet that you can control and handle yourself. There are other ways you can use to earn crypto, that are much safer and go straight to your wallet without the need of dealing with an exchange. Learn 5 easy ways of earning crypto and keep your money safe.