Cryptocurrencies are exposed to thefts during the first half three times over the whole of last year

The company “CipherTrace”, which works in the field of Internet security, published a report showing that the first half of 2018 witnessed thefts of digital currencies at a value of about $ 731 million, which was shocking to many, as concerns about security measures and the safety of digital currencies increased.

The report stated that during the entire past year, about 266 million dollars were stolen, and this means that the first half of this year recorded three times the amounts that were stolen during 2017, and the report added that it is expected that the volume of stolen amounts by the end of this year will reach 1.5 billion dollars. .

Recently, a group of hackers targeted a number of digital currency exchanges, where they were hacked and stolen, and the result was the loss of hundreds of millions of dollars. Several weeks ago, the “Coinrail” exchange lost approximately $ 31.5 million, and a few days later, the “Bethamp” platform was stolen and lost nearly $32 billion.

Bitcoin

Bitcoin

In January, the Japan-based Koenchik Stock Exchange was robbed and more than $500 million was stolen, and in February the Beit Grail exchange was hacked and about $170 million was stolen.

One of the largest thefts of digital currencies ever occurred was the hacking of the “Met Jox” stock exchange in Japan in 2014, when digital currencies worth $450 million were stolen when their price was equal to $560.

Lack of development and innovation is the cause of security breaches

One of the biggest thefts that took place during this year was the Coinchique Stock Exchange in Japan and the CoinRail Stock Exchange in South Korea, where the two exchanges store digital currencies in wallets connected to the Internet instead of frozen wallets “offline”, and because of this, hackers were able to easily penetrate the exchanges in the absence of The existence of a strong security system, and the Koenchik Stock Exchange admitted that the reason for the security breach was the lack of development in the security systems and the lack of experienced and skilled developers to work on developing the security systems in the stock exchange.

The Coinrail exchange also admitted, after its theft, that it did not have sufficient resources, whether material or human, to improve security systems, and these confessions angered many traders in the digital currency market, as the exchanges know very well that it is easy to hack due to the weakness of their security systems and did not work to improve them.

How to prevent these hacks?

Japan and South Korea, which are the most vulnerable to breaches, have taken several strict regulatory measures regarding the security of cryptocurrency exchanges, with the aim of reducing thefts and protecting investors' funds.

These stricter measures are expected to reduce piracy and increase security levels and standards for cryptocurrency trading over time.

Mohamed Abdel Khaleq

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