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$1.1 billion USD worth of cryptocurrency looted thus far, according to report

A new report from a cybersecurity company has come in to say that a shocking $1.1 billion USD in cryptocurrency has been stolen so far this year- and apparently, the theft was surprisingly easy to do.

Carbon Black, a company which deals with cybersecurity, has reported that an approximation of a massive $1.1 billion USD worth of cryptocurrency has been stolen from a number of crypto-spaces this year so far.

Apparently, the cybercriminals had a relatively easy time with their pilfering and conducted the activity by taking advantage of the fact that cryptocurrency is so closely associated with the dark web owing to the anonymous nature of digital currencies which use blockchain technology.

Carbon Black has reckoned that there are about 12,000 marketplaces and 34,000 offerings linked to “cryptotheft” that hackers can use to their benefit. The report also points out that the majority of the thefts can be attributed to a skilled software engineer working alone to score big on a cryptocurrency’s vulnerable security system, as opposed to the commonly thought organized crime cartels and criminal gangs.

Rick McElroy of Carbon Black’s security team has said that cyber-theft is “pretty easy to do” and anyone could be capable of committing the cybercrimes. He said that there are “nations that are teaching coding” but with no jobs, it “could just be two people in Romania needing to pay rent.”

The report further shows the favorite target for the cybertheft is cryptocurrency trading exchanges, making up a chunk of 27% of the attacked with businesses taking a close second with 21%.

Unfortunately, owing to the decentralized nature of cryptocurrency, these hacking attacks are not only easier to conduct but are also essentially untraceable and since there is no protection or support from a banking institution to compensate for the stolen funds, the loss is felt by all involved. McElroy said:

“Usually we rely on banks, the tools are out there but investors need to know how to do this. A lot of people are unaware in this new gold rush, people are using cloud wallets and not securing their money.”

In recent months, cryptocurrencies such as Verge, ZenCash, and NEM have all witnessed high-profile hacks resulting in the theft of millions in Dollar-terms.