Crypto hacking could be an estimated $200 million annual revenue for cybercriminals

In less than a decade, hackers have stolen around$1.5 billion worth of Bitcoin and other cryptocurrencies. Crypto hacking appears to be a $200 million annual revenue industry for cybercriminals, to date Hackers have compromised more than 14 percent of the of the Bitcoin and Ether supply. It is claimed that hacks involving cryptocurrencies have cost companies and governments about $11.3 billion through lost potential tax revenue from coin sales and illegitimate transactions.

There are so many cryptocurrencies, each with their own bugs and vulnerabilities, each implementation having its own problems so this market is still a long way from maturity. Block Chain technology is on the increase as it’s been used for more than just cryptocurrency. Nowadays blockchain is also been used to track identity information, property records, selling electricity, copyright records and even digital car keys.

Hacking a blockchain is a lot harder and more difficult compared to hacking into an online shop website but the rewards from hacking the blockchain are greater.

When a cryptocurrency is at a fork, the hacker will take advantage and try to exploit the situation by falsifying data.

Some hacker will even try to spend the same bitcoin twice, by delaying network communication between computers verifying the blockchain transactions

In December 2017, A South Korea cryptocurrency exchange said it would file for bankruptcy following an attack in which it lost 17 percent of its assets.

December 2017 hackers stole $63 million in Bitcoin from the mining service NiceHashits virtual wallet. 

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