In 2019, 11 cyberattacks against crypto-scholarships have been successful for them pirates, almost double the number of attacks in 2018. On the other hand, the financial damage from these intrusions fell very sharply over one year.
The crypto-scholarships remain prime targets for cybercriminals, who hope to get their hands on large loot in cryptocurrencies. And the pressure on these exchanges therefore continued in 2019.
According to a blockchain report Chainalysis, 11 successful hacks were identified last year. A year earlier, the balance sheet was six hacks. Between 2018 and 2019, these intrusions therefore practically doubled.
More sophisticated attacks, but better prepared purses
Market places may have learned from the past and from the misadventures of their competitors, however, by strengthening their security. Indeed, if the number of attacks has increased sharply, the amount of cryptocurrency thefts has clearly moved back.
These eleven attacks, notably against Binance, Bitpoint, Bitrue or Gatehub, represented for the pirates a booty estimated at $ 283 million.
With six attacks in 2018, the damage was estimated at $ 875.5 million according to Chainalysis. And in 2014, despite only three hacks, the financial loss reached $ 483 million.
According to the authors of the study, the sharp increase in successful hacks can be explained by the use of more sophisticated methods of attack. But crypto-exchanges have also reacted, in particular by investing significantly in security solutions and transaction verification systems.
50% of stolen funds pass to Binance and Huobi
These reinforced controls have thus enabled cryptocurrency exchanges to prevent attacks and / or detect malicious acts more quickly. However, not all flights are blocked.
Chainalysis points out that "the majority of funds stolen during attacks on purses end up being channeled to other purses, where they are likely to be converted into cash. However, a significant part of this money remains "unused, sometimes for years. "
In these cases, the police can still seize the stolen funds, "note the researchers.
And the amounts at stake are considerable according to them. In 2019, for example, $ 2.8 billion in Bitcoin would have been routed by cybercriminals to some crypto-exchanges, more than 50% of which were to Binance and Huobi, the two largest in the world.