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Hackers Have Stolen Nearly $10 Bln in Crypto Since 2017: Details

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Mon, 03/02/2020 - 15:13
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Yuri Molchan
KPMG reports that since the year that came prior to the crypto winter, cyber-criminals have managed to steal almost $10 bln in crypto. Particular reasons are named
Hackers Have Stolen Nearly $10 Bln in Crypto Since 2017: Details
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Bloomberg has shared details of a recent report about the amount of cryptocurrencies stolen by hackers since 2017 from investors and long-term holders. Overall, at least $9.8 bln has been stolen, it says.

In the document, the accounting company KPMG stated that such crypto assets as Bitcoin and Ethereum have become popular among institutional investors after BTC reached an all-time high of nearly $20,000 per coin. Thus, the goal of the report is to urge hedge funds to be careful, since crypto currencies can be stolen by cyber-criminals of various shapes and sizes.

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Now that hedge funds have become interested in digital assets and some are competing for crypto investors, the report emphasizes, the issues of security here have become important than before.

The main reasons for hackers succeeding in their crypto thefts are “lax security or poorly written code”, says the report.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.