In the whole history of cryptocurrency, that is in less than a decade, hackers have stolen $1.2 billion worth of Bitcoin and Ethereum, according to Bloomberg, referring to Lex Sokolin, global director of fintech strategy at Autonomous Research LLP.
“It looks like crypto hacking is a $200 million annual revenue industry. Hackers have compromised more than 14 percent of the Bitcoin and Ether supply” Sokolin said.
Total losses of companies and government, resulted from hacks involving cryptocurrencies like Bitcoin, are about $11.3. According to Susan Eustis, chief executive officer of WinterGreen Research, that could have been tax revenue from coin sales and legitimate transactions.
Alongside cryptocurrency wallets, blockchains themselves are also endangered. A researcher from Cisco Talos, a security group, found vulnerabilities in Ethereum clients that “can lead to the leak of sensitive data about existing accounts.” A similar security hole in the Parity wallet resulted in freezing of $155 million worth Ethereum tokens, though later, the company representatives claimed all vulnerabilities to be removed.
It should be reminded, in December, Youbit, an exchange in South Korea, was closed following a hack attack in which it lost 17 percent of its assets. Some time later, mining service NiceHash was hacked. The hackers stole about $60 million in Bitcoin from its users’ virtual wallets