Crypto Hacks Losses Jumped to More than USD 2 Billion This Year, Bitcoin

The market of cryptocurrencies has grown rapidly in the last few years. Along with this, there has also been an increase in cases of hacking with crypto related firms. The funds stolen from hacking of crypto platforms this year have increased by about 21 percent compared to last year to about $2.2 billion.

According to a report by blockchain analysis firm Chainalysis, this is the fourth consecutive year in which funds stolen from hackings of crypto firms have exceeded one billion dollars. Last year there were about 282 cases of hacking of these firms. This year this number has increased to 303. In the current year, the price of Bitcoin, the largest cryptocurrency in terms of market value, has increased by about 140 percent. Along with this, cases of hacking and scams related to crypto segment have also increased. After Donald Trump’s victory in the presidential election in America Bitcoin There has been a lot of progress. Recently Bitcoin made a new high of more than $1,08,000.

Eric Jardine, Cybercrimes Research Lead at Chainalysis, said, “As the market for digital assets has grown, so has the illegal use of crypto. Dealing with these types of crimes will certainly be a major challenge for the industry in the next year.” It has been told in this report that the cases of hacking the private keys that control the access of users to cryptocurrencies have increased rapidly.

A few months ago, WazirX, one of the major crypto exchanges, was targeted by hackers. In this the exchange suffered a loss of more than $230 million. After this, WazirX had stopped some services like withdrawal of funds for the users. The number of users of WazirX is more than 1.6 crores. Hackers had stolen the funds by breaking into a multi-signature wallet of this crypto exchange. The exchange had offered the hacker approximately $23 million (approximately Rs 192 crore) to return this fund. This case had an impact on the crypto market. This also raised questions about the strength of security in crypto exchanges. About $240 million (about Rs 1,965 crore) was suspiciously sent from this exchange to a new address that belonged to the controversial crypto mixer platform, Tornado Cash.

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