Numerous reports have mentioned several cryptocurrency thefts over the past few years, but now the number of cryptocurrencies stolen relative to the total issued circulation has been included in the rankings. Greg Adams, general manager of blockchain and cryptocurrency news publication blokt.com, accepted a request from clearbank founder Nick Ogden to collate data on cryptocurrency theft.
Supply and Deception
Data shows that more than 6% of all bitcoins have been stolen at some point. The situation was even worse for other tokens, such as NANO, which boasted a “fast and free payment method†with 12% of the total supply stolen.
“These figures are shocking enough to be a wake-up call for departments that are dealing with large volumes of encrypted information,†Adams said. It is clear that the vast majority of funds were stolen from exchanges through hacking. The industry is starting to mature, and there is no reason for poor security measures on the exchange side. Users need to be highly vigilant about the exchanges they do business with and never allow exchanges to hold their tokens when trading is not active. A serious coin wallet is an absolute necessity for cryptocurrency users or investors.
cross aiming
Data shows that almost 60% of the stolen funds came from cryptocurrency exchanges, and 70% of the funds were stolen through hackers. The second most common form of theft is armed robbery, which demonstrates the need for security awareness among users themselves, especially if they publicly admit to holding or investing in cryptocurrencies.
Nick Ogden said: “At every conference, we hear about the risks and rewards of cryptocurrencies. What strikes me is the ability to measure the level of stolen cryptocurrencies in circulation and compare them with fiat currencies. It will be interesting to compare the equivalent currencies.†Nick Ogden took up the challenge: our ranking table is out - and the results show a challenging picture. Over the next few months, we’ll be tracking this to see trends emerging, which can be useful information for banks looking into VCs on cryptocurrency exchanges and ICOs.
Nick Ogden shared the information in the table with the Bank of England last week.
Adams believes the overall picture may be much worse than the data suggests, saying: “While our data is useful, it is somewhat incomplete. Many cryptocurrency hacks and thefts go unreported by the media. Users may report to local police Report the crime, or simply write off the losses without notifying the media. We can't know exactly how much cryptocurrency was stolen, but it's safe to say that the amount involved is far more than the data suggests.
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