USA, Russia, and China are now known to be the top targets for cryptocurrency hackers, according to a new investigation conducted by Group-IB, an international organisation that aims to inspect into and then prevent elaborate crypto-based crimes and online fraud. Their recently published report named “2018 Cryptocurrency Exchanges-User Accounts Leaks Analysis” in which they mainly examined leaks in multiple accounts, aims to let the users understand the market and provides counsel to the users to ensure their own security, and that of exchanges as well.
The study showed that the number of hacked accounts in 2017 were much higher, in comparison to the numbers back in 2016. Furthermore, the number of hacking issues rose exponentially by January 2018, wherein they observed a 689% rise in the monthly average of such incidents from back in 2017. The researchers say that this has been because of all the newfound hype surrounding digital currencies.
The published report elaborates that:
“The number of malicious programs used by cybercriminals is constantly increasing, and the tools are regularly modified. Criminals have adapted patterns of attack on banks and used the same tools to hack cryptocurrency exchanges and wallets and make attacks on users.”
Ruslan Yusufov, director of Group-IB, explained that there would be a huge rise in the number of such hacking issues, fraudulent activities, usage of malicious softwares, and incidents of compromised accounts in the current year. He believes that the industry is still not ready to protect itself or its users from such incidents and fight against hackers groups, and implores to researcher, experts, and the academic community to put their heads in together to find a solution to the problem.
The research also went to state that USA, Russia, and China were by far the top 3 countries in which registered crypto users fell victim to fraudulent activities and cyber attacks. They stated that every third user attacked is from the USA.
According to a report by CipherTrace, a cybersecurity firm, about $1.2 billion in crypto were stolen from exchanges over the last 2 years, with the first half of 2018 seeing almost thrice the stolen amount than that in the entire 2017.