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Breaking News / Cryptocoins

In 2018, $4,243.83 Of Cryptocurrency Is Stolen Per Second

Startling research carried out by United States based security firm, Carbon Black shows that in 2018 alone, we have seen more than $1.1 Billion worth of cryptocurrencies stolen. That’s literally just in 6 months.

That works out as, $183,333,333.33 per month, $6,111,111.111 per day (based on a 30-day month), $25,46,29.630 per hour or, $4243.83 per second.

It’s a rouge guide, but even so, at over $4,000.00 per second, it really puts it into perspective how much money has been stolen here. Bear in mind that that within the research, the $1.1 Billion estimation refers to a number of large scale thefts, this is not saying that $4,000.00 is dragged off the blockchain every second, it is more a metaphor to help elaborate the point of the research – even with advanced security and ever-growing cryptocurrency education, theft is still rife.

According to CNBC, a Strategist from Carbon Black, Rick McElroy has said:

“It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware, It’s not always these large nefarious groups, it’s in anybody’s hands.”

Moreover:

“You just have to able to log in and be able to buy the thing — you can call customer support and they’ll give you tips. You have nations that are teaching coding, but there’s no jobs, it could just be two people in Romania needing to pay rent.”

You can see the full article by CNBC for yourself, here-
https://www.cnbc.com/2018/06/07/1-point-1b-in-cryptocurrency-was-stolen-this-year-and-it-was-easy-to-do.html

The report by Carbon Black essentially highlights just how simple it is for people to access other user’s assets with malicious intent. Because of this, crime exists on a mass scale, a scale that has seen over $1 Billion stolen in just 6-months.

Chart of Cybercrimes

Pie Chart of Cryptocurrency Crimes

Image sourced from: https://pbs.twimg.com/media/DfHLZWfX0Ak8Whl.jpg:large

Image sourced from: https://www.carbonblack.com/wp-content/uploads/2018/06/CC4.jpg

You can see the full report by Carbon Black, here-
https://www.carbonblack.com/2018/06/07/carbon-black-threat-report-cryptocurrency-gold-rush-dark-web/

Overall, this report highlights the inherent vulnerability of cryptocurrencies. Even with advancing security processes we are still seeing devastating amounts of currency stolen. As security adapts, we need to remember that cyber criminals adapt too, usually at a faster rate than the security systems. As a matter of fact, we will no doubt find that in many case’s those advising the security protocols may even be the ones behind breaking into them, that’s why locksmiths make good robbers, isn’t it?


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Thomas has led a number of teams, giving training and guidance in marketing and PR. He has worked at high profile firms, with offices across the country. He has experience in copywriting and editing, for a variety of different sectors.