Ever since cryptocurrencies started gaining value, hackers have targeted exchanges that provide digital asset trading and malicious entities have siphoned billions of dollars worth of bitcoin since 2011. So far, over 1 million of the world’s BTC has been stolen from exchanges and traders continue to leave vast quantities of funds on centralized trading platforms.
Hackers Love to Profit from People Leaving Funds on Centralized Crypto Exchanges
Over the years, hackers have managed to make a lucrative career stealing cryptocurrencies from exchanges. Exchanges have seen digital intruders loot wallets since 2010 and crypto trading platforms are still being compromised in 2019. Last year, according to Chainalysis data, hackers managed to generate over $1 billion in revenue from simply robbing crypto exchanges. Moreover, Chainalysis explained in January 2019 that only two major hacking groups were the culprits to most of 2018’s exchange hacks. It’s unclear exactly how many bitcoins have been stolen but over the last 10 years, it’s estimated that more than 1 million BTC, has been pilfered from exchanges.
The amount of snatched coins is roughly around the same number of BTC that Satoshi Nakamoto may possess and probably much more. Moreover, two of the biggest hacks make up most of the BTC stolen over the last 8 years. Roughly 650,000 BTC was taken from Mt. Gox back in 2014 and 120,000 BTC were stolen from Bitfinex in 2016. This means that more than 770,000 of the looted BTC also gives the hackers 770,000 BCH as well. Essentially, this means that there’s been more than $7.7 billion dollars worth of BTC stolen at today’s exchange rates.