Robberies of the 21st Century, or How Cryptocurrencies Are Stolen Nowadays

“Everybody Get Down, This Is a Stickup!” – This might be the thing you imagine when you hear about robberies or something around this. But what if there are no more paper money and gold in the bank or even cash on your bank account? What if you keep your money in your Bitcoin/Ethereum wallet? Do you feel safe? Well, let’s get to know how 21st look like.

You have probably heard about some Bitcoin wallets stolen. Worth noting, not only Bitcoin, but as Bitcoin is the most valuable currency, Bitcoin wallets are the most interesting for the cryptocriminals. How much do people lose from these illegal actions? Pretty much to be an item of concern. If robbers act personally, they aim at big wallets and usually identify famous people in Bitcoin industry and try getting their personal information, stealing USD hundreds of thousands or even millions. If they go big and try hacking some big institutions like cryptocurrency exchanges and wallet software, then they get in their possession a huge amount of small and big wallets. This what happened not so long ago with Bitcoin Gold Wallet software called Mabthwallet users. 102 owners of 3200 wallets lost the equivalent of USD 2.5 mln. This happened because of the vulnerability of exchange system that helped the robber to get information that helps to access the wallets. How do people usually lose their cryptoassets? Well, there a lot of quite easy methods that don’t need any technical intrude into the system. Here are some of them: phishing, fake wallet software, extortion programs, fake cryptocurrencies, fake ICOs, and P2P fraud. The last one may be the most hurtful as it may be the robbery not only of your cryptocurrency wallet but also from your PayPal or Skrill accounts. But if you act thoughtfully and smartly, the possibility of becoming a victim of a robber minimizes.

But this is simply about regular users’ wallets. What if it goes to the company level? One of the biggest jackpots hit in this sphere is the robbery of USDT tokens from their issuer, Tether. That day they took the USDT tokens in the equivalent of USD 31 mln. What is special about this story. Before this, we were talking only about users’ wallets being robbed, but this case represents the situations when the companies-issuers themselves are not really protected from cyber-criminals! The interesting fact also is that 2 years ago Bitstamp exchange was robbed 2 years ago. How is this fact connected with the first one in this paragraph? The stolen tokens were transferred to the same wallet what means that both robberies were organized by the same group. From now on we can talk about organized crime in cryptoworld!

But after all, if you still think that real-world robberies will in these circumstances go past, you are wrong. A couple of days ago two guys that new that the victim has a huge amount in his Ethereum wallet threatened him with a weapon and got access to the wallet. They transferred the equivalent of USD 1.8 mln to their wallet and then went away. Probably, no one will see them for a long time as this money is enough to live comfortably for a long time.

In conclusion, I would say that where big money is, there are always criminals trying to get easy money as well. While cryptocurrency sphere stays very unregulated and unstable sphere, the situation in security there stays in a quite bad condition. Always take this into consideration when purchasing a batch of Bitcoins or other cryptocurrencies via some online exchanger to the wallet web site or software. Reed more here.

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