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cryptocurrency in India, cryptocurrency, cyber security, laws, cryptocurrency theft, cryptocurrency crimes

$1.1 Billion in cryptocurrency stolen so far this year. Is it that easy to steal it?

It’s the sixth month of the year and it’s already $1.1B in cryptocurrency have been stolen. As per Carbon Black, a cybersecurity company, it is very easy to steal the cryptocurrency. Those involved in these activities use the dark web to carry out the theft. There are 12,000 marketplaces & 34,000 offerings to carry out the crypto theft.

"It's surprising just how easy it is without any tech skill to commit cybercrimes like ransomware," Carbon Black’s Rick McElroy said. "It's not always these large nefarious groups, it's in anybody's hands."

The dark web is accessible only through special software. Furthermore, this software enables utmost anonymity and keeps the user totally untraceable. The software provider even has customer service wherein you can get tips from customer care executives.

The lifetime high of Bitcoin, every other day invited new investors that plunged the cryptosphere. Many compare the openness of cryptocurrency with the banking system. Sure, the cryptocurrencies remove middlemen, but that’s exactly the problem is. Since there nobody to govern this, there are very high chances of crimes, thefts and all the bad thing you can think of. There’s a huge risk of such thefts which many of the newcomers might not know.

Considering the ROI, many people are blindly getting into this without any clear visibility. Such people with little to no clarity, end up investing their money in an exchange. And, that exchange may not have the right infrastructure to support the strongest security. This makes the exchanges, first preference for cybercriminals to attack and steal the cryptocurrencies easily.

For example, a Tokyo based Mt.Gox, which was the largest crypto exchange company of that time. The company lost 750k user’s bitcoin and 100k own bitcoins. This was the very first high-profile theft in the history of cryptocurrency. Furthermore, the company filed for bankruptcy in 2014, soon after the theft.

Another example of a Japanese cryptocurrency, NEM. This January, a hacker group stole NEM worth $530 million from Coincheck. In South Korea, a cryptocurrency exchange company, YouBit lost 17% of their digital asset to a hacker group. Later, its parent company, Yapian filed for bankruptcy.

Speaking of cryptocurrency crimes, many hackers inject ransomware into the internal systems of many businesses. Then demand ransom in cryptocurrencies, so that they don’t get caught. One thing to note here is that the hacker seldom demands the ransom in Bitcoin, as stated by Carbon Black. Criminal prefer Monero, a lesser known cryptocurrency that is known for its utmost security & privacy. The features that were important for users, become a key feature for the criminal to overrule the laws. However, as per reports, Criminals demanding Bitcoin was 10 percent, Ethereum stands second with 11 percent & Monero leads with 44 percent.

It’s going to really difficult for everyone directly or indirectly using cryptocurrency to adapt to this change. Considering the criminal activities around, it would be unrealistic to hope digital money as future. There have to be some regulations without having middlemen or undoing the privacy features in cryptocurrency.

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