2018-9-25 15:14 |
A recent study revealed that hackers are now increasingly targeting users of digital exchange platforms and the crypto exchanges themselves.
But while the noted increase in crypto-related cyberattacks is global in trend, one of the hardest hit markets is probably Japan. According to Japanese authorities, cyberattacks of this kind soared in 2018 with the value of cryptos lost during the first six months of this year already exceeding the total value of cryptos lost during all of 2017.
Crypto Theft in Japan Reached 60.5 Billion Yen in First 6 MonthsAccording to Japan’s National Police Agency (NPA), the amount of crypto theft this year has reached a new record, both in the number of incidents and the amount involved. During the first six months of 2018, the total value of cryptos lost on account of theft/hacking reached 60.5 billion yen or around $540 million, according to The Asahi Shimbun. For comparison, only 662.4 million yen or around $5.9 million worth of crypto was stolen for the entire year of 2017, showing the massive spike in terms of value this year.
A large portion of this huge increase in value is attributed to a single case alone. In January this year, cryptocurrency exchange Coincheck was hacked with the cybercriminals carting away a massive fortune in cryptos. Dubbed as the largest crypto heist ever, 58 billion yen (around $534 million at that time) worth of tokens were lost when hackers breached Coincheck’s security.
Number of Cases TripleWhile it can be said that the sharp spike in the total value of lost cryptos this year is mainly owing to the Coincheck hack, data from the National Police Agency still show that there were also more hacking incidents during the first six months of 2018 compared to the entirety of 2017. According to the NPA, there are already 158 cases reported for this year’s six-month period, compared to the total of only 149 cases recorded for 2017.
This shows that even in terms of the number of crypto theft incidents, there is also a noted spike this year. In fact, Shimbum reported that compared to the same period last year, the number of hacking incidents from January to June has tripled this year.
Crypto Holders Making It Easier for Hackers to Compromise Their Exchange PasswordsSurprisingly, a majority of these incidents happened because crypto investors are making it too easy for hackers to know their passwords to their digital exchange’s accounts. The National Police Agency data revealed that in 60 percent of the cases, investors’ user IDs and passwords for their crypto exchange accounts were the same as their other online services such as emails and online shopping.
Japan’s Crypto Theft Rose Sharply in First 6 Months, Most Cases Due to Inadequate Password Strength was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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