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About $1.2 Billion in Cryptocurrency Stolen Since 2017 (reuters.com)
Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin's popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday. From a report: The estimates were part of the non-profit group's research on cryptocurrency and include reported and unreported theft. "One problem that we're seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys," Dave Jevans, chief executive officer of cryptocurrency security firm CipherTrace, told Reuters in an interview.
$1.2B is pretty massive out of a $800B - $1T market.
If 0.1% of your bank transactions were stolen with a 20% recovery rate we'd all be really pissed and demand government regulations.
“Common sense is not so common.” — Voltaire
I think we know what really happened. #UsedToBeABitcoinBillionaire ;)
Anons need not reply. Questions end with a question mark.
Of the reported $1.2B, how much of that is because naive BC traders uploaded their private keys to some site that turned out to be not trustworthy?
I have used my Wells Fargo account online since before the bank itself actually had user-directed online services. I actually started by using "Check Free" via dial-up modem. I have never lost even one cent to theft (unless you count unreasonable bank fees -- and I had all those reversed.)
So is this a crypt-currency flaw or irresponsible/unprepared website operator problem?
that the Justice Dept is criminally investigating people involved in fixing the price of bitcoin?
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This pales in comparison to value of money diluted by fractional reserve banking every month. We lose purchasing power every time a central bank lends money into the money supply at interest secured by the taxpayer. You think I care if some fake money that got stolen from a fake monetary system that can be disrupted by flipping a switch?
About $1.2 Billion in Monopoly Money Stolen Since 2017
There, fixed that for you.
How much WoW gold was stolen since 2017? I got ripped off on a socketed tower shield with diamonds in it in Diablo II once, too.
I'm shocked at how low it is.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Yeah, what DAY did they price the theft?
It could have been 1.2 billion or $1.20 depending on what day they valued the theft.
I mean really, one would be better off speculating on Venezuelan Bolivar.
Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
For example, US Dollar and Bitcoin are really equals?
Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
Also, not to mention, US Dollars in any US Bank is insured by US Government!
What authorization/guarantee/insurance is behind Bitcoin? Nothing!
Sorry but that is the end of discussion then!
Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
He is just someone does not like media/fan attention?
Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
(So he knew very well that law enforcement would come after him sooner or later?!)
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
If so-called cryptocurrencies are really money; isn't people issuing their own money, illegal already, in all countries?
If so then, why they are still not banned in all countries?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
Also, since all so-called cryptocurrencies are actually financial scams (Ponzi Schemes), that means, they cannot be the solution for any of existing financial problems of our world!
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere (because people invested in cryptocurrencies, would try to stop anyone trying to ban cryptocurrencies)!
All cryptocurrencies need to be banned globally before it is too late!
One point two "billion" "dollars" in imaginary play money was stolen last year. And? My sister used to cheat at Monopoly too, I'm pretty sure. (Otherwise, how'd she win so often at what is basically a game of chance?!?) In that case, a lot of fake, imaginary money was being stolen too. The difference, I suppose, is that this slashdot story is talking about people who confused PLAY money with REAL money, and even BOUGHT some using REAL money, which you'd think would keep them silent, when they realized the degree of embarrassment they should feel at being ripped off in this way, as it makes them look... REALLY stupid.
Amazing to see everyone excited about an unbacked made up currency that relies on the honor system with zero checks and balances.
Slashdot groupthink usually says you can't steal IP - Imaginary Property. So, by that yardstick - how can you steal Imaginary Currency? It makes no sense to own imaginary stuff.
How does this compare to the great Flooz heist of 1999?
... cryptocurrency intentionally paid to the operators of ransomware? And yeah, I didn't RTFA.
"I'm so moist I'm sticking to the leather." -Kermit the Frog on The Late Late Show
at least 25 percent of bitcoin is used for criminal activity, what percent of this was crooks getting their money stolen by other crooks? should I care?
Let this be a lesson, children.
If this had been real money people coulda got hurt!
Don't let this happen to you.
...omphaloskepsis often...
"include(d) reported and unreported theft."
How is unreported theft determined or identified? Or even estimated?
Is that theft of actual bitcoin or manipulation of the value?
It's make-believe money, so this is no big deal, right?
Forgive me but easier money laundering and safer drug dealing are two of the advantages of Bitcoin. These are not examples of Bitcoin being a problem but rather being a solution.
Additionally, bitcoins can be stolen, but so too can fiat. Bitcoin provides some protections against theft by bad guys that fiat money does not. It's easier to evade taxes (prevent the government from stealing your money) with Bitcoin than it is with fiat.