A recent report from the Wall Street Journal, reveals a huge loss of $60 million worth of Bitcoin, and other cryptos, from a Japanese cryptocurrency exchange operator. The Osaka-based crypto exchange, Tech Bureau Corp., said the digital asset was recently wiped from its platform. Hackers forcefully broke into its Zaif crypto exchange and swiped the cryptos.

According to a report, from the National Police Agency in Japan, about 60.503 billion yen worth of cryptocurrency, an equivalent of $540 million, was stolen in Japan, in the past six months.

The police report says the number of reported theft incidents, this year, has doubled since last year, with 158 cases already reported.

A report from libn.com, states that, of roughly 662.4 million yen worth of cryptocurrency that was hacked over the internet in 2017, 58 billion involves cryptocurrency exchanges operator Coincheck Inc. The remaining amount was stolen from individual cryptocurrency accounts.

Recent findings reveal that hackers have crafted some illegal strategies to rob both individuals and currency exchange operators off their digital assets.

Illegal data access

Another report, from Asahi.com, shows that most of the reported cases of loss involved data theft. A greater number of those who lost their cryptos are found to have used a single email or password for all their emails and other online activities. Most of the people who shop online with cryptocurrency, using the same password, are also victims.

After the attack on Coincheck Inc. by hackers, the Financial Service Agency increased its effort to discipline exchange operators. The NPA has also intensified screening processes of IDs and passwords, to ensure strict confirmation during internet activities. All these measures have yielded a tremendous result. Between April and June, the number of reported cases of cryptocurrency theft reduced to 38.

Manipulation of software

Hackers took advantage of software flaws to generate cryptos illegally. The increase in the exploitation of mining software is connected to 2017 leak of Eternal Blue, a software testing tool, which was revealed by the US government.

According to a report, by Cyber Threat Alliance, the percentage of illegally mined digital currency has increased to 459, in 2018. This report shows that the most targeted of all the cryptocurrencies by hackers are Monero and Bitcoin. In July this year, 85 percent of all illegally mined cryptocurrency is Monero, Bitcoin was eight percent and other currencies seven percent.

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