$1.1 Billion in Crypto Has Been Stolen This Year. Is It Easy to Become a Hacker?

June 9, 2018

According to a study conducted by cybersecurity company Carbon Black, the total amount of stolen funds in cryptocurrency in the first half of 2018 is about $1.1 billion. Unfortunately for the victims, most of the times it was an easy thing to do. 

Criminals use dark web to perform cryptocurrency theft on a large scale. As reported in the study, there are about 12 thousand markets and 34 thousand offerings, related to crypto criminals.  

Security strategist of Carbon Black Rick McElroy told CNBC:

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

According to McElroy, malware required for cryptocurrency theft costs an average of $224, yet it can be as cheap as $1.04 on the dark web. The study reports, that the cryptocurrency malware market is estimated at $6.7 million. 

Sometimes thefts come from organized groups of criminals and are aimed at cryptocurrency exchanges of companies. However, it can be just a pair of highly skilled, but unemployed coders, that do hacking for extra money.

McElroy said:

"You have nations that are teaching coding, but there's no jobs. It could just be two people in Romania needing to pay rent."

Despite the last year's skyrocketing growth of the cryptocurrency industry, that brought thousands of new customers, the industry is still mostly unprotected by third parties, therefore hackers have no one to be afraid of and can do whatever they're capable of.

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