$100 Million Stolen In Massive Cyberattack

(PatrioticPost.com)- The days of bank robberies seem to be pretty much over – at least for criminals who want to go home with big money. Now, they’re focusing on crypto exchanges and wallets.

A report from NVC News reveals how hackers have seen massive windfalls throughout 2021 hacking cryptocurrency exchanges, with just six such cyberattacks netting more than $100 million each time. The biggest cyberattack on crypto platform so far occurred this month, when some $200 million was stolen from Bitsmart.

Over 20 hacks have seen at least $10 million of cryptocurrency stolen by hackers, and at least six have seen more than $100 million stolen. Regular bank robbers, however, have stolen an average of $5,000 per incident in the same time period – according to data from the FBI annual crime stats release.

Hacking is a big business, and here’s why.

Typically, a crypto exchange is run by a small group of people who are managing huge amounts of users. Often these exchanges will keep access to some cryptocurrencies in cold wallets, which are kept on hard drives that are not accessible via the internet. It means that only the cryptocurrency kept in cold wallets cannot be taken by online hackers, but the “hot wallets” are liquid, allowing currency to be immediately sent to users when requested.

If a hacker can gain access to any of these hot wallets, then millions of dollars of cryptocurrency can be accessed too.

This problem is only going to get worse as cryptocurrency becomes more popular, too.

So, how are exchanges going to start handling this?