Hiding Bitcoin Transactions

Crypto-Hackers had a good 2019 but not as good as 2018!

Even with a lot of technological advancements rising on the horizon and making lives easier for us, there is simultaneously a lot of threats rising as well. The growing technological complexity is always a good sign for any growing technology, but in the case of crypto, there is a need for some changes to that belief.

The hackers are also getting equally good with the developments. The hackers are also making sure that they play safe as with a lot of added improvements. Thee hackers wipe out the total network without leaving a small trace behind. They have highly secure networks through which they operate and with growing developments, it only gets harder to get a hold of them.

How complex are they getting

These hackers recently stormed Coinbene and made out with a hefty amount of nearly $105M, which probably affected the company’s performance in the closing of the year. The company initially was hesitant to approve that they were robbed but as their accountings and pricings started to fluctuate, things became a little clear to them. The Hackers wiped the amount out with a very clever strategy leaving no traces behind. Many of the companies in the blockchain space were baffled at the way these hackers took Coinbene without a clue. 

Where did they strike?

The next recent attack was on UPbit, where the hackers stormed the network and ran away with nearly $49M of digital assets, which were Ethereum coins. The irony with these heists is that the hackers do not involve themselves in any hardcore kinds of stuff. They simply swoop into the network break the encryption and get away with the loot. 

These crypto-heists as the owners claim them to be, affected a lot of other exchanges in terms of their pricing and listings as well making them have to secure their protocols of operation..

A ray of hope!

But the good news is that the graph shows a considerable decline in the number of successful attacks in 2019 when compared to 2018. The year 2018 was the year in which the developments in the crypto technology were at its peak and with ripe opportunities to strike such developing exchanges, the hackers showed no mercy. The biggest heist in 2018 was on Coincheck, a Japanese based exchange that was robbed of nearly $500M in terms of digital assets leaving the company crippled to resume operations. 

However, the exchanges have strengthened their security walls and the number of possible attacks is definitely going to reduce in the coming years!