We know how some hackers during the lockdown have tried to fill their free time by performing various Bitcoin-related hacks and possibly earning “nearly $3.78 billion” in 2020, Atlas VPN says in a report. The losses from “blockchain hacks” are huge but not on the scale Atlas VPN claims.
Data collected by Slowmist Hacked showed that 122 attacks were carried out in 2020, targeting the three main areas you will see below :
- Decentralized applications running on the Ethereum were targeted by 47 attacks (current value $437 million)
- Cryptocurrency exchanges suffered 28 attacks (current value $300 million in losses)
- 27 attacks on blockchain wallets
Wallets were the most profitable target, with losses of $3 billion at current prices and an average of $112 million per “wallet hack” compared to about $10 million per attack on Ethereum applications or exchanges.
The good news is that there has been a slight decrease in the number of blockchain-related attacks, down 8% from the 133 attacks that occurred in 2019, and this number is expected to decrease further in 2021.
Fewer attacks, but the scale of losses could increase dramatically if the value of Bitcoin and other cryptocurrencies maintains a strong momentum like in 2020.
The “$3.8 billion” stolen as claimed by Atlas VPN is greatly inflated, as it is based on the conversion rates of January 12, 2021 – not the price at the time of the breach. The constant increase in the value of cryptocurrencies makes the total losses seem much greater.
Bitcoin was worth $34,100 on January 12. In March, its price reached $4,857 and ended the year almost six times higher at $28,897.40.
Information source: zdnet.com
