Cryptocurrency intelligence firm reported that CipherTraces Q3, 2018, cryptocurrency thefts had already reached $927 million.
Previously CipherTrace second-quarter report said, the company identified that there were more thefts during the first half of 2018 compared to the entire year of 2017 alone. Some $731 million worth of cryptocurrency was stolen from exchanges with some of the most notable hacks including that of Japanese exchange Coincheck at $530 million, and BitGrail that lost some $195 million dollars worth of tokens.
As of the Q3 report, the number now stands at $927 million lost in cyber attacks and CipherTrace predicts that this trend will continue. By the end of the year, they say, thefts will add up to well over $1 billion.
This is disheartening to hear. Imagine the lost people have gone through and we expect mass adoption of crypto. We are still scratching the surface for mass adoption. Despite the risk involved in investing, no one wishes to experience this kind of loss. Things should be properly checked, and crypto exchanges and crypto wallet management should be held accountable for the safety of people's assets. Some of the people that were affected by the theft shouldn't be blamed if they float an opposing idea against crypto. But that notwithstanding, The relevant authorities should do everything necessary to enable crypto to be accepted with minimal risk.