Fun

The Reported Number of Stolen BTC Drops by 92% as ‘Bitcoin Security Appears to Be Improving’

News Feed - 2021-01-06 01:01:11

The Reported Number of Stolen BTC Drops by 92% as "Bitcoin Security Appears to Be Improving"


The number of stolen bitcoins that were publicly reported in 2020 dropped to 4,472 coins or 0.02% of the digital asset’s circulating supply. This new figure represents a 92% drop from the 56,870 reported in 2019. When using current bitcoin prices, the 2020 thefts caused losses that are equivalent to $140 million versus the 2019 equivalent of $1.78 billion.


According to data that was shared by Jameson Lopp, the CTO at Casa, this marked decrease in the number of reported thefts means “bitcoin security appears to be improving.” The CTO also clarifies the meaning of the term “stolen” in the context of reported BTC thefts. Responding to a question on this, Lopp says: I’d say stolen is: one day you go to check your wallet and the funds aren’t there. I’d count viruses that steal private keys, it’s just harder to aggregate those types of thefts because they tend to be small scale and not get news coverage.



Meanwhile, the data shared by the CTO shows it was the darknet site Empire Market, which reported losing 2638 coins, that registered the largest lossof the year. Kucoin, the victim of a major hack, ranks second with a total of 1008 coins stolen. The other significant losses which were reported include Cashaa (337) followed by Exmo (307) while Livecoin lost 106 BTC to criminals. The rest of the reported thefts are below 100 coins.



Furthermore, the data also shows that 2020 has the lowest reported figure of stolen coins while 2014 ranks as the worst year after a total of 678,262 coins were reported stolen. Since 2014, the reported losses have been declining save for 2016 and 2019. In 2016, Bitfinex reported losing 119,756 bitcoins while investors in mainly China lost over 45,000 BTC to the Plustoken Ponzi scam.


What are your thoughts on the latest reported BTC thefts? You can share your views in the comments section below. US Treasury Warns of Increasing Ransomware Campaigns Against Coronavirus Vaccine Research Institutions SECURITY | 6 days ago Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan SECURITY | 7 days ago Tags in this story bitcoin circulating supply, Bitcoin Wallet, BitFinex, BTC, Cashaa, Digital Asset, empire market, Kucoin hack, Plus Token, stolen coins


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Shop.com Announces Cryptocurrency Acceptance to ‘Kick off the Next Chapter’ of Business
Shop.com Announces Cryptocurrency Acceptance to "Kick off the Next Chapter" of Business This past weekend at the Market America Worldwide Shop.com 2021 International Convention (MA
German Online Bank N26 to Launch Cryptocurrency Trading Business This Year
German Online Bank N26 to Launch Cryptocurrency Trading Business This Year N26, a German online neobank, has announced it will get into the cryptocurrency trading business this yea
Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks
Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks After transitioning from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum community sa
Zhiyuan Sun5 hours agoFantom DEX rescued at eleventh hour following planned shutdownSpiritSwap previously had its entire treasury drained due to the ongoing Multichain exploit.886 Total views9 Total sharesListen to artic
US Real Estate Market Shudders: Experts Predict 40% Lower Sales, March Contracts Dip by 21%
US Real Estate Market Shudders: Experts Predict 40% Lower Sales, March Contracts Dip by 21%According to the National Association of Realtors, pending contracts for property sales dr
Tron Hits Key Price Levels as Revenue and Adoption Soar: What’s Next?
Este artículo también está disponible en español. Despite broader bearish trends in the cryptocurrency market, Tron (TRX) has demonstrated resilience with notable growth
Game of Thrones NFTs Sell Out Quickly, But Draw Criticism for ‘Poorly Drawn’ Characters
Game of Thrones NFTs Sell Out Quickly, But Draw Criticism for ‘Poorly Drawn’ Characters The cryptocurrency community is discussing the new “Game of Thrones” non-f
DePINs to decentralize internet access and connectivity in India
Savannah Fortis10 hours agoDePINs to decentralize internet access and connectivity in IndiaWifi Dabba, an Indian internet service provider, is launching a second round of its DePIN-powered devices on the Solana network t
US Senator Requests Government Agencies Step Up Efforts to Prosecute Criminal Use of Cryptocurrencies
US Senator Requests Government Agencies Step Up Efforts to Prosecute Criminal Use of Cryptocurrencies U.S. Senator Margaret Hassan has requested that government agencies take
Gold ‘Clearly Turned Bearish’ Says Societe Generale as TD Securities Strategists Expect Further Downside
Gold "Clearly Turned Bearish" Says Societe Generale as TD Securities Strategists Expect Further Downside According to market analysts, the precious metal gold is officially in a be
Joe Hall7 hours agoSmall Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde videoA small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited
New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts
New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts Thailand seeks to introduce a new set of rules for retail crypt