One of the main problems in the crypto market today is the possibility of theft. It has been quite common to see crypto exchanges becoming sitting ducks to sophisticated hacking techniques. For instance, Coincheck even lost around $500 million. It was even the reason why Japan decided to impose strict measures when it comes to the application of crypto exchanges. Eventually, Japan allowed the industry to self-regualted with its crypto exchange association.
Recently in Turkey, it was reported that Turkish police were able to detain 11 suspects who hacked into cryptocurrency wallets using user accounts and email services. There were several complaints received by authorities recently linked to losing digital cash. Authorities were forced to do something after 14 people stepped forward to file a complaint about losing digital currencies.
During the investigation, the authorities discovered that victims lost their digital currencies via hacking into accounts and emails. And from here, it has compromised their crypto wallets. The hackers then transferred the coins to another wallet and even sold them for another cryptocurrency. This way, they were able to remove any suspicion.
The hackers were able to steal bitcoins that are worth over $80,000. The suspects were they caught after authorities looked into mobile numbers that were registered in trading platforms. The hackers transferred the funds via different crypto wallets in order to cover their tracks.
By October 26, they were arrested. 11 of them were found in different parts of Istanbul. Along with the arrest, the police were able to seize 18 cellphones, SIM card, 22 memory sticks, 6 laptops, 3 hard disks, tablet, 2 driver’s license, and a fake identity card as well.
The investigators are currently looking for other potential victims who could’ve been victimized by the thieves. Authorities were also able to locate the ATMs and banks that they have used where they picked up the funds. The security cameras were able to record the suspects.
Rampant Hacking Incidents
Hacking incidents in the crypto market are quite rampant today. In fact, North Korea is also said to be one of those countries that even supported hackers. There are different ways how hackers get your information. There are those that make use of simple phishing strategies while others make use of software that can infect your computer. It is suggested that you take your funds offline in order to protect them from hackers. This has been the most common mistake even by high profile crypto exchanges.
Just how serious is hacking as a problem today? According to reports, cryptocurrency hacking incidents were already able to steal a total of $882 million after a year and a half. According to Bank Infosecurity, “In many ways, the attacks against virtual currency exchanges mirror the pedestrian—but effective—hacks that continue to compromise so many enterprises. Namely, attackers’ phishing emails continue to dupe victims into divulging credentials or installing malware”.
It has also been predicted that by next year, there will be an increased number of cryptocurrency exchanges that are going to be targeted by hacking groups.
It is quite true that there are a growing number of people who lost a significant amount of cryptocurrencies. There are also crypto exchanges that made use of hacking incident as an exit scam.