Study Suggests Americans Are Main Target For Crypto Hackers

In 2017, the amount of compromised accounts on cryptocurrency exchanges had increased by over 300+% compared to the previous year.


A Russian cybersecurity firm known as Group-IB, which consists of professionals who provide the service of investigating high-tech crimes and online fraud, recently conducted an investigation into cryptocurrency.

They sought to analyze the extent of cryptocurrency theft and to also recommend possible solutions to the problem.

Their study suggests that Americans might be the main target for cryptocurrency hackers.

In 2018, the number of compromised accounts is still on the rise,...

It's reported that there have been at least 212 leaks of login data estimated to have taken place by January. This means that 2018 has already seen an increase of more than 600% compared to the average that was seen on a monthly basis in the previous year.

After the United States, it's suggested that China and Russia are also favorable targets for hackers.

By their estimations, roughly 1 in 3 victims are American.

It's estimated that more than $80 million has been stolen, from crypto exchanges through account leaks.

And the research group admits that they've identified at least 50 different active botnets that might be responsible for the leaks. According to researchers, the boost in bitcoin popularity in recent years has directly fueled an increase in compromised accounts.

Weak Passwords And No 2FA

A great deal of cryptocurrency users are making passwords for their accounts on cryptocurrency exchanges that are 8 characters or less.

When it comes to making a strong password, tech experts have suggested trying to make one that is longer than 8 characters, or one that also includes a variety of different numbers or characters, though that can sometimes make it more difficult to remember. Previous research on this subject (password strength) however, has suggested that making your password longer, or including symbols, is going to be much more effective than using upper and lower case mixed together with numbers; as many sites recommend for users today when setting up their password.

Researchers concluded that weak passwords and the reluctance to become acquainted with two-factor authentication (2FA) has meant that too many people have been victimized.


Group-IB has a few recommendations for users who might want to improve their chances and safety and that includes using separate passwords for various exchanges and using 2FA. They also urge caution whenever a user might be trying to make exchange transactions while connected to Wi-Fi.

Pics:
Pixabay

Related Posts:

IMF Head Wants To Use Blockchain To Regulate Bitcoin

A Look At The Most Crypto-Friendly Nation

Sort:  

Historically Americans have been the top investors in crypto so it is obvious that they would be targeted first. Although the same cannot be said for the Russians and the Chinese. I am pleasantly surprised to see that Japan is not in the top spot on this one.

I guess the heart of this issue lies in the individual choice. We all need to become better at handling the security of our exchange accounts and wallets. Passwords, 2FA, multilayered security logins are something that we all need to get used to and fast. As soon as the next bull run starts, this number will grow crazy and records for number of accounts breached would probably be higher than before.

I think that it would be much more relevant to publish relative data - percentage of different nationalities that got scammed. Anyway, really good article @doitvoluntairly!

Yeah I think those of kind of parameters would be helpful. They already might have the data, even a more comprehensive list than they are saying. I am sure those who are investing million in this game are doing it with all their bases covered. At least in terms of research......

Hello how are you? information very important now that the world of cryptocurrency is growing at speed every day no wonder that cryptographic hackers are alert to make theirs, a power as it is USA is to imagine that it is a perfect target for these friends of the foreign

Very valuable information, greetings from Venezuela!

This news is an alert, it is not surprising that now the objective of these cryptographic hackers is of course as its name says go behind the people who handle cryptocurrency, the technology is the best that could reach the world but as everything is not escape from evil
Greetings from Venezuela, thank you for your support!

Good thing I’m Canadian!

You have to be very careful with this issue today are the United States, with the great growth that have the criptomoendas, we will all be blaco of the hakers.
we will have to look for the best protection tool
Many Garcias dear friend @doitvoluntarily for sharing this information
I wish you a great day

Either its the dictionary attacks or the account user click on phishing links. I have seen a video in which the victim was hacked and he had his Password saved on the desktop of his PC in a txt file name "Coinbase password" xD

It is not surprising that the United States behind the Hackers are really power in everything they do is a good interesting article

interesting, a lot of rich marks here I imagine.

Wow over 80 million stolen, i'm in the wrong business! Lol! 😂 And 1 in 3 are Americans , wow! Great advice at the end @doitvoluntarily , thanks for sharing the info!upped by both accounts on auto , now resteemed!👍👍👍✌

Coin Marketplace

STEEM 0.37
TRX 0.12
JST 0.040
BTC 70162.45
ETH 3540.43
USDT 1.00
SBD 4.79