Security expert: nearly $2.5 million stolen from exchanges daily

24 Jan, 2019 | Updated: 24 Jan, 2019
by Richard Allen
Security expert: nearly $2.5 million stolen from exchanges daily

During the recent North American Bitcoin Conference held in Miami, CNBC Crypto Trader host Ran Neu-Ner sat down with co-founder of and security expert Hartej Sawhney.

With reference to the recent Cryptopia hack, Neu-Ner asked Sawhney just how bad the hacking problem really is. According to the security expert, “$2.5 million on average is stolen from an exchange daily.” When asked just how this is possible, Sawhney explained that “hackers have low hanging fruit to penetrate exchanges,” adding that “it extremely easy for them to penetrate an exchange.”

Sawhney explains that hackers will always target the easiest exchanges, adding, because many don’t undergo regular penetration testing, hackers can usually take their pick. Couple this with the massive incentive hackers have for targeting exchanges and it’s likely what led to the Cryptopia hack.

Read more: New analysis on Cryptopia hack reveals dire facts, not only the total amount

Sawhney states he is contacted on a daily basis by people asking for help after being hacked:

He suggests that exchanges communicate with one another after a hack, explaining that Bitcoin is trackable. ChainAnalysis does it for the government, so if exchanges were more open about hacks, they’d be in a better position to implement deterrents.


Read more: Crypto needs a serious security update

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Read more about: Hack


Have you been impacted by a hacker?

(21 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage