Crypto Security Is Increasingly Sophisticated, Bitcoin Thieves Work 13 Times Faster

Kanalcoin.com – A report says that

thieves are currently working 13 times faster than before. This was allegedly triggered by the increasing sophistication of security carried out by crypto exchanges around the world.

A blockchain analyst company, Crystal Blockchain, released an interesting finding some time ago. Crystal Blockchain states that bitcoin thieves work 13 times faster than five years ago in 2020.

In addition, Crystal Blockchain also stated that the volume of stolen bitcoins in 2019 had grown significantly. Crystal Blockchain also reports that the current trend of bitcoin theft has changed from five years ago.

In 2015, bitcoin thieves and fraudsters targeted exchanges that had verification mechanisms in place to carry out their actions. In fact, the number reached 53 percent of all cases that occurred in 2015.

However, in 2020, that 53 percent figure has fallen drastically and leaves only 8 percent of all the funds stolen by bitcoin thieves and fraudsters that year. Crystal Blockchain said that bitcoin thieves have a new target.

Bitcoin criminals now prefer to target cryptocurrency exchanges that do not include verification requirements in their systems. Apart from that, Crystal Blockchain also states that bitcoin thieves now only hide their stolen proceeds within an average of 28 days.

According to the Crystal Blockchain report, there are several reasons why bitcoin thieves are now working faster than before and changing their targets. The reason is, now more and more bitcoin exchange companies are using the services of blockchain analytics companies.

The two companies usually work together to make their security system so that it is not easily penetrated by bitcoin thieves. As a result, criminals tend to liquidate their loot more quickly than ever before.

“In the case of security breaches, for example, the combination of the speed at which information spreads among members of the crypto community in 2020 compared to 2015, as well as the increased ability to instantly mark addresses as high risk by blockchain analytics platforms, are now forcing crypto criminals to withdraw stolen assets over long periods of time. shorter than before,” read the Crystal Blockchain report, quoted by Kanalcoin.com from News.Bitcoin.com.

Nevertheless, Crystal Blockchain still warns of the potential for the development of theft schemes carried out by these criminals. According to Crystal Blockchain, these bitcoin thieves could have created a new, more sophisticated scheme to carry out the action.

“As the number of VASPs using analytics tools increases, the fight against theft and other illegal activity continues to increase,” said Crystal Blockchain.

“This means, however, that the schemes used by crypto criminals to withdraw stolen funds will become more complex and stealthy, and they will certainly try to withdraw their assets in a shorter timeframe than before,” they continued.

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