Recorded Amount of Stolen BTC Declines by 92 percent as ‘Bitcoin Security Tends to Increase’

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The amount of stolen bitcoins reported publicly in 2020 plummeted to 4.472 coins or 0.02 per cent of the circulating stock of the digital currency. This current number marks a 92% decrease from the 56,870 recorded in 2019. If the existing Bitcoin rates were used, 2020 robberies triggered damages that amounted to $140 million relative to the equivalent of $1.78 billion in 2019.

According to data posted by Jameson Lopp, CTO at Casa, this marked decline in the amount of reported robberies means ‘bitcoin protection seems to be improving.’ The CTO further clarifies the significance of the word ‘stolen’ in the sense of reported BTC thefts. Responding to a comment, 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 reveals that the Empire Market darknet forum, which reported losing 2638 coins, had the biggest loss of the year. Kucoin, the victim of a big hack, ranks second with a record of 1008 stolen coins. Other notable losses reported include Cashaa (337) led by Exmo (307) when Livecoin lost 106 BTC to criminals. The remainder of the robberies reported was below 100 coins.

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

Moreover, statistics also reveal that 2020 had the lowest recorded number of stolen coins, while 2014 rates the worst year since a total of 678,262 stolen coins have been reported. The reported losses have declined since 2014, saving in 2016 and 2019. In 2016, Bitfinex announced losing 119,756 bitcoins when investors in mostly China lost more than 45.000 BTC to the Plustoken Ponzi scam.

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