Bitcoin Stolen Through Hacks and Scams Hits a Yearly All-Time Low 16

Bitcoin Stolen Through Hacks and Scams Hits a Yearly All-Time Low

Summary:

  • 2020 had the lowest amount of Bitcoin stolen through hacks and scams
  • A total of 4,366 BTC was stolen and publicly reported
  • This is a 92% drop from 2019 and an all-time low of 0.02% of the total supply
  • Bitcoin investors and traders are getting smarter in terms of securing their investment

A lower amount of Bitcoin was stolen this year through hacks and scams when compared to previous years. This is according to data by the Co-Founder and CTO of the Casa Bitcoin App, Jameson Lopp, who pointed out that only 4,366 BTC was stolen in the last 12 months. This amount is a 92% drop from 2019 and an all-time low since 2011. Mr. Lopp shared his analysis via the following tweet and accompanying chart.

Bitcoin Investors, Exchanges are Taking BTC Security Seriously

One reason for the decline of Bitcoin stolen through hacks and scams is that BTC investors are likely getting smarter in terms of storing their coins and identifying scams. The average Bitcoin investor has been around since the 2017 bull cycle and has most likely learned which exchanges are the safest, which wallets provide the best security, and how to avoid phishing scams.

Furthermore, there has been a general crackdown on scams on a global level as seen in the recent seizure of $4 Billion in crypto from the PlusToken Ponzi Scheme.

Crypto exchanges are also working together as a team whenever one of them experiences a hack. One good example is the recent KuCoin hack that resulted in the perpetrators of the hack, having their Bitcoin addresses blacklisted. This means they would have to look for alternative methods of cashing out their loot outside the known crypto exchanges.

Bitcoin is Simply Too Valuable to Lose

Another reason Bitcoin investors and traders are keeping their BTC safe is the simple fact that it is getting more valuable by the day. Earlier today, Bitcoin did what it does best by posting an all-time high of $28,605 – Binance rate – with $30k looking likely within the first few weeks of 2021.

Bitcoin’s Monthly and Yearly Close Will be the Highest in its History

However, one hurdle stands in Bitcoin’s way in the form of the monthly and yearly close that will occur tomorrow, December 31st. Such an event is sure to bring volatility but one fact is certain; that Bitcoin will have the highest monthly and yearly close since it was launched in January of 2009.