Bitcoin Security Gets Improved, Stolen or Missing Bitcons’ Rate Drops Significantly

Bitcoin

The rate of stolen or missing Bitcoins decreases significantly by 92%. In 2019 56,870 Bitcoin were stolen or had gone missing. By the end 2020, the number of stolen Bitcoins has gone down to 4,472 BTC which comes to 0.02% now. In 2020 a total of 140 Million dollars loss was caused by Bitcoin theft but in 2019 it was reported to be US$ 1.78 Billion (as per today’s exchange rate).

 As per the report of Jameson Lopp, Casa’s CTO, the number of Bitcoin thefts had lessened in the year 2020 as compared to 2019. He suggested that the decrease could be because Bitcoin may have improved its security protocols. He also clarified as to why he had used the word “theft” specifically. He explained “theft” to mean stealing Bitcoins through the use of viruses, hacks, or using access keys unauthorizedly etc.

It was also recorded by Darknet as well that one of its marketplace had lost 2638 BTC during the year 2020. It was the highest loot of Bitcoin in the year which followed by a successful hack attack that occurred at Kucoin. Resultantly, the world-famous crypto exchange platform lost 1008 BTC in the same year as well. This was the second biggest stealing of Bitcoins recorded in the year 2020.

Similarly, Cashaa, Livecoin, and Exmo reported losses of 337, 106, and 307 respectively to hackers. Irrespective of all these losses, yet the year 2020 ended on a positive side as 2019 losses were comparatively much bigger than 2020.

Throughout crypto history, 2014 was the worst year in terms of Bitcoin losses. In that year about 678,262 BTC were stolen by criminals. However, the theft rate started to decline from 2014 until 2016. From 2016 until 2019, there were huge losses of Bitcoins reported but most of the crimes were committed due to Ponzi schemes.

In 2019, at least 119,756 BTC were reportedly stolen from the trading platform of Bitfinex alone. Meanwhile, in China, a large number of investors were lured into taking part in Plustoken Ponzi schemes and lost more than 45,000 coins.

However, the year 2020, remained quite phenomenal for the entire crypto industry. The industry saw the highest investment along with record-breaking growth and Bitcoin and others had been on the bull-run. The only crisis in 2020 was the pandemic but that too turned out to be favorable for the entire crypto industry.

If the theft rate of 2019 is compared with that of 2020, there had been a significant decrease. It had been suggested that the rate of Bitcoin theft had declined to 92% from 2019. Only 4,472 Bitcoins had been reported to be stolen which is far below than 56,870 recorded in 2019. The current rate of Bitcoin theft is below 0.02% which is something to be proud of.