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

The number of stolen bitcoins that were openly reported in 2020 dropped to 4,472 coins or 0.02% of the digital possession’s flowing supply. This brand-new figure represents a 92% drop from the 56,870 reported in 2019. When utilizing present bitcoin rates, the 2020 thefts triggered losses that are comparable to $140 million versus the 2019 comparable of $1.78 billion.

According to information that was shared by Jameson Lopp, the CTO at Casa, this significant decline in the number of reported thefts indicates “bitcoin security appears to be enhancing.” The CTO also clarifies the significance of the term “stolen” in the context of reported BTC thefts. Responding to a concern on this, Lopp says:

I’d state stolen is: one day you go to examine your wallet and the funds aren’t there. I’d count infections that take personal secrets, it’s simply harder to aggregate those types of thefts since they tend to be little scale and not get news protection.

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Meanwhile, the information shared by the CTO reveals it was the darknet website Empire Market, which reported losing 2638 coins, that signed up the biggest loss of the year. Kucoin, the victim of a significant hack, ranks 2nd with an overall of 1008 coins stolen. The other considerable losses which were reported consist of Cashaa (337) followed by Exmo (307) while Livecoin lost 106 BTC to wrongdoers. The rest of the reported thefts are below 100 coins.

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

Furthermore, the information also reveals that 2020 has actually the most affordable reported figure of stolen coins while 2014 ranks as the worst year after an overall of 678,262 coins were reported stolen. Since 2014, the reported losses have actually been decreasing conserve for 2016 and 2019. In 2016, Bitfinex reported losing 119,756 bitcoins while financiers in primarily China lost over 45,000 BTC to the Plustoken Ponzi fraud.

What are your ideas on the most recent reported BTC thefts? You can share your views in the comments area below.

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