Lex Sokolin, global director of fintech strategy at Autonomous Research LLP said to Bloomberg that in less than less than a decade hackers stole $1.2B in BTC and ETH.
It looks like crypto hacking is a $200 million annual revenue industry. Hackers have compromised more than 14 percent of the Bitcoin and Ether supply.
Global director of fintech strategy, Autonomous Research LLP
In addition, the theft of the сryptocurrency was a loss for companies and governments of about $ 11.3 billion - potentially it could be taxes and commissions from legal transactions, said WinterGreen Research CEO Susan Eustis.
Vulnerabilities are also subject to smart contracts. June 17, 2016, one of the most large-scale attacks in the crypto industry took place - due to a mistake in the code, the promising and very popular project The DAO lost more than $ 60 million.
Co-founder of Quantstamp Richard Ma believes that in part the fault is the old-fashioned thinking of programmers.
When you have a bug, you release a patch. With a smart contract, you deploy it to the network, and it’s not possible to ever change it again.
However, according to him, this opens up new opportunities for companies specializing in cyber security. For example, in March, Quantstamp will release an automated tool for checking smart contracts for errors. In addition, established and well-known companies in this industry, including McAfee Inc., can also be redesigned to protect innovative systems.