Stolen Bitcoins Total $6 Billion Since 2011 – Reuters Report

Crime, Investing, News | November 16, 2017 By:

A Reuters investigation into Mt. Gox, the king of cryptocurrency hacking incidents, has revealed another interesting statistic about exchanges – they have experienced massive theft.

The wire service said exchanges have become “magnets for fraud and deception,” and reports at least 10 have closed, “often after thefts, leaving customers without their funds.”

In all, Reuters calculated that more than 980,000 bitcoins have been stolen from exchanges since 2011, with two-thirds of the total coming from the Mt. Gox hack. The total value of the stolen coins would be worth more than $6 billion.

Mt. Gox, once the world’s largest bitcoin trading exchange, lost hundreds of millions of dollars in cryptocurrency and cash thanks to a 2014 hack. The company ceased operations and no customers have recovered funds, even though an investigator recently found $1.6 billion of the purloined funds. Litigation over the money and other issues is ongoing in several countries, with bankruptcies complicating creditor claims.