News

$1.7 billion worth of cryptocurrencies were stolen in 2018

cryptocurrency theft stolen
2018 saw a 400% increase in cryptocurrency theft

According to a report by CipherTrace, a security research firm, crypto market saw a whopping $1.7 billion stolen from cryptocurrency exchanges or scammed from investors, a 400% rise from 2017.

Almost $1 billion were stolen from various exchange with Korea and Japan consitituting almost 60% of the global figures.

According to the report, the actual amount of stolen cryptos is likely to be higher since the $1.7 billion figure is based on crimes that were validated.

The numbers have surprised the researchers considering that the crypto market has shrunk by 80% from its peak of about $600 billion, however, the value of stolen assets have increased by 400%.

According to the report, the agents behind the attacks have already laundered the money and are usually located in countries with weak anti-money laundering and know-your-customer measures making it easier for them to disperse and launder the money as well as stay hidden from the authorities.

Source

ALSO READ  Microsoft Store has several Cryptojacking Apps

Leave a Comment