Crypto Hacks Are on Track to Eclipse $1 Billion in Lost Funds This Year
Jimmy Aki's original article for bitcoinmagazine.com reduced by 70%
Crypto security and intelligence firm CipherTrace has published its Q1 2019 Cryptocurrency Anti-Money Laundering Report, revealing that exchange platforms all over the world have lost nearly $400 million as a result of hacks and thefts. According to the firm, the report is based on an analysis of 164 million Bitcoin-based transactions. Its Cryptocurrency Anti-Money Laundering Report for Q3 2018 revealed that hackers were able to steal $927 million from exchanges and other crypto platforms within the first nine months of the year.
The report also contained a forecast of $1 billion in crypto asset thefts before the turn of the year, and if the Q1 2019 report is anything to go by, numbers should be eclipsing that estimate much sooner than December. CipherTrace's report reveals that there has been a 46 percent uptick in cross-border payments from U.S. exchanges to offshore platforms from Q1 2017 to Q1 2019.
The report predicts that the introduction of new AML and Counter-Terrorist Financing regulations to the global crypto industry will make it difficult for scammers and thieves to launder their loot and make it "Clean." Pointing out some of the more substantial cases of crypto hacks, the report suggests these sorts of events should spur governments and regulators to take a harder look at the security operations and internal controls of crypto exchanges.
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CN [too long; didn’t read]
Summarised crypto news.