Report: Crypto-Related Fraud and Theft Resulted in $4.4B Loss in 2019
Ana Alexandre's original article for cointelegraph.com reduced by 74%
In 2019, the total volume of cryptocurrency-related fraud and theft resulted in losses worth $4.4 billion, according to CipherTrace's report for the third quarter of 2019.In its "Cryptocurrency Anti-Money Laundering Report, 2019 Q3," security research firm CipherTrace delved into the 120 most popular cryptocurrency exchanges' compliance with Know Your Customer and Anti-Money Laundering requirements and analyzed patterns in crypto-related crimes. Total losses from crypto theft on the year have sky-rocketed since 2018, as crypto thieves go after larger sums. Crypto thefts accounted for $4.4 billion in losses, up from $1.7 billion the year previously.
Two particular scams, the PlusToken scheme and the QuadrigaCX crypto exchange fiasco accounted for the vast majority of losses. Out of the 120 analyzed crypto exchanges, 35% have strong KYC standards, 41% have "Porous" standards and 24% have weak KYC standards. Recent high-profile crypto fraud casesCyber criminals are developing new and more sophisticated methods to obfuscate the flow of funds.
Earlier today, major South Korean cryptocurrency exchange Upbit - which is run by a subsidiary of Korean tech giant Kakao - notified users of the theft of 342,000 Ether from its hot wallet.
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