Cryptocurrency Theft Almost Reaches $1 Bln In Nine Months Of 2018

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    U.S.-based cybersecurity firm, theft of cryptocurrencies through attacks on exchanges and trading platforms in the first nine months of 2018 amounts to $927 mln

Cryptocurrency Theft Almost Reaches $1 Bln In Nine Months Of 2018
Cover image via u.today

According to a report made by CipherTrace, a U.S.-based cybersecurity firm, theft of cryptocurrencies through attacks on exchanges and trading platforms in the first nine months of 2018 amounts to $927 mln, which is roughly 250 percent more than in 2017.

In 2017 the amount of stolen cryptocurrencies totaled just $266 mln. The report showed a growing number of smaller hacks in the range of $20-60 mln. It also showed that the world’s top cryptocurrency exchanges from countries with weak anti-money-laundering laws were used to launder more than $2.5 bln since 2009.

“The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money-laundering laws,” said Dave Javans, CEO of CipherTrace.

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About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.

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