Cryptocurrency News Today: CipherTrace: Cryptocurrency thefts, scams, and fraud could hit $4.3 billion in 2019
Cryptocurrency thefts, scams, and fraud could hit $4.3 billion in 2019, according to a report by Cryptocurrency intelligence firm CipherTrace, which previously reported Q1 fraud at about $1.2 billion.
CipherTrace has now released its Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report, the latest comprehensive overview of major Cryptocurrency thefts, scams, and fraud around the world.
Thefts continue unabated
Although digital exchanges, wallets, and other Cryptocurrency custody services are strengthening their defenses, hackers continue to innovate and outpace even current state of the art cyber security, the report said. Even Binance, the world’s No. 1 Cryptocurrency exchange, lost tens of millions in Cryptocurrency assets to a breach perpetrated by sophisticated hackers who used a lethal cocktail of phishing, viruses, and other attack vectors.
In total, cybercriminals looted $125 million in Bitcoin, Ethereum, and other digital assets from exchanges in Q2 2019. However, CipherTrace based this number on the price of the assets at the time they were stolen. Given recent price movement of Bitcoin and other tokens, which have tripled in value during Q2 2019, the actual value of the stolen currency is likely much greater. Additional exit scams, thefts, and dark market takedowns still under investigation could push the total losses much higher.