Criminals net over $4bn in 2019 for cryptocurrency crimes
Criminals have made an estimated $4 billion in 2019, partaking in illegal activities involving cryptocurrency and blockchain technology.
CipherTrace, a cryptocurrency security agency, announced its estimations of blockchain related crime in a recent report on the 12th of August. The blockchain security company claims that, hacking, private key theft, scamming and other misappropriation of funds from digital currency holders and cryptocurrency exchanges, resulted in more than $4 billion in cryptocurrency losses in 2019.
In Q1 of 2019 alone, cryptocurrency hackers stole over $120 million from a number of high ranking cryptocurrency exchanges such as Binance. It is estimated that a total of $480 million stolen from exchanges this year.
CipherTrace’s report suggests that the PlusToken scheme was the single largest cryptocurrency scam of 2019, which allegedly defrauded investors of the token of nearly $2.9 billion. Bitcoin remains the most popular cryptocurrency for purchasing drugs, weapons and bank and identity details.
Bitcoin is also the cryptocurrency of choice for hackers who implement malware and ransomware, to extort their victims. CipherTrace reports that hackers used Bitcoin in 98% of reported instances, with Ethereum as the second most popular, at 1%.
To avoid losing your cryptocurrency to hackers, or scammers, make sure to secure your coins in an encrypted wallet, offline. Learn how to keep your coins safe.
Published at Tue, 13 Aug 2019 10:16:12 +0000
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By laboratoriolinux on 2017-11-11 01:21:22