Cyber Criminals Netted $4.3B From Crypto-Associated Crime in 2019: Research

Cyber Criminals Netted $4.3B From Crypto-Associated Crime in 2019: Research

AltCoin
August 12, 2019 by The Btc News
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Cyber criminals have netted $4.three billion from digital forex exchanges, traders and customers in 2019.  Blockchain safety firm CipherTrace gave its abstract crypto-related theft in its Anti-Cash Laundering report that it shared with Cointelegraph on Aug. 12. Based on CipherTrace, outright thefts, scams and different kinds of misappropriation of funds from digital forex holders and
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Cyber criminals have netted $4.three billion from digital forex exchanges, traders and customers in 2019. 

Blockchain safety firm CipherTrace gave its abstract crypto-related theft in its Anti-Cash Laundering report that it shared with Cointelegraph on Aug. 12.

Based on CipherTrace, outright thefts, scams and different kinds of misappropriation of funds from digital forex holders and buying and selling platforms resulted in round $4.three billion in losses all through 2019. 

Within the first quarter of 2019, hackers reportedly stole over $124 million from cryptocurrency exchanges, with a complete of $480 million stolen from exchanges in 2019.

The biggest single incident of loss cited by CipherTrace is the PlusToken scheme, which purportedly defrauded customers and traders of $2.9 billion.

By way of the most well-liked digital forex for illicit actions, dangerous actors primarily used Bitcoin (BTC) for buying and promoting of unlawful medicine, weapons, in addition to cyber and banking credentials. 

Nonetheless, darkish markets and malware assaults extensively make use of different cryptocurrencies, together with Ether (ETH), Litecoin (LTC), Monero (XMR), Bitcoin Money (BCH) and Dogecoin (DOGE). The report states:

“The outcomes present that privateness cash are barely utilized in darkish markets and at darkish vendor websites (e.g. solely 4% of situations contain Monero (XMR). As an alternative, Bitcoin stays the coin of the realm on this shady world, with BTC utilized in 76% of darkish market circumstances and ETC utilized in solely 7% of situations.”

In terms of malware and ransomware, criminals reportedly used BTC in 98% of reported situations, whereas ETH was used only one% of the time.

Among the many most high-profile circumstances of cryptocurrency theft in latest months, a report from the United Nations states that North Korea netted round $2 billion by hacking banks and cryptocurrency exchanges in 2019.





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