Cybercriminals have raked in an estimated $4.3 billion USD in 2019, according to cryptocurrency intelligence firm CipherTrace.
According to the latest Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report released by CipherTrace, aggregate crypto losses amounted to $4.3 billion this year.
Hacking-related thefts add up to $125 million, amounting to a 2019 total of $227 million. In other words, hackers looted $125 million in cryptocurrencies such as Bitcoin, Ehtereum, and additional digital assets from exchanges in the second quarter of 2019.
Over just the last couple of months, hackers and cybercriminals have been able to steal approximately $160 million in assorted crypto funds. However, this number might be larger, considering that cryptocurrencies like Bitcoin have increased in price after the information was initially collected. Exit scams, thefts, and dark market takedowns currently under investigation might drive the total losses significantly greater.
Despite the fact that crypto exchanges, wallets, and other crypto services are reinforcing their
The report pinpoints a concerning tendency that could outshine cryptocurrency losses from hackers, which is the exit scam.
Even though successful hacks yielded $227 million during the first quarter of 2019, various purported exit scams under investigation have netted crooks $3.1 billion, and $874 million in misappropriated funds.
Cryptocurrency investors have been a victim to numerous
The crypto sector is also burdened with various Ponzi schemes, like the one involving PlusToken, which is being investigated for possible losses of almost $3 billion in cryptocurrency, according to the report.
Moreover, darknet marketplace Wall Street Market’s attempted exist scam brought forth the confiscation of over $11 million worth of cryptocurrency assets by European authorities. Notably, Wall Street Market was one of the three darknet markets confiscated this quarter.
CipherTrace discloses that despite the growth of privacy coins, Bitcoin remains to be most popular among dark markets and cybercrime activities. Nevertheless, dark markets and malware attacks broadly deploy other cryptocurrencies such as Monero (XMR), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), and Litecoin (LTC).
Cryptocurrency continues to be one of the most conjectural industries. Considering the proclivities of digital assets to spike at any moment, investors may obtain wealth very rapidly, which can elucidate the increasing existence of threat actors operating online.
CipherTrace points out that funds acquired illicitly will shortly be subjected to examination following the Financial Action Task Force’s (FATF) new Travel Rule. The rules mandate personal details for both the sender and receiver of funds for transfers that are over $1,000.