Cryptocurrency Thefts Surge in the First Six Months of 2018, CipherTrace Report Shows

Jul 05, 2018 at 13:46 // News
Author
Coin Idol
Cryptocurrency thefts surge

Stealing of Cryptocurrencies from crypto exchanges highly increased in the first six months of this year to triple the level experienced the whole of last year.

Furthermore, these high crypto thefts have resulted in a three-fold soar in associated money laundering, according to the available reports from CipherTrace, US-based Cybersecurity Company. 

The report by CipherTrace indicated that the first half of this year, a total sum of USD 761 million was totally stolen from crypto exchanges compared with almost USD 266 million for the whole of last year. The cybersecurity company also appraised the total losses to soar to 1.5 billion still in this year. 

Recent crypto thefts and their end-product 

The nudiustertian theft from a crypto exchange was a sum total of USD 32 million in the form of digital currencies illegally stolen from Bithumb exchange based in South Korean. 

The published report also highlights at the anti-money laundering world market, according to the report, the stolen cryptocurrencies eventually conclude being laundered to facilitate criminals undercover their accurate identities and shun being arrested. 

Major interests about the increasing criminal activity in the cryptocurrency industry from the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN) were also indicated.