Coin Price

$ 5,582.71
$ 41.96
$ 175.46
$ 111.23
$ 135.59
$ 89.29
$ 0.5135
$ 4.61
Quotes dellayed up to 2 minutes.
Posted on

Cryptocurrency Thefts Approach $1 Billion in First Nine Months

3 Views
0 Total shares
cryptocurrency theft

Any time you invest in an asset like cryptocurrency, you must protect yourself.

You just have to.  If not, you’re leaving yourself exposed to higher than normal, undue risk.

Remember, when it comes to crypto trading, there’s a tulip mania-frenzy.  The frenzy has become so wild investors were taking  second mortgages to buy them.  But with popular trends come risks and the potential for fraud.  That’s a known.

Cryptocurrency Thefts Hit Nearly $1 billion in 2018

In fact, theft of cryptocurrencies through hacking of exchanges and platforms soared to $927 million in the first 9 months of 2018, up 250% from 2017, says CipherTrace, as quoted by Reuters.

The data shows that the world’s top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009.

For example, up to 97% of direct Bitcoin payments from criminals went to exchanges in countries with weak anti-money laundering laws.  Up to 5% of all Bitcoin sent to poorly regulated exchanges comes from criminal activity before the money is moved, undetected, into the global financial payments system.

54% of Exchanges Have Security Issues

In addition, a report by ICO Rating has noted that 54% of exchanges have security vulnerabilities.

We have to consider that digital thieves have stolen millions of dollars’ worth of cryptocurrency from various exchanges. The largest crypto exchanges contain large amounts of digital cash.

That’s what makes the security issues much worse, and can damage trust.  But there are ways to protect your assets.

The UK Action Fraud team has noted, “It’s vital for anyone who invests or is thinking of investing in cryptocurrencies to thoroughly research the company they are choosing to invest with. The statistics show that opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and using every trick in the book to defraud unsuspecting victims.”

 

 

Want the latest crypto news? Join our Telegram Channel

Daily updates