Cyber Criminals Netted $4.3B From Crypto-Related Crime in 2019: Study

Cyber criminals have netted $four.three billion from digital foreign money exchanges, buyers 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.

In keeping with CipherTrace, outright thefts, scams and other forms of misappropriation of funds from digital foreign money holders and buying and selling platforms resulted in round $four.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 most important single incident of loss cited by CipherTrace is the PlusToken scheme, which purportedly defrauded customers and buyers of $2.9 billion.

When it comes to the most well-liked digital foreign money for illicit actions, dangerous actors primarily used Bitcoin (BTC) for buying and promoting of unlawful medication, weapons, in addition to cyber and banking credentials. 

Nevertheless, 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 four% of cases contain Monero (XMR). As a substitute, Bitcoin stays the coin of the realm on this shady world, with BTC utilized in 76% of darkish market instances and ETC utilized in solely 7% of cases.”

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

Among the many most high-profile instances of cryptocurrency theft in current 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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