Cryptocurrency thefts are growing rapidly



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Cryptocurrency thefts are growing rapidly

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In the first nine months of 2019, cryptocurrency exchange losses increased significantly compared to last year, Reuters reported, citing data from CipherTrace.

Cryptocurrency crime losses are estimated at $ 4.4 billion between January and September. That’s double and a half more than the total for 2018, which is $ 1.7 billion.

According to CipherTrace experts, the rise in losses from theft and cryptocurrency-related fraud shows that criminals are successfully taking on new jobs. Much damage is done by targeted attacks on large targets. There are two major incidents this year.

One of them used the pyramid scheme and the PlusToken exchange service. Cryptocurrency users and service users lost $ 2.9 billion.

Another major fraud concerns the bankruptcy of the Canadian cryptocurrency exchange QuadrigaCX after the unexpected death of a 30-year-old co-founder and CEO – the only person who knew the password to the offline stock portfolio. Losses are estimated at $ 195 million.

Obviously smaller incidents are as impressive as the total amount. But CipherTrace notes that crimes worth less than $ 5 million are often not reported as law enforcement agencies focus on more serious business threats.

Cryptocurrency thefts are growing rapidly



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