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Losses from cryptocurrency crime surge
- Wednesday | 12th February, 2020
NEW YORK (Reuters) – Losses from cryptocurrency crime surged to $4.52 billion last year, as insider theft soared even as hacking losses declined, according to a report from blockchain forensics company CipherTrace seen by Reuters. Last year’s losses were up nearly 160% from 2018’s total of $1.74 billion. Cryptocurrency user and investor losses due to fraud and misappropriation in 2019 increased by more than five times, while hacks and thefts fell by 66%, the report showed. Two large losses early last year were the main drivers for the surge, CipherTrace said. The CipherTrace report also found illicit cryptocurrency money service businesses – including crypto exchanges – have transmitted funds on the payment networks of almost all the top 10 US retail banks.
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