According to research by CipherTrace, losses from hacker attacks and fraud in the cryptocurrency market in the first analytical quarter of 2019 reach $ 1.2 billion.
356 million, or 29% of the total, are losses to exchanges, including 195 million of the Canadian platform QuadrigaCX, which disappeared after the death of its founder. The bulk is $ 850, allegedly used illegally by Bitfinex to cover losses from Tether reserves.
Based on CipherTrace’s calculations, for the first quarter of 2019, the estimated losses were 71% of the total losses for the entire 2018 ($ 1.7 billion). The company’s analysts say that the indicated amount includes only public information, and the real figure is most likely much higher..
Bitcoin and Ethereum Fall Substantially in $18 Billion Crypto Market Wipeout
The main reason for the rise in crime in the market is the lack of clear AML / CFT rules and gaps in the control of cross-border payments. The company also records 66% of movements assets from regulated exchanges to offshore for the year.
Recall that hackers continue to successfully steal funds from bitcoin wallets Electrum and even use Microsoft email accounts to steal virtual currencies.
text: Ivan Malichenko, photo: unsplash
1. Introduction for 15.S12 Blockchain and Money, Fall 2018