Thursday July 05, 2018

Cryptocurrency Exchange Theft Surges in First Half of 2018

According to Reuters, cybersecurity firm CipherTrace has released a report that shows cryptocurrency exchange theft in the first six months of this year surged three times higher than all of 2017. They say this led to a three-fold increase in associated money laundering as a result. Also, activity like this is starting to attract more attention from regulatory entities and some countries are ratcheting up their regulatory efforts. Keep an eye on this cryptocurrency fans.

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For instance, the report also cited concerns about rising criminal activity in the sector from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), which referred to cryptocurrency-denominated ransomware payments and research showing that $1.5 billion was stolen in hacks of exchanges over a two-year period.