Cryptocurrency Thefts Triple During First Six Months of 2018
CipherTrace, a cybersecurity company, has reported that cryptocurrency thefts from exchanges have tripled in the first six months of 2018, about three times more than any reported number of thefts throughout the entirety of 2017.
A report shows that an amount of more than $700M in stolen cryptocurrencies has occurred since 2018 began, compared to a relatively low $266M throughout all of 2017. The company predicts that thefts could rack up well above one billion dollars by the end of the year as countless cases of money laundering persist.
New technology is being released by CipherTrace to assist cryptocurrency exchanges in abiding by current
anti-money laundering laws.
CEO Dave Jevans said that reported cases of stolen assets are triple what they were last year. He also said that criminals would use laundering to remain hidden and avoid exposure, which is why money laundering itself has seen a three-fold spike since the new year.
Due to the recent boost in thefts and money laundering,, Jevans says that authorities around the world are shifting their attention towards the issue.
As illegal activities continue to rise this year, U.S. officials have reported that a total $1.5B in cryptocurrencies have been stolen in the previous two years through infectious ransomware and malware.
Jevans added that as more law officials turn their attention the matter at hand, it's just a matter of time before the proper regulations regarding money-laundering are implemented and enforced on an international scale.