CipherTrace Cryptocurrency AML Report: $4.26 billion siphoned during the first half of 2019

August 1, 2019 | Digital Assets, News

Its a big, evil world out there in cryptoverse. Scams and hacks abound, and the amounts are getting bigger

The CipherTrace Cryptocurrency AML Report for Q2 2019 issues a few alarming data points.

Digital currencies and exchanges appear to have become the happy hunting grounds of criminals who can steal billions of dollars with ease and impunity.

Investors, exchanges, and cryptocurrency users lost over $4.26 billion to scammers and hackers during the first half of 2019.

CipherTrace Cryptocurrency AML Report on the bigger heists

The CipherTrace Cryptocurrency AML Report mentions the following as the largest heists.

  • $2.9 billion – “South Korean” Plus Token app and exchange siphoned by six Chinese nationals
  • $851 Million – “Lost” by exchange Bitfinex
  • $571 million – According to the UN, the amount was stolen by North Korean hackers
  • $44 million – Cyberattack theft from exchange Binance
  • $30 million – Amount hacked from Japanese exchange BITpoint
  • $23 million – Bitcoin lost after Polish exchange Bitmarket downed shutters; exchange founder dead

State of the art modus operandi

“Exchanges and users are facing a greater sophistication in the tactics, techniques, and procedures (TTPs) cybercriminals are using to target the cryptocurrency space,” says the CipherTrace report. “In the case of exchange robberies, hackers have developed advanced methods to overcome even the current “best practice” security in place at the more vigilant exchanges.”

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