Cryptocurrency fraud and theft in 2019 reached $ 4.4 billion. This was reported in the report of the analytical firm CipherTrace for the third quarter.
The company's specialists noted a marked decrease in the total number of crimes related to cryptocurrencies. In the third quarter, hackers stole $ 6.5 million worth of cryptocurrencies from bitcoin exchanges, while fraudsters cost users of digital assets another $ 8 million.
This total of $15.5 million represents the smallest number of cryptocurrency crimes of any quarter in the past several years. Certainly, if the lower altitude of this trend line persists it should provide a confidence boost for users and investors in an industry rocked by one exchange heist, scam or Ponzi scheme after another.
Nevertheless, compared with 2018, losses rose sharply - $ 4.4 billion against $ 1.7.
Two frauds were the most significant this year: the PlusToken cryptocurrency pyramid ($ 2.9 billion) and the collapse of the Canadian QuadrigaCX exchange ($ 195 million).
CipherTrace researchers also analyzed the KYC 120 standards of the most popular cryptocurrency exchanges. In 65% of the sites, they were rated as vulnerable and weak