Research Reveals $1.7 Billion Obtained via Crypto Thefts and Scams in 2018


0

About $1.7 billion in cryptocurrency had been obtained via illicit means in 2018, according to research published by crypto analytics company CipherTrace on Jan. 29.

Of that $1.7 billion, over $950 million was stolen from crypto exchanges, representing a 3.6 times increase over 2017. On the other hand, at least $725 million was lost in 2018 to scams such as ponzi schemes, exit schemes and fraudulent initial coin offerings (ICOs).

CipherTrace also listed what the company believes to be the top ten cryptocurrency threats: the highest is SIM swapping, which is a kind of identity theft involving taking control over the victim’s phone number, usually to obtain access to two-factor authentication codes.

Other major threats cited include crypto dusting, which involves sending tainted cryptocurrency to huge quantities of addresses, and the evasion of international sanctions with crypto promoted by states like Venezuela and Iran. The report also references cryptocurrency mixers — non-licensed shadow money service businesses — cryptojacking attacks on data centers and lightning network anonymity.

The research warns about decentralized stablecoins — which could be anonymous — online extortion and blackmailing and, lastly, cryptocurrency-stealing ransomware that not only prevents access to user data, but also steals wallet private keys.

As Cointelegraph recently reported, research outlined by blockchain analytics company Chainalysis has revealed that two probably still active hacker groups have reportedly stolen $1 billion in cryptocurrency.

Also, news broke yesterday that two weeks after it first reported a hack, New Zealand-based cryptocurrency exchange Cryptopia is still compromised by cybercriminals.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format