Cryptocurrency crime surges as $4.4 billion stolen so far this year

In the first nine months of this year, $4.4 billion in cryptocurrencies have been stolen by cybercriminals. There has been an increase of 150% in crypto crimes and thefts this year.

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According to the CipherTrace report, more than $4.4 billion in cryptocurrencies have been stolen in the first nine months of this year. The report also mentions that the two-third of the top 120 crypto exchanges have weak KYC.

 

“Criminals are adapting for bigger and better scores.”

Dave Jevans, CipherTrace chief executive officer, said that the 150% increase in crypto theft and fraud reflects how criminals are adapting for bigger and better scores. Criminals chase money, and the money is right here and ripe for the taking. Small attacks are often easy to defend against, but targeted attacks are far more lucrative, he added.

Dave Jevand told Reuters that crimes valued under $5 million in cryptocurrencies are often underreported, as exchanges and police teams focus on the more significant more existential threats to businesses.

 

63% of the top-120 exchanges have weak KYC

According to the report, only 37% of the top 120 crypto exchanges have strong KYC policies, and the rest of 63% of exchanges have weak or porous KYC policies. CipherTrace had noted that the type of crime in the crypto sector had shifted from outright thefts to exit scams and other frauds executed by insiders, which showed exchanges have become more difficult for criminals to hack.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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