3 December 2020
As the years' pass, the cases of crypto crime are rising. The popularity of digital currency has also attracted many cyber-criminals who break into the exchanges with security hacks and scam individuals investors over fraud investment schemes.
According to the report by a blockchain analytics company based in Amsterdam, Crystal Blockchain, the number of stolen cryptocurrencies have surpassed $7 billion in value combined.
The information reveals that a precise amount of $7.6 billion has been lost by cryptocurrency investors for the past nine years. The amount covers fraudulent activity, scams, security hacks, and cyber-terrorism conducted in these 9 years. This shows how crypto crimes are growing around the world. The firm has confirmed that there were 23 fraudulent schemes and 113 security hacks.
The reports show, Countries like the United States, Japan, United Kingdom, China, and South Korea, have the largest crypto crime cases. The exchanges that are most attacked are those operating with lax security and hot wallets services. The latest crypto exchange with a security breach is Coincheck. In 2018, the exchange was attacked and lost more than $400 million worth of digital currencies.
Crystal Blockchain states that the number of crypto crimes will continue to increase in the coming years as the cryptocurrency industry continues to grow. This shows the need for crypto exchanges, companies to update and introduce advanced security measures to ensure more safety of customers’ funds.