Crypto scams surge, losses hit $4.4 billion by mid-September: CipherTrace

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Crypto scams surge, losses hit $4.4 billion by mid-September: CipherTrace

Crypto-related theft had surged substantially in 2019 compared to last year, as bigger-sums were flowing through the digital coin exchanges following an escalation of Sino-US trade war that prodded some investors to contemplate cryptos as safe-haven assets, while crypto criminals appeared to be looking for bigger loots online, a report from Blockchain forensic firm, CipherTrace had unveiled on Wednesday, the 27th of November 2019.

Besides, latest CipherTrace report comes over the heels of a People’s Bank of China’s decision over the last weekend to crack down on crypto trading and mining in the Shanghai municipality, citing potential risks involved in crypto trade.

Aside from that, according to the CipherTrace report handed over to a press agency on Wednesday (November 27th) morning, losses from digital asset related scams were surged to $4.4 billion over the first three quarters of 2019, roughly 150 per cent up from a prior figure of $1.7 billion in crypto-related thefts at the same time a year earlier.

Meanwhile, underscoring impacts of an unsafe digital surroundings mostly meaded of crypto thefts seeking bigger sums than last year who remained in the deep dot shadows, CipherTrace Chief Executive, Dave Jevans said to the reporters on Wednesday (November 27th), “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. Little attacks are often easy to defend against, but targeted attacks are far more lucrative. ”