Cryptocurrency crime losses more than double up to $4.5 billion in 2019



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Cryptocurrency crime losses more than double up to $4.5 billion in 2019

Despite a withering wave of backlashes on cryptocurrency firms and miners across the globe including a sweeping ban inclined on crypto mining and trading on Beijing’s municipality area later last year, losses from the crypto-related crimes appears to be rising intransigently with no remedy in sight thus far.

On top of that, according to a report from the blockchain forensic firm, CipherTrace seen by a press agency reporter on Tuesday, the 11th of February 2020, crypto-related scams and crimes rose more than 160 per cent last year on an annualized basis to $4.52 billion or £3.50 billion, as crypto insider thefts including those of linked with ICO (Initial Coin Offering) issuances mostly through Ethereum over the course of last year had mushroomed, nonetheless, the CipherTrace report had reflected a decline in hacking-related losses.

Apart from that, according to the CipherTrace report brought in to light on Tuesday (February 11th), total cryptocurrency-scam related losses were $1.74 billion back in the 2018s, while the amount had soared by 160 per cent last year on an annualized basis as beforementioned.

Meanwhile, addressing to a substantial scale of insider scams alongside an introduction of Ponzi schemes in cryptocurrencies, CipherTrace Chief Executive, Dave Jevans said on Tuesday (February 11th), “We noticed a significant uptick in malicious insiders scamming unsuspecting victims or leaching on their users through Ponzi schemes.

Attacks from the inside of organizations lead to significant exits with major consequence to the crypto-ecosystem. ”