Crypto Cybercrime Has Tripled Since 2017; Nearly $1 Billion Lost in 2018

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Most digital exchanges are unregulated and therefore unqualified to safely process cryptocurrency transactions. They don’t employ necessary know-your-customer (KYC) tactics, and roughly $1 billion in digital asset funds have been stolen since the start of 2018.

These are the unsettling claims made by a new report released by blockchain and virtual currency forensics firm CipherTrace.

The most popular target currency still appears to be bitcoin, and one of the document’s key findings is that roughly 97 percent of bitcoin used in illegal transactions or that stem from criminal activity are sent to unregulated digital exchanges that enforce weak anti-money laundering (AML) tactics. An exchange is considered lacking in AML mechanisms if it does not regulate illegal drug

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