Home News Cryptocurrency exchanges have already lost $927 million to hackers this year

Cryptocurrency exchanges have already lost $927 million to hackers this year

Cryptocurrency exchange hacks are responsible for the loss of $927 million this year. As reported by CipherTrace cybersecurity company, the amount stolen is already 250% higher than throughout all of 2017.

According to the recent report on the use of cryptocurrencies in money laundering schemes published by CipherTrace, this year’s losses already exceed last year’s total by $661 million.

As noted by CipherTrace CEO Dave Jevans, who is also chairman of the global anti-cybercrime organization, the Anti-Phishing Working Group, the real losses suffered by crypto exchanges are, in fact, much higher.

After having analyzed 350 million transactions, the company came to the conclusion that over $2.5 billion has been laundered in bitcoins (BTC) since 2009, this being the main reason for the silence kept by crypto exchanges about another $60 million lost:

“The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws.”

Jevans added, that “all exchanges get these money-laundered funds. You really can’t stop them”.

“We learn about the criminal stuff often times after it actually happened. So there’s no way to know in real time. You can know 80-90 percent of the time, but it’s impossible to know 100 percent,” – he explained.

This week, Japanese cryptocurrency exchange Zaif, which had recently fallen victim to a large-scale cyberattack, decided to delay its $60 million customer compensation plan.