Crypto theft loss hit a staggering amount of £4.4billion by September
Scams decline during Q3, CipherTrace reported

Despite several security measures, digital currency crime soared to $4.4 billion in the first nine months of the year. As per CipherTrace’s Q3 Anti Money Laundering (AML) report, digital currency crime is up more than 150% from $1.7 billion in all of 2018. Nearly 65% of crypto exchanges do not have good or proper KYC procedures, report found.

Lately, virtual currencies have been attracting intense regulatory scrutiny around the world, as more criminals are using them for illicit transactions. Furthermore, developers and market participants in the space seek to push this asset class into the mainstream.

Earlier in August, it was reported that the cyber-criminals managed to sweep $125 million in Bitcoin, Ethereum, and other digital assets from exchanges in Q2 2019.

CipherTrace also highlighted that the sector has encountered $15.5 million in quarterly thefts and scams in the third quarter, the lowest in two years.

Source – Cryptovest