CipherTrace says $3.1 billion may have been stolen at cryptocurrency exchanges in 2019

Why it matters: Cryptocurrency is among the hottest subjects in tech, mainly due to its increase in popularity as a financial tool over the last few years. Some people view cryptocurrencies as the key to freedom while others see them as the perfect opportunity to create scams and do their money laundering. Regulators are worried this could easily get out of hand, so they’ve increased their oversight of virtual assets to prevent fraud.

Judging by the latest Cryptocurrency Anti-Money Laundering report by security research firm CipherTrace, crypto criminals are likely to loot an estimated total of $4.3 billion in crypto funds through fraud and theft throughout 2019, which is almost four times the total amount of losses registered last year.

The analysis shows that just in the second quarter of 2019, hackers stole almost $125 million in Bitcoin, Ethereum, and alternative coins from exchanges. It’s worth noting that these numbers are based on…