Cryptocurrency Fraud Losses Surge to $4.4 Billion: CipherTrace Report

Cryptocurrency theft has surged in 2019 compared with last year, with more money flowing through digital exchanges and criminals looking to carry out bigger heists, according to a report from blockchain forensics company CipherTrace obtained by Reuters.

Losses from digital currency crime soared to $4.4 billion in the first nine months of the year, up more than 150% from $1.7 billion in all of 2018.

“The 150% increase in crypto theft and fraud reflects how criminals are adapting for bigger and better scores,” Dave Jevans, CipherTrace chief executive officer, told Reuters.

“Criminals chase money and the money is right here and ripe for the taking. Little attacks are often easy to defend against, but targeted attacks are far more lucrative,” he added.

Cryptocurrencies have attracted intense regulatory scrutiny around the world, as developers and market participants in the space seek to push this asset class into the mainstream.

Two large thefts were the main drivers…