Cyber Criminals Made $4.3B From Crypto-Related Crime in 2019 According To Research

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Cryptocurrency News Today – Cybercrime persists in its rising scale and density, altering vital services, businesses, and private individuals equally. According to cryptocurrency’s news update, Cybercrime costs the UK billions of pounds, instigates ineffable harm, and endangers national security. Cybercriminals, according to Cryptocurrency News Update, have made $4.3 billion from digital currency exchanges, investors and users in 2019. In a recent Cryptocurrency News Update on August 12, Blockchain security company CipherTrace gave its review on crypto-related theft in its Anti-Money Laundering report.

In the report by CipherTrace, they stated that total thefts, rip-offs and other kinds of embezzlement of funds from digital currency holders and trading platforms amounted to around $4.3 billion in losses all through 2019.

Bitcoin (BTC) Price Today – BTC / USD

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bitcoin
Bitcoin(BTC)
$8,212.38
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Going by the cryptocurrency crime analysis in the first quarter of 2019, it was reported in a cryptocurrency news update that hackers allegedly purloined over $124 million from cryptocurrency exchanges, with an aggregate of $480 million purloined from exchanges in 2019. In the report CipherTrace quoted PlusToken scheme as the major instance of loss, this event supposedly duped users and investors of $2.9 billion.

Cryptocurrency News Today – BTC Mist Prominent Currency Used for Cybercrime

Bitcoin (BTC), however, is the most prevalent digital currency used in perpetrating these deeds. BTC is used for procuring and selling of weapons, prohibited drugs, including cyber and banking identifications. Although, dark markets and malware attacks broadly utilize other cryptocurrencies, as well as Ether (ETH), Litecoin (LTC), Monero (XMR), Bitcoin Cash (BCH) and Dogecoin (DOGE). In a recent cybercrime analysis when it comes to malware and ransomware, criminals purportedly used Bitcoin (BTC) in 98% of re-counted occasions, whilst ETH was used only 1% of the time.

In a recent Cryptocurrency news update, a quoted report stated: “The results show that privacy coins are barely used in dark markets and at dark vendor sites (e.g. only 4% of instances involve Monero (XMR). Instead, Bitcoin remains the coin of the realm in this shady world, with BTC used in 76% of dark market cases, ETC used in only 7% of instances.”

Going by the recent cryptocurrency crime database from the United Nations states, North Korea made about $2 billion by hacking banks and cryptocurrency exchanges in 2019, putting them amid the most prominent instances of cryptocurrency theft in recent months.

Cryptocurrency News Today – Cryptocurrency Latest Update – Cryptocurrency Crime Update – Cybercrime on the Rise in 2019

Recently there has been major growth in cyber criminality in the shape of prominent ransomware operations over the last year. Breaches disclosed personal data on a colossal scale leaving preys exposed to fraud, however, lives were put at jeopardy and services ruined by the WannaCry ransomware crusade that altered the NHS and many other organizations worldwide. Campaigns are presently fluctuating as businesses are aimed at over individual, although phishing outbreaks on individuals are growing, lesser are falling prey as people are more conscious and alert.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,212.38
0.331%

Cybercriminals strive to take advantage of human or security weaknesses to snip passwords, data or money directly. The most common cyber threats include: Hacking – involving social media and email passwords, Phishing – phony emails seeking for security information and personal details, Malicious software – containing ransomware through which criminals takeover files and hold them to ransom, Distributed denial of service (DDOS) attacks against websites – often conveyed by blackmail.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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