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The first half of 2018 saw more cryptocurrency theft than all of 2017 combined, driving a rise in digital money laundering as criminals elude authorities.
Last year, crypto exchanges recorded around $266 million in losses from security breaches and heists. The first half of 2018 recorded triple the amount stolen from crypto exchanges in 2017, triggering investors in the cryptocurrency space to develop concerns regarding the standard of security measures implemented by crypto trading platforms.
Using advanced analytic techniques and multiple data sources, CipherTrace aims to help financial services organizations detect and limit crypto-currency money laundering.
Cryptocurrency money laundering is increasing dramatically, being already three times greater than in 2017. And we’re only half way through the year, observes Dave Jevans, Founder and CEO of CipherTrace, and chairman of the Anti-Phishing Working Group
NEW YORK (Reuters) – Theft of cryptocurrencies from exchanges soared in the first half of this year to three times the level seen for the whole of 2017, leading to a three-fold increase in associated money laundering, according to a report from U.S.-based cybersecurity firm CipherTrace released on Tuesday
Bitcoin supporters argue cryptocurrency is not anonymous, that their transactions can be connected to the addresses at which they receive bitcoins. If those addresses are ever tied to their personal identity, their cryptocurrency movements can be fully visible.