Cryptocurrency thefts, fraud hit US$1.2 bln in Q1

'Crypto crime has gotten worse because regulations are still weakly enforced.'

NEW YORK: Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to US$1.2 billion, or 70% of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday.

In the first quarter of 2019, theft of digital currencies from exchanges and scams totalled $356 million, while losses from fraud or misappropriated funds amounted to US$851 million, the respected US-based CipherTrace said in a quarterly report. “Crypto crime has gotten worse because regulations are still weakly enforced. Europe broadly has not implemented its regulations yet and the cybercriminal community continues to grow,” CipherTrace chief executive officer Dave Jevans told Reuters.

Jevans is also the chairman of the Anti-Phishing Working Group, a global organisation that aims to help solve cybercrimes.

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