Yesterday, a rather shocking cryptocurrency anti-money laundering report was released by the crypto analytics company CipherTrace. This report states that around $1.7 billion worth of cryptocurrency was obtained illegally in 2018. What’s more surprising is that crypto hacks happened three times more than in 2017. No wonder institutional investors don’t want to put big money into the crypto industry yet.
Crypto Hacks Worth $1.7 Billion
Of the total stolen in 2018, over $950 million was from cryptocurrency exchanges. This is 3.6 times more than what was stolen from exchanges in 2017. The rest of the funds ($725 million) from the crypto hacks happened from things such as Ponzi schemes, exit schemes, and fraudulent ICOs.