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Posted On: 05/06/2019 9:49:44 AM
Post# of 82686
ENTER BlockSafe .......
A Banner Year For Crypto Theft, Raking In $1.2 Billion
Authored by Michael Kern via Safehaven.com,
Just because cryptocurrency is having a bad time of it doesn’t mean crypto thieves aren’t thriving: On the contrary, they’ve managed to nab at least $1.2 billion in the first quarter of this year alone, according to CipherTracecybersecurity firm. That figure includes outright theft from crypto exchanges and complicated digital scams.
If you break it down, theft alone was $356 million for Q1 2019...the rest was fraud.
Even more specifically, exit scams in which crypto company founders steal everything accounted for $195 million in losses.
CiperTrace CEO Dave Jeans blames inadequate regulations and enforcement, noting that “insider issues such as fraud or theft have grown mostly due to operations outside of the U.S. where regulations are poor, or simply due to greed and mismanagement by young management teams at these cryptocurrency companies that are managing hundreds of millions or even billions of dollars”.
For last year, CipherTrace noted in its Q4 Anti-Money Laundering Report that $1.7 billion in “stolen and exit scammed crypto needs laundering”. That figure represented a 3.6-fold increase over 2017 thefts, even though token prices were lower.
The most high-profile exit scam went down in Canada, when an estimated 90,000+ investors on the largest crypto exchange, QuadrigaCX, were left high and dry after the CEO and owner, Gerald Cotten, passed away and took his passwords with him to the grave. Perhaps it wasn’t an outright scam, but it does speak to the crypto exit vacuum that investors have to deal with in this little-known and little-understood digital world. All told, these investors lost around $190 million in fiat and digital tokens that have since been rendered to the black hole.
It was a one-man show that took everyone down with it.
BlockSafe, a product of StrikeForce Technologies, Inc.
https://www.zerohedge.com/news/2019-05-05/ban...12-billion
A Banner Year For Crypto Theft, Raking In $1.2 Billion
Authored by Michael Kern via Safehaven.com,
Just because cryptocurrency is having a bad time of it doesn’t mean crypto thieves aren’t thriving: On the contrary, they’ve managed to nab at least $1.2 billion in the first quarter of this year alone, according to CipherTracecybersecurity firm. That figure includes outright theft from crypto exchanges and complicated digital scams.
If you break it down, theft alone was $356 million for Q1 2019...the rest was fraud.
Even more specifically, exit scams in which crypto company founders steal everything accounted for $195 million in losses.
CiperTrace CEO Dave Jeans blames inadequate regulations and enforcement, noting that “insider issues such as fraud or theft have grown mostly due to operations outside of the U.S. where regulations are poor, or simply due to greed and mismanagement by young management teams at these cryptocurrency companies that are managing hundreds of millions or even billions of dollars”.
For last year, CipherTrace noted in its Q4 Anti-Money Laundering Report that $1.7 billion in “stolen and exit scammed crypto needs laundering”. That figure represented a 3.6-fold increase over 2017 thefts, even though token prices were lower.
The most high-profile exit scam went down in Canada, when an estimated 90,000+ investors on the largest crypto exchange, QuadrigaCX, were left high and dry after the CEO and owner, Gerald Cotten, passed away and took his passwords with him to the grave. Perhaps it wasn’t an outright scam, but it does speak to the crypto exit vacuum that investors have to deal with in this little-known and little-understood digital world. All told, these investors lost around $190 million in fiat and digital tokens that have since been rendered to the black hole.
It was a one-man show that took everyone down with it.
BlockSafe, a product of StrikeForce Technologies, Inc.
https://www.zerohedge.com/news/2019-05-05/ban...12-billion
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My comments are only my opinion and are not to be used for investment advice.
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Never argue with stupid people, they will drag you down to their level and then beat you with experience.
Get .... PrivacyLok https://cyberidguard.com/
Try SafeVchat: https://cyberidguard.com/
My comments are only my opinion and are not to be used for investment advice.
Please conduct your own due diligence before choosing to buy or sell any stock.
