Cryptocurrency scammers have netted $4.26B so far this year, report


Cryptocurrency scammers continued to swindle funds throughout Q2 2019, netting approximately $4.26 billion so far this year.

According to CipherTrace latest report, insider thefts were by far the largest offenders, netting massive loses on investors and cryptocurrency exchange users.

If things carry on the way they are, 2019 could go down in cryptocurrency history as the year of the exit scam.

Aside from the QuadrigaCX disaster, Plus Token app, a cryptocurrency wallet and exchange (and alleged Ponzi scheme based in South Korea) is thought to have defrauded millions of victims out of a staggering $2.9 billion in cryptocurrency assets.

In terms of robberies, hackers stole over $124 million from cryptocurrency exchanges and companies during Q2, bringing the year’s total to date to $227 million.

Bitcoin rules the dark web

The report also found that Bitcoin dominated dark web markets and cybercrime.

Indeed, according to the report, the world’s most famous cryptocurrency was the prime form of payment for illegal drugs, weapons, cyber, and banking credentials.

The report also looks at the use of other cryptocurrencies such as Ethereum, Litecoin, Monero, Bitcoin Cash, and Dogecoin, in dark markets and malware or ransomware attacks.