CyberNews Briefs

$1.7 billion in cryptocurrency was stolen and scammed in 2018

According to a new CipherTrace report, cybercriminals obtained a whopping $1.7 billion in cryptocurrency through theft and scamming in 2018. $950 million of this was stolen from cryptocurrency exchanges, which was over 3.6 times more than the figure for 2017 ($266 million).

$725 million in cryptocurrency was obtained through exit scams. Common examples of such scams are Initial Coin Offerings (ICOs) that end with the fraudulent organizers taking all investments and disappearing; fake crytocurrency exchanges that shut down, with the crooks behind it telling investors they cannot return their funds as they were stolen in a made up cyberattack; or crypto investment opportunities that work like ponzi schemes.

Read more: $1.7 billion in cryptocurrency was stolen and scammed in 2018

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