There Are More Crypto Coins Stolen In The Past Six Months In 2018 Than The Whole Of 2017
In just the past six months of this year, the amount of cryptocurrency that has been stolen so far is much higher than the amount that was stolen the whole of last year. In 2017, the total amount of cryptocurrency that was stolen has tripled in just the first half of 2018, so far.
The CipherTrace, which is a US cybersecurity firm just revealed that there is a staggering $761 million of stolen cryptocurrency exchanges in just the first six months of this year. This amount is a far cry compared to the total amount stolen last year at $266 million worth of crypto coins. The firm predicts that the current situation will only get worse as the year progresses as they have estimated the amount could rise to about $1.5 billion.
Taking The Necessary Steps Against The Cybercrime
Dave Jevans, the CEO of CipherTrace, has also just revealed that the recent cyber-attacks and even the rising crypto coin thefts that have been taking place have the authorities’ attention and also the various global regulators that are around. In an interview conducted by Reuters, he went ahead to express his concerns over the increasing number of thefts that are taking place in the crypto market.
He further said the total amount of stolen coins is about three times more this year than last year, making it clear the trend is not our friend. He also says that the various international authorities are also already in talks in finding the appropriate solution to the rising concern of cybercrime.
He also added that we are now seeing the big guys finally coming together asking for the needed support from the anti-money laundering regulation the issue has become inevitable and will be a global issue unless the required steps are taken to reduce the theft.
The global regulators are trying to establish ways of reducing any future loss and also reduce the current damage that the increasing cybercrime has already caused. The recent crypto coin theft that took place in South Korea cost the Bithumb platform $32 million.
Jevans has also pointed out that the reported cases of money laundering in the crypto market have tripled over the months since the criminals often launder the stolen coins. As a result, this helps in masking their real identity making the arrest process nearly impossible.
Time To Solve The Global Problem
Various countries have their own stances on the cryptocurrency as some countries have burned the whole exchange or they have put in place very strict regulations. While other countries have accepted the trade and have a little more lenient approach to the exchange. But with all this, it still does not change the fact there is a problem in the crypto market of theft; as a result, the cybercrime tends to affect the various investors who are around the globe.
According to a report by CNBC, the crypto market regulation is still lacking in having a proper governing body put in place. Plus, the legal state is fragmented as it tends to vary from one country to the next.
With the increased theft China and India have decided to go ahead and tighten up the laws set against the crypto exchanges, but countries like Switzerland and Singapore are more lenient on all this. The bank leader in Italy states that while the crypto-coin poses several risks the exchange should not be completely banned.
But the managing director of the International Monetary Fund, Christine Lagarde argues that the crypto market has increasingly become the primary vehicle used for money laundering. Thus it is a sector that needs to be looked into.