{"id":243160,"date":"2019-11-28T07:34:19","date_gmt":"2019-11-28T12:34:19","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=243160"},"modified":"2019-11-28T07:34:19","modified_gmt":"2019-11-28T12:34:19","slug":"ciphertrace-reports-a-4-4-billion-crime-surge-in-crypto-industry","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ciphertrace-reports-a-4-4-billion-crime-surge-in-crypto-industry","title":{"rendered":"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry"},"content":{"rendered":"

CipherTrace, one of the world\u2019s prominent blockchain forensics companies, have recently reported<\/a> troubling news. As more money flows into the crypto industry and its digital exchanges, criminals are taking more exceptional measures in order to get that so-desired \u201cbig score\u201d out of it.<\/p>\n

Crunching the Big Numbers<\/strong><\/h2>\n

As a testament to this, the amount of losses accrued by the crypto industry as a whole stands at a staggering $4.4 billion. This number is 150% higher than last year\u2019s total, but it\u2019s only been nine months. The numbers only promise to grow in the next three months as criminals try their hardest to steal from their victims.<\/p>\n

Dave Jevans, CEO of CipherTrace, explained that the increase in crypto related fraud and theft is an indicator of \u201chow criminals are adapting for bigger and better scores.\u201d He explains that criminals are after money. With such a massive inflow of funding in the crypto industry, Jevans considers it \u201cripe for the taking.\u201d He further explained that targeted attacks are \u201cfar more lucrative\u201d than their small-scale counterparts. This is mainly due to its greater difficulty of defending against more organized attacks.<\/p>\n

Regulating bodies have given the crypto industry<\/a> extremely high levels of scrutiny across the globe. As the developers and participants within the crypto industry want to push the industry into the mainstream, regulating bodies scrutinize them even more.<\/p>\n

\"Crunching\"<\/a><\/p>\n

The Heavy Hitters<\/strong><\/h2>\n

Of the large number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.<\/p>\n

The first culprit cost crypto users $2.9 billion via PlusToken<\/a>: An alleged Ponzi scheme that is heralded as the most extensive \u201cexit strategy\u201d ever committed within the crypto industry. PlusToken was a wallet and trading firm that managed to deceive thousands of users out of their money. The ultimate location of these funds is still unknown.<\/p>\n

The other heavy hitter in the crypto crime industry is none other than Quadriga CX<\/a>. A $195 million exit scam that went under due to the founder and CEO of the company, Gerald Cotten, unexpectedly dying. His death had far-reaching ramifications as his entire illegal operation fell apart at the seams.<\/p>\n

A Rising Trend<\/strong><\/h2>\n

Jevans explained that even if you excluded those two heavy hitters from the equation, the multi-million dollar crimes are on the rise. Jevans stated that there was a \u201crelatively consistent\u201d rise in crimes within the crypto industry every year. He doesn\u2019t expect the matter to be solved in one clean move, either.<\/p>\n

It\u2019s gotten to such a point that Jevans adds that a lot of thefts under $5 million are often not reported. The reason is simply that there are far larger thefts for local authorities and exchanges to worry about.<\/p>\n

The report stated that 65% of the top 120 crypto exchange platforms have weak Know-Your-Customer (KYC) regulations in place, making it easier for criminals to do their dirty work.<\/p>\n","protected":false},"excerpt":{"rendered":"

CipherTrace, one of the world\u2019s prominent blockchain forensics companies, have recently reported troubling news. As more money flows into the crypto industry and its digital […]<\/a><\/div>","protected":false},"author":1717,"featured_media":243161,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[7598,9911,8263,7893],"acf":[],"yoast_head":"\nCipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry<\/title>\n<meta name=\"description\" content=\"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry\" \/>\n<meta property=\"og:description\" content=\"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-28T12:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/11\/CipherTrace-Reports-a-4.4-Billion-Crime-Surge-In-Crypto-Industry.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"910\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Raza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ali_r1272\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Raza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\"},\"author\":{\"name\":\"Ali Raza\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\"},\"headline\":\"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry\",\"datePublished\":\"2019-11-28T12:34:19+00:00\",\"dateModified\":\"2019-11-28T12:34:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\"},\"wordCount\":494,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Crypto\",\"PlusToken\",\"Quadriga CX\",\"Trading\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\",\"name\":\"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2019-11-28T12:34:19+00:00\",\"dateModified\":\"2019-11-28T12:34:19+00:00\",\"description\":\"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search & Compare Brokers within Crypto, Forex & Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\",\"name\":\"Ali Raza\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"caption\":\"Ali Raza\"},\"description\":\"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/alirazak\/\",\"https:\/\/twitter.com\/ali_r1272\"],\"url\":\"https:\/\/insidebitcoins.com\/news\/author\/aliraza\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry","description":"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.","robots":{"max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160","og_locale":"en_US","og_type":"article","og_title":"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry","og_description":"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.","og_site_name":"InsideBitcoins.com","article_published_time":"2019-11-28T12:34:19+00:00","og_image":[{"width":910,"height":500,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/11\/CipherTrace-Reports-a-4.4-Billion-Crime-Surge-In-Crypto-Industry.jpg","type":"image\/jpeg"}],"author":"Ali Raza","twitter_card":"summary_large_image","twitter_creator":"@ali_r1272","twitter_misc":{"Written by":"Ali Raza","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160"},"author":{"name":"Ali Raza","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d"},"headline":"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry","datePublished":"2019-11-28T12:34:19+00:00","dateModified":"2019-11-28T12:34:19+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160"},"wordCount":494,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"keywords":["Crypto","PlusToken","Quadriga CX","Trading"],"articleSection":["Breaking Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#respond"]}],"copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160","name":"CipherTrace Reports a $4.4 Billion Crime Surge In Crypto Industry","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"datePublished":"2019-11-28T12:34:19+00:00","dateModified":"2019-11-28T12:34:19+00:00","description":"Number of thefts to happen this year, Ciphertrace cites to major ones as the main culprits for this year\u2019s significant spike in crypto related crime.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160"]}],"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160#primaryimage"}},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search & Compare Brokers within Crypto, Forex & Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d","name":"Ali Raza","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","caption":"Ali Raza"},"description":"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.","sameAs":["https:\/\/www.linkedin.com\/in\/alirazak\/","https:\/\/twitter.com\/ali_r1272"],"url":"https:\/\/insidebitcoins.com\/news\/author\/aliraza"}]}},"modified_by":"Ali Raza","_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1717"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=243160"}],"version-history":[{"count":0,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/243161"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=243160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=243160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=243160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}