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$1.7 billion worth of cryptocurrencies were stolen in 2018

cryptocurrency theft stolen
2018 saw a 400% increase in cryptocurrency theft

According to a report by CipherTrace, a security research firm, crypto market saw a whopping $1.7 billion stolen from cryptocurrency exchanges or scammed from investors, a 400% rise from 2017.

Almost $1 billion were stolen from various exchange with Korea and Japan consitituting almost 60% of the global figures.

According to the report, the actual amount of stolen cryptos is likely to be higher since the $1.7 billion figure is based on crimes that were validated.

The numbers have surprised the researchers considering that the crypto market has shrunk by 80% from its peak of about $600 billion, however, the value of stolen assets have increased by 400%.

According to the report, the agents behind the attacks have already laundered the money and are usually located in countries with weak anti-money laundering and know-your-customer measures making it easier for them to disperse and launder the money as well as stay hidden from the authorities.

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