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.