Cryptocurrency exchange theft surges in first half of 2018: report

Losses could rise to 1.5 billion this year

Image Credits: BTC Keychain, Flickr.

Theft of cryptocurrencies from exchanges soared in the first half of this year to three times the level seen for the whole of 2017, leading to a three-fold increase in associated money laundering, according to a report from U.S.-based cybersecurity firm CipherTrace released on Tuesday.

The report, which looks at the global anti-money laundering market, showed that in the first six months of the year a total of $761 million was stolen from digital currency exchanges, compared with about $266 million for the whole of 2017.

The losses could rise to 1.5 billion this year, estimated CipherTrace, which is launching a software to help exchanges and hedge funds that use or trade cryptocurrencies comply with anti-money laundering laws.

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