Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to US$1.2 billion, ...
NEW YORK: Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to US$1.2 billion, or 70 percent of the level for all of 2018, cyber security firm CipherTrace said on Tuesday.
CipherTrace said it included losses at Canadian digital platform QuadrigaX, where roughly CUS$180 million in cryptocurrencies have been frozen in user accounts after the founder, the only person with the password to gain access, died suddenly in December. "I would also add that insider issues such as fraud or theft have grown mostly due to operations outside of the U.S. where regulations are poor, or simply due to greed and mismanagement by young management teams at these cryptocurrency companies that are managing hundreds of millions or even billions of dollars."Jevans is also the chairman of the Anti-Phishing Working Group, a global organisation that aims to help solve cyber crimes.
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