Cryptocurrency crime losses more than double up to $4.5 billion in 2019

Despite a withering wave of backlashes on cryptocurrency firms and miners across the globe including a sweeping ban inclined on crypto mining and trading on Beijing’s municipality area later last year, losses from the crypto-related crimes appears to be rising intransigently with no remedy in sight thus far.

On top of that, according to a report from the blockchain forensic firm, CipherTrace seen by a press agency reporter on Tuesday, the 11th of February 2020, crypto-related scams and crimes rose more than 160 per cent last year on an annualized basis to $4.52 billion or £3.50 billion, as crypto insider thefts including those of linked with ICO (Initial Coin Offering) issuances mostly through Ethereum over the course of last year had mushroomed, nonetheless, the CipherTrace report had reflected a decline in hacking-related losses.

Apart from that, according to the CipherTrace report brought in to light on Tuesday (February 11th), total cryptocurrency-scam related losses were $1.74 billion back in the 2018s, while the amount had soared by 160 per cent last year on an annualized basis as beforementioned.

Meanwhile, addressing to a substantial scale of insider scams alongside an introduction of Ponzi schemes in cryptocurrencies, CipherTrace Chief Executive, Dave Jevans said on Tuesday (February 11th), “We noticed a significant uptick in malicious insiders scamming unsuspecting victims or leaching on their users through Ponzi schemes.