Cryptocurrency fraud, thefts surge to $1.2 billion in three months: Report
- This included losses at Canadian digital platform QuadrigaX, where roughly $134 million in cryptocurrencies have been frozen in user accounts
- Its founder died suddenly in December, the only person with the password to gain access
New York: Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70% of the level for all of 2018, cyber security firm CipherTrace said on Tuesday. The value of losses from crime in the digital currency sector in 2018 hit $1.7 billion. But cryptocurrency crime has ballooned as the market has slowed down, prices have plunged and business activity has stalled.
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