Cryptocurrency users, exchanges and investors suffered $4.5 billion in crypto-related losses resulting from thefts, hacks, and fraud, a CipherTrace report reveals.
Cryptocurrency crime losses
The lion’s share of those losses stem from the staggering growth of Ponzi schemes, exit scams, and misappropriation of funds crimes, the value of which rose 533 percent year over year.
Also, traditional financial services have become increasingly infused with crypto assets. For instance, results of an extensive analysis of the blockchain found almost all U.S. banks harbor illicit virtual asset related money service businesses (MSBs), including cryptocurrency exchanges.