Crypto Exchanges Damaged By Hack Attacks Suffer Losses Up To $927 Million

Following our hack attacks crypto news, according to Reuters, crypto exchanges that were hit by a hack attack, suffer losses up to $927 million up to this month, which is a 250% increase since 2017.

According to the Crypto Anti-Money Laundering report, this year stunning losses were recorded for these past 9 months of 2018 which exceed incredibly last year’s $266 million. Also, the report notes that thefts of about to million are rising as well and that they are the most common ones to occur.
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The chairman of the global anti-cybercrime organization Dave Jevans told in an interview that the loss figures can be even higher since not all attacks can be successfully traced in the report and that there’s possibly over $60 million more that were stolen and never reported.

Jevans said:

‘’The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws. Also, we learn about the criminal stuff often times after it actually happened. So there’s no way to know in real time. You can know 80-90 percent of the time, but it’s still impossible to know 100 percent.’’

He believes that the reason for this is because the crypto exchanges still operate in countries with weak regulations.

This year started with the first record-breaking hack of $532 million of the Japanese crypto exchange Coincheck and later this year, another Japanese crypto exchange Zaif suffered a huge loss because of a hack attack that cost the exchange up to $59 million.