Crypto theft has greatly reduced this year compared to last year as regulators continue to enhance their scrutiny and the enforcement of anti-money laundering controls.
Crypto Theft Could Hit $1 billion Mark
Despite being $500 million less than last year, crypto theft could still go well beyond a billion dollars by the end of this year.
A quarterly report released on May 1 by Cipher Trace indicates that investigatory specialists had found that over $356 million worth of crypto had been stolen in Q1 2019. The amount stolen includes the CoineBene and Cytopia exchange hacks and also the $195 million that was lost in December last year when Quadriga CX exchange founder Gerald Cotton died.
Projections of Cipher Trace indicate that crypto theft could hit $1.2 billion by the end of the year after a New York attorney general indicated that Bitfinex had misplaced around $850 million in crypto. The crypto market currently has a market capitalization of around $176 billion and the bulk of this is held by Bitcoin (available on Coinbase) with a market cap of $94 billion, while Ethereum (available on Coinbase) has a market cap of $17 billion. If the market loses $1.2 billion this year, this will be a 0.7% loss in the total value of the market.