In 2019, cryptocurrency crime losses reached $4.5 billion, according to a CipherTrace report. Let’s discover more details and find an exceptional high risk merchant account for your eCommerce business.
Crypto Fraud Losses
Cryptocurrency-related crime losses more than doubled in 2019, thus making up $4.52, as blockchain forensics company CipherTrace reports.
The majority of the crimes were associated with fraud and misappropriation ($4.1 billion). Thefts and hacks dropped by 66% from $1.08 billion in 2018, thus reaching $371 million last year. Specifically, there was a shift from thefts and exchange hacks toward Ponzi schemes, exit scams, and other con games.
Did you know that the typical top 10 U.S. banks facilitate nearly $2 billion in illegal cryptocurrency transactions on a yearly basis without being aware of this?
Besides, in 2019, banks paid record anti-money laundering (AML) fines globally, which was over $6.2 billion. This figure is expected to grow this year as crypto-related money laundering and sanction evasion enforcement increases.
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