{"id":65324,"date":"2018-07-05T20:00:38","date_gmt":"2018-07-06T03:00:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=65324"},"modified":"2019-11-01T11:03:45","modified_gmt":"2019-11-01T11:03:45","slug":"cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace\/","title":{"rendered":"Cryptocurrency Exchange Theft Rising in 2018 According to CipherTrace"},"content":{"rendered":"<p>On July 3rd, 2018, CipherTrace reported that the first half of 2018 had three times the amount of cryptocurrency exchange theft than all of 2017.<\/p>\n<p>In all of 2017, around $266 million was stolen from exchanges. The <a href=\"https:\/\/cryptoslate.com\/companies\/ciphertrace\/\">CipherTrace<\/a> report\u00a0examined the total global anti-money laundering market and found that in the first six months of 2018, a total of $761 million was stolen from cryptocurrency exchanges. CipherTrace estimates this could rise to $1.5 billion by the end of 2018.<\/p>\n<p>Dave Jevans, CEO of CipherTrace, told <a href=\"https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5\">Reuters:<\/a><\/p>\n<blockquote><p>\u201cStolen cryptocurrencies are three times bigger this year than last year so the trend is obviously not our friend here.&#8221;<\/p><\/blockquote>\n<h2>Anti-Money Laundering (AML) Steps Taken<\/h2>\n<p>CipherTrace is launching its own software to help hedge funds and exchanges that trade or use cryptocurrencies to remain compliant with current AML laws. Jevan states:<\/p>\n<blockquote><p>&#8220;The stolen virtual currencies end up being laundered to help criminals avoid arrest and hide their identities.&#8221;<\/p><\/blockquote>\n<p>As criminals become aware of this, there has been a three-fold increase in exchange hacks and money laundering.<\/p>\n<figure id=\"attachment_61892\" aria-describedby=\"caption-attachment-61892\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-61892\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/bithumb-hack-social-300x158.jpg\" alt=\"Bithumb Hacked for $31.5 Million, Withdrawals and Deposits Frozen\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/bithumb-hack-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/bithumb-hack-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/bithumb-hack-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/06\/bithumb-hack-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-61892\" class=\"wp-caption-text\">Related Article:\u00a0<a title=\"Bithumb Hacked for $31.5 Million, Withdrawals and Deposits Frozen\" href=\"https:\/\/cryptoslate.com\/bithumb-hacked-for-31-5-million-withdrawals-and-deposits-frozen\/\">Bithumb Hacked for $31.5 Million, Withdrawals and Deposits Frozen<\/a><\/figcaption><\/figure>\n<p>The most recent hack was with South Korean cryptocurrency exchange Bithumb and <a href=\"https:\/\/cryptoslate.com\/bithumb-hacked-for-31-5-million-withdrawals-and-deposits-frozen\/\">$18 million was reported missing<\/a> after the company's investigation.<\/p>\n<p>Regulators worldwide are in dialogue about what is needed within the industry to prevent such hacks from occurring.<\/p>\n<p>Many major countries have expressed their concern and disproval of anonymous cryptocurrencies, such as <a href=\"http:\/\/cryptoslate.com\/coins\/monero\">Monero<\/a> and <a href=\"http:\/\/cryptoslate.com\/coins\/verge\">Verge<\/a>. Most feel it's an easy target for criminals to use these anonymous cryptocurrencies for criminal activity.<\/p>\n<p>Jevans <a href=\"https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5\" target=\"_blank\" rel=\"noopener noreferrer\">added:<\/a><\/p>\n<blockquote><p>\u201cNow we are seeing the big guys coming together asking for cryptocurrency anti-money laundering regulation &#8211; it is inevitable, it will be unified, and it will be global.\u201d<\/p><\/blockquote>\n<p>With the number of cryptocurrency exchange hacks that already took place\u00a0in the first half of 2018, it will be interesting to see if countries come together to impose new unified AML laws\/regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 3rd, 2018, CipherTrace reported that the first half of 2018, had three times the amount of cryptocurrency exchange theft than all of 2017.<\/p>\n","protected":false},"author":51,"featured_media":117295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39,16041],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cryptocurrency Exchange Theft Rising in 2018 According to CipherTrace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cryptocurrency Exchange Theft Rising in 2018 According to CipherTrace\" \/>\n<meta property=\"og:description\" content=\"On July 3rd, 2018, CipherTrace reported that the first half of 2018, had three times the amount of cryptocurrency exchange theft than all of 2017.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-06T03:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-01T11:03:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/cryptoslate-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Chelsea Roh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cryptocurrency Exchange Theft Rising in 2018 According to CipherTrace\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chelsea Roh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/cryptocurrency-exchange-theft-rising-in-2018-according-to-ciphertrace\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/chelsea-roh\/#person\",\"name\":\"Chelsea Roh\",\"url\":\"https:\/\/cryptoslate.com\/author\/chelsea-roh\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/chelsea-roh\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/chelsea-roh\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/author-chelsea-roh.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/author-chelsea-roh.jpg\",\"caption\":\"Chelsea Roh\"},\"description\":\"Chelsea Roh is a freelance writer. 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