Fun

Cyber Criminals Are Now Hiding Their Stolen Cryptos 13x Faster, Says Report

News Feed - 2021-02-26 10:02:10

Cyber Criminals Are Now Hiding Their Stolen Cryptos 13x Faster, Says Report


A new report unveiled a growing trend of efforts from cybercriminals hiding their stolen cryptocurrencies through different transaction flows. Crystal Blockchain pointed out that since 2019, the volume of stolen bitcoin grew significantly. Only 8% of the Funds Were Transferred to Exchanges With Verification Procedures in 2020


Per the findings, in 2020, the firm said that cybercriminals attempted to withdraw stolen and scam-sourced digital assets at a rate of 13x faster than five years ago.


Interestingly, in 53% of the cases, exchanges with verification requirements were the major destinations of such funds in 2015. But the figures fell in 2020 to 8% of stolen funds being transferred through crypto exchanges with verification procedures.


Still, mixers and exchanges without verification requirements were the main destinations in 2020 of the stolen crypto funds. Moreover, the report highlighted that crypto criminals only hide their stolen funds within 28 days on average.


Growing Popularity of Blockchain Analytics Tools


Crystal Blockchain provided some potential reasons behind that trend, including the emergence of several blockchain analytical firms working hand-by-hand with exchanges to improve their security compliance systems. The firm also added: In the case of security breaches, for example, the combination of the speed at which information is spread amongst crypto-community members in 2020 as compared to 2015, as well as the improved ability to instantly tag addresses as high-risk by blockchain analytics platforms, now forces crypto-criminals to withdraw stolen assets in a much shorter period than they ever had to before.


Overall, the report praises that crypto regulations increasingly encouraging exchanges to take proper measures. It includes performing more robust anti-money laundering procedures. However, the blockchain analytics firm warned: As the number of VASPs using analytics tools increases, the fight against theft and other illicit activities continues to improve. This does mean, however, that the schemes used by crypto-criminal to withdraw stolen funds will become even more complex and concealed, and they will definitely attempt to withdraw their assets in an even shorter time period than they ever have before.


What are your thoughts on the report’s findings? Let us know in the comments section below. Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process SECURITY | 7 days ago US Government Expands Charges Against North Korean Hackers- Authorities Describe Them as The "World"s Leading Bank Robbers" SECURITY | Feb 18, 2021 Tags in this story Blockchain, Crystal Blockchain, cybercriminals, cybersecurity, illicit financial flows, illicit transactions, report, Stolen Bitcoin, Stolen funds


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Mt. Gox repayment shakes crypto market, causing volatility
Shiraz Jagati10 hours agoMt. Gox repayment shakes crypto market, causing volatilityBitcoin faces immense volatility as Mt. Gox repayments flood the market.3257 Total views2 Total sharesListen to article 0:00Follow upOwn
Bitcoin, Ethereum Technical Analysis: BTC Gains Prior to NFP Report, Following a Cross of Moving Averages
Bitcoin, Ethereum Technical Analysis: BTC Gains Prior to NFP Report, Following a Cross of Moving Averages Bitcoin was once again trading above $30,000, as markets were anticipating
Dvision Network Announces New LAND Staking Feature to Help Bolster Virtual Plot Utility
Dvision Network Announces New LAND Staking Feature to Help Bolster Virtual Plot Utility press release PRESS RELEASE.The Dvision Network has recently announced the new ‘LAND S
Keanu Reeves Says Dismissing Crypto Will Only Make It Better
Keanu Reeves Says Dismissing Crypto Will Only Make It Better Famous actor Keanu Reeves says dismissing crypto or criticizing its volatility will only “make it better in terms
$202 Million In Long Liquidations Rock Bitcoin Market — What’s Next For BTC Price?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon
Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitc
Cross-border BTC payments a top priority for Marathon Digital — Bitcoin 2024
Alex O’Donnell4 hours agoCross-border BTC payments a top priority for Marathon Digital — Bitcoin 2024The Bitcoin miner is seeking partners to build BTC payment apps, a company executive said.764 Total views2 Total sh
Coinbase Partners With World’s Largest Asset Manager Blackrock to Give Aladdin Clients Access to Cryptocurrencies
Coinbase Partners With World’s Largest Asset Manager Blackrock to Give Aladdin Clients Access to Cryptocurrencies On August 4, the head of Coinbase Institutional, Brett Tejpaul,
Gareth Jenkinson47 minutes agoCME overtakes Binance to grab largest share of Bitcoin futures open interestMarket analysts weigh in on an intriguing ‘flippening’, as Bitcoin futures open interest on global derivatives
Players Can Now Win an HTC Exodus 1 Phone on Bitcoin Games
Players Can Now Win an HTC Exodus 1 Phone on Bitcoin Games Bitcoin Games is now offering players to win some extra crypto and an HTC Exodus 1 smartphone, just in time for Black F
Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021
Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021 In 2021, a number of 2010 block rewards were spent after the bitcoins sat idle for mor
IBM Ethical Mineral Sourcing Blockchain to Debut in Spring
Ford, Volkswagon, LG and Volvo plan to take a pilot project tracking cobalt during its refining process live in production next year. The Responsible Sourcing Blockchain Network (RS