Connect with us


Losses from theft of cryptocurrencies in 2020 decreased



Losses from cryptocurrency theft, computer hacking, and fraud fell 57% last year to $ 1.9 billion. In 2019, cryptocurrency crimes caused a record $ 4.5 billion in damage. This data is presented in a report from the research company CipherTrace. The researchers note that the reduction in losses is due to the strengthening of security measures by market participants. At the same time, crime in the field of “decentralized finance” continues to grow.

Cryptocurrencies have attracted a lot of attention from market participants, as institutional investors have invested in them, in particular in Bitcoin, significant funds. This is evidenced by the rapid growth in the value of the most famous cryptocurrency.

In 2020, the main type of cryptocurrency crime was fraud. This is followed by theft and extortion through programs. Half of all thefts, or roughly $ 129 million, come from Decentralized Finance (DeFi) – transactions on platforms that bypass banks.

The total amount of DeFi loans has approached $ 25 billion. For comparison: as of August last year, this amount was approximately equal to $ 4 billion. DeFi sites operate on an open infrastructure with algorithms that set rates in real time based on supply and demand.

“DeFi platforms enjoy many exceptions to traditional regulatory enforcement regimes faced by centralized exchanges, money service businesses, and banks,” the CEO of CipherTrace explained the popularity of decentralized finance. “For example, DeFi platforms do not have to do customer verification or prevent money laundering on transactions. This makes them an ideal place to move and launder money. ”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

News8 mins ago

To the delight of parents: YouTube will be restricted for older children and adolescents

Google has announced the imminent launch of a new parental control mode for the popular YouTube video service. The new...

Components19 mins ago

Eight large cores and none small – is that enough for Intel’s new CPU? Alder Lake CPU benchmark with RTX 2080 graphics card

Desktop Intel Alder Lake processors will be released, according to recent data, at the very end of this year. They...

News30 mins ago

A million pre-orders in a matter of hours: the cheapest flagship on Snapdragon 888 made a splash

This morning, the vice president of Realme said that he made a difficult decision: the flagship mobile phone Realme GT...

News41 mins ago

The cheapest 108 megapixels. Realme 8 announced

Madhav Sheth, CEO of Realme India, posted on Twitter that the company is already working on a smartphone called Realme...

Phones52 mins ago

Redmi Note 10 lit up on video 10 days before the announcement

The first video with the promising hit Redmi – Redmi Note 10 has appeared on the Web. New live photos...

News1 hour ago

Fractal Meshify 2 Compact is designed for mini-ITX, mATX and ATX boards

Fractal has unveiled the Meshify 2 Compact computer case. The case measuring 424 x 210 x 475 mm and weighing...

News1 hour ago

Nvidia Fiscal Year 2021 Report Published

Nvidia’s accountants calendar has long since ended fiscal 2021. More precisely, it happened on January 31, and yesterday the report...

Wearables1 hour ago

Google finds itself in the middle of a scandal: Google Assistant voice launch has not been working on smartwatches with Wear OS for several months

According to 9to5Google, for several months now, on smartwatches running the Wear OS operating system, activation of Google Assistant using...

Most Popular