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Crypto Thefts Triple as Coin Money-Laundering Industry Grows Up

  • ‘Whole new generation of cyber criminals’ is emerging
  • Regulators are likely to crack down, CipherTrace CEO says
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CipherTrace CEO Tackles the Rise in Crypto Thefts

Criminals are stealing more cryptocurrency from exchanges, and that’s driving growth in a cottage industry of services that allows for money laundering of coins, according to a new report.

In the first half of the year, more than $760 million in cryptocurrency was stolen from exchanges -- nearly three times more than in all of 2017, CipherTrace said in its initial quarterly report on the subject. CipherTrace is a Menlo Park, California-based blockchain security firm that works with more than 40 companies and governments to trace crypto transactions.