Crypto Money Laundering - Are we ready for this ?

Ciphertrace just reported that more than $700M was stolen from Crypto Exchanges in the first six months of 2018. The current market cap of the top 100 cryptocurrencies globally is around $250 Billion. With a thousand plus of cryptocurrencies and globally distributed exchanges; a new crop of cybercriminals is emerging - The Exchange CyberCrims.

Most exchanges and startups issuing new coins are not regulating the identity checks of the users and most of them are represented by anonymous addresses. This is a big loophole in creating trust in the system.

When crypto criminals stole $2000 in coins from me in a transaction a few months back; it was even difficult to trace or enable regulation to trace the transaction. They were gone and the services were never performed. The laws trail behind as always. Cybercriminals 1; You Zero.

Popular posts from this blog

Still a long road ahead for smart cities

What do your biases say about you ?