Last year was the worst yet in regards to crypto crime, a new report reveals. The industry lost more than $1.7 billion to crypto crooks, three times the 2017 tally. In what has become an ever-evolving menace, the thieves have continued to refine their methods. Crypto exchanges are still targets of choice for the crooks. However, the landscape is slowly changing, with inside jobs becoming a significant new channel. Exit scams by ICO issuers and SIM swapping have also gained traction as the thieves diversify.
Since the days of Mt.Gox, the crypto industry has continued to be the victim of well-orchestrated heists. While the defense technology and the awareness have improved, it has done little to deter the criminals. They keep outsmarting us, and it’s getting worse every year.