Cryptocurrency Industry Faced a Loss of $356 Million in First Three Months

Cryptocurrency industry is in a pretty bad phase in the first quarter of 2019. The crypto thieves stole a whopping amount of $356 million cryptocurrencies in the first three months of this year. It is estimated that the industry will face a billion dollar loss by the end of 2019.

CipherTrace Analytics has stated that there is an increase of 45% in the payments made from exchanges based out of the US to so many offshore cryptocurrency wallets in the past two years. According to Cipher Trace, once if the money reaches the wallets in other parts of the globe, the US authorities won’t be able to know or access the money. This is a big threat to the US.

CipherTrace reports

Some of the famous cryptocurrency exchange platforms and wallets have fallen prey to the hackers this year. Cryptopia, one of the oldest cryptocurrency exchange platform has faced a loss of $16 million in this January.

In March, two Singapore based companies DragonEx and CoinBene lost $46 million dollars worth of Etherum tokens in the hacker attacks. Coin Bene case is pretty interesting among both of them. The company has claimed that the users’ accounts are completely safe and they will compensate the users if there is anything wrong.

CipherTrace conducted an investigation on this case and nearly $105 million cryptocurrencies was sent from Coin Bene to other crypto exchange platforms, mainly Etherdelta right at the time when the company was hacked allegedly (Mar 25 to 28).

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CipherTrace owner Hard Fork stated that they noticed more than $100 million exchange from CoinBene to other platforms but some of the amounts are returned to CoinBene again and they don’t think that this amount is the stolen money. South Korean companies BitThumb and Coinbin have also faced huge losses in 2019.

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