Cryptocurrency thefts and fraud reach $1.2bn in Q1

Survival of exchanges threatened as hacks continue to rise

Losses this year already total 70% of the 2018 figure as cryptocurrency exchanges and regulators fight an uphill battle against hackers. © Reuters

Nikkei staff writers

July 23, 2019 21:01 JST

TOKYO -- Theft and fraud continue to plague cryptocurrencies, with exchanges already having lost $1.2 billion in the January-March period alone, according to American cybersecurity company CipherTrace.

The alarming losses have some concerned about the survival of exchanges, as fully securing customer accounts from hackers becomes increasingly difficult.