Crypto Crimes Declined in 2020
Crypto-related crimes are on the downside but DeFi hacks are on the upswing
Report: Crypto crimes declined in 2020, but DeFi hacks are on the rise
“Cryptocurrency-related crimes have slowed down in 2020, but some sectors within the crypto industry have become a new hotbed for criminal activity, a new report says.
Citing major crypto analytics firm CipherTrace, Reuters reported on Nov. 10 that total losses from crypto thefts, hacks and fraud dropped from $4.4 billion in 2019 to $1.8 billion over the first 10 months of 2020.
CipherTrace CEO Dave Jevans said that the general decline of criminal activity in the crypto industry is a result of increased security measures:
‘What we have seen is that exchanges and other cryptocurrency players have implemented more security procedures. […] They have taken the guidance and implemented the procedures to secure their funds better. So you’re going to see less mass-scale hacks.'”