In the first five months of 2020, crypto-currency thefts, hacks and fraud totalled $1.4 billion (R24 billion).
This is according to blockchain threat intelligence solutions firm CipherTrace, which has released its Spring 2020 Crypto-currency Anti-Money Laundering and Crime Report, containing key data on crypto-currency crimes and trends that will have regulatory repercussions for virtual asset service providers and other financial institutions.
The report says the R24 billion figure suggests 2020 could see the greatest total amount stolen in crypto crimes outside 2019’s $4.5 billion (R80 billion).
It notes the total value stolen from crypto crimes is on track to be the second highest on record.
The largest contributor to this high number is a billion-dollar Ponzi scheme by Wotoken in China, says CipherTrace.