Data Shows the US to be at #1 In Crypto Related Crimes

Data Shows the US to be at #1 In Crypto Related Crimes

A recent study has revealed that the United States is the highest originator of cryptocurrency related crimes. The study further reports that cybercrime has affected all the major cryptocurrency exchanges.

Group-IB recently conducted a study on the cryptocurrency market with a focus on hacking and cybersecurity. The study revealed that over 50% of the cryptocurrency related crimes originated in the United States. Out of the 50 botnets scouring the cryptocurrency exchange platforms for weaknesses, half of the bad traffic comes from the US. 21.5% of it came from the Netherlands. 4.3% came from Ukraine, Germany with 1.3%, Russian Federation with 3.2% and France with 2.6%.

Cryptocurrency exchange related hacks are a clear threat to the industry. According to the researchers, all of the top 19 platforms have been affected by cyber criminal activity.

The study details that around 720 accounts across all platforms have been compromised. This is an almost 100% increase from 369 compromised accounts in 2017. More than a third of these numbers are based in the states. Russia and China are among the top three countries affected.

According to the study, poor internet security culture is the root cause of this. Ruslan Yusufov, the Group-IB Director of Special Projects said,

Increased fraudulent activity and attention of hacker groups to the crypto-industry, additional functions of malicious software related to cryptocurrencies, as well as the significant amounts of already stolen funds signals that the industry is not ready to defend itself and protect its users.

According to the study, both users and platforms are ignorant of the need for the two-factor authentication and the need to use complicated passwords. Group-IB revealed that out of the 720 compromised accounts, 20% of them used passwords that were shorter than 8 characters in length.

Learn more about cryptocurrency related crimes by clicking here.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.