Crypto Thefts Are Surging, Spurring More Coin Money-Laundering

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Criminals are stealing more cryptocurrency from exchanges, and that’s driving growth in a cottage industry of services that allows for money laundering of coins, according to a new report.

In the first half of the year, more than $760 million in cryptocurrency was stolen from exchanges — nearly three times more than in all of 2017, CipherTrace said in its initial quarterly report on the subject. CipherTrace is a Menlo Park, California-based blockchain security firm that works with more than 40 companies and governments to trace crypto transactions.

The current market value of the top 100 cryptocurrencies is around $270 billion, according to Services that clean dirty funds are widely available, CipherTrace said, and some have even advertised through Google AdWords.

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