If you’re ever so unfortunate as to become the victim of a bitcoin thievery, there’s very little probability that you just can ever see your cryptocurrency assets again.
For this reason, security specialists have advised that only a fraction of those cases ever get reported , as victims believe they're unlikely to retrieve stolen cryptocurrency. Reuters reports that the distinctive nature of cryptocurrencies has created a double-edged sword where investors don't expect criminals to be caught after successful crypto heists, and cybercriminals are turning to crypto in larger numbers, driven by the perception that it offers them complete insulation from the law.
Peculiar Challenges
Alluding to the unique nature of bitcoin and different cryptocurrency assets — and the peculiar security problems they create — Patrick Wyman, supervisory special agent in the monetary crimes section of the Federal Bureau of Investigation anti-money laundering unit, said:
The cryptocurrency market is a aggressive one, then also is the associated crime, the data reveals. Security professionals believe the high rate of these crimes is why investigators tend to be a lot of preoccupied with high-profile cases, while tiny investors are left unattended. Jaroslav Jakubcek, an analyst at Europol — the center of EU’s law enforcement cooperation, expertise, and intelligence — told Reuters that it's impossible for each law enforcement agency to commit resources to each crime.
Autonomous NEXT and Crypto Aware, a financial research firm that collaborates with victims of crypto scams, estimated that about $1.7 billion value of cryptocurrencies, were stolen between 2012 and the first half of 2018. The information also reveals that over $800 million has already been stolen this year. Per the research, approximately 85 of crimes are ne'er even reported.
20 % Recovery Rate
Quoted in the Reuters report, David Jevans, chief executive officer of California-based CipherTrace, expressed that only about 20 % of stolen crypto ever is recovered, even once trading platforms or exchanges are hacked, due to the ease with which tokens will move across different borders. Following protocol, getting law enforcement in many countries concerned, and gathering evidence to open a case usually takes an extended time, and by the time this is done, the money has been moved. The money at stake has to be huge to justify the efforts.
Moreover, the targets are just massive cryptocurrency exchanges. In August, an U.S. entrepreneur and cryptocurrency investor Michael Terpin had $24 million in crypto stolen from his mobile wallet by sim hackers, causing him to him file a $224 million suit against his service provider AT&T, who denied responsibility.
Just this week, a 24-year-old Norwegian bitcoin investor was murdered shortly after exchanging an oversized amount of cryptocurrency for cash. According to reports, the offender may have been after those return, which he was keeping in his apartment.
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