Crypto Criminals Take in $4.3 Billion in 2019, CipherTrace Reports

Cryptocurrency criminals have taken in an estimated $4.3 billion USD in 2019, according to CipherTrace. CipherTrace, a cryptosecurity company based in Silicon Valley, has released its Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report, which is a detailed overview of major cryptocurrency thefts, scams, and fraud around the world. The firm’s Q1 report estimated that cybercriminals illicitly obtained more than $1.2 billion USD in cryptocurrency during the first three months of the year alone. To put the severity of these figure in context, last year’s total figure for crypto theft was…

Blockchain Solution Spending to Hit $16 Billion by 2023: IDC Report

Worldwide spending on blockchain solutions is expected to hit almost $16 billion in 2023.  A new report published on Aug. 8 by United States-based market research firm International Data Corporation (IDC) forecast that overall spending on the technology will reach $15.9 billion in 2023, at a five-year compound annual growth rate (CAGR) of 60.2% between 2018-2023. Blockchain spending in 2019 to rise 80% IDC’s Worldwide Semiannual Blockchain Spending Guide provides an analysis of spending data for the blockchain sector from a regional, vertical industry, use case, buyer and technology perspective.…

India Will Lose An Almost $13 Billion Market By Banning Crypto

Sidharth Sogani, the CEO of crypto and blockchain research firm Crebaco Global Inc, believes that India will lose around $12.9 billion worth of market if cryptocurrency is banned in the country. Sogani shared his reasoning with the news outlet AMBCrypto, which reported the matter on August 8. According to the report, Crebaco’s methodology included an analysis of how much revenue companies might have generated if crypto was ruled to be legal, as well as crypto companies with Indian founders who moved offshore due to the Reserve Bank of India’s banking…

North Korea Stole $2 Billion in Cryptocurrency From Exchanges, Says UN

North Korea has netted around $2 billion by hacking banks and cryptocurrency exchanges, according to the United Nations (U.N.). UN: Hacked crypto funds weapons of mass destruction In a confidential report acquired by mainstream media outlets including Reuters on Aug. 5, the U.N. Security Council North Korea sanctions committee said that hackers formed an essential part of government funding.  “Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to…

Firm That Monitors USDC Stablecoin Audited Over $10 Billion in Client Assets

The international auditing firm that attests to Circle’s issuance of USDC stablecoins announced it has audited more than $10 billion worth of client assets in the first quarter of 2019, according to a statement. The accounting firm Grant Thornton serves between 15 and 20 clients that are highly leveraged in crypto assets, including prominent crypto-denominated exchanges, according to Markus Veith, a partner at the firm. The attestations establish that a client’s holdings or investments exist and are fairly stated in the quantities claimed. While discrepancies have been found between the…

Bitcoin (BTC) Bulls Unconvincing, Over $1 Billion Lost To Hackers

Bitcoin (BTC) prices are steady Over $1 billion lost to hackers Hacking is forcing thoroughness in cryptocurrency exchanges. Determined hackers have seen exchanges lose over $1 billion with Bitpoint the latest victim. At the time of writing, BTC is stable, but bears have the upper hand. Bitcoin Price Analysis Fundamentals There is always a risk when trading. Unlike trading traditional securities like bonds or Forex, the cryptocurrency space is unregulated. That is perhaps the reason why government representatives are drumming up for proper regulation. Furthermore, Bitcoin and digital assets are…

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April

Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals as of July 16. Bitcoin’s Uptrend in Daily Transaction Value Eclipsing Altcoins’ The data — which has been adjusted to remove noise and certain artifacts, per Coinmetrics — shows an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days. On April 17, the average daily value was at $1.04 billion as compared with $3.22 billion on July 16, an almost 210% increase.…

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time. Administrative Error In an astonishing development, the…

Tether Mistakenly Minted 5 Billion USDT and Immediately Burned Them

Stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens, Whale Alert tweeted on July 13. Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them. Then, Tether minted another 50 million USDT on the same chain, burned another…

Crypto Friendly Regulation can Help UK Brexit, Says $10 Billion Advisory Giant

The CEO of financial advisory giant deVere Group said positive cryptocurrency regulation should form a central part of the post-Brexit United Kingdom. Nigel Green made the comments in an interview with fintech news outlet Verdict on July 9. DeVere, which has around $10 billion of assets under advice, is concerned the U.K. will end up in recession in the event of a no-deal Brexit, which politicians have promised could happen as soon as October.  “The growing cryptocurrency market has already provided tangible economic benefits to other major economies,” Green said. …