The ongoing battle to beat crypto thieves | FT Tech
— Previous year, Unpicked, Algorithms handle, Captions, Evade detection, Another involves using tumblers, Private key, European union lawmakers backed tougher traceability rules, Device, Digital asset holdrs — 1 min read
$3.2bn worth of cryptocurrency was stolen in 2021, a 516 per cent increase over the previous year. Criminals exploiting five-fold growth of decentralised finance, or DeFi space, where algorithms handle all transactions and there is no human interaction between parties. Law enforcement and regulators have become better at tackling crimes involving cryptocurrencies. But cybercriminals are increasingly wielding their own high-tech tools and techniques to evade detection. Scams, ransomware, and theft rose 79 per cent in dollar terms last year. But despite that, transactions involving illicit addresses actually represented an all-time low of just 0.15 per cent of total crypto trade volume in 2021. But in an industry where participants are accustomed to moving fast, the onus will remain Source