CipherTrace also highlighted that the sector has encountered $15.5 million in quarterly thefts and scams in the third quarter, the lowest in two years.
Department of Homeland Security Science and Technology(S&T)and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors.
Cryptocurrency analytics firm CipherTrace has launched“Defenders League,” a program designed to provide students with the training and tools necessary to investigate crypto-related scams.
CipherTrace further claims 2019 may be the“Year of the Exit Scam,” with $3.1 billion stolen through exits and another $874 million in misappropriated funds.
According to CipherTrace's report for the third quarter of 2019, the total volume of cryptocurrency-related fraud and theft resulted in losses worth $4.4 billion in 2019.
CipherTrace states that, following the latest travel rule of the Financial Action Task Force(FATF), illicit funds will quickly be subject to more intense scrutiny.
CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies.
On Jan. 13 CipherTrace announced partnerships with the Middlebury Institute of International Studies at Monterey, Middlesex University London, and the Blockchain Acceleration Foundation(BAF).
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