The Anti-Phishing Working Group (APWG) estimate that over $1 billion (US) in crypto has been stolen since the start of 2017, states Blockchain Security Company — CipherTrace. This recent surge has led to numerous global investigations, aiming to bring the criminals resposible to justice.
According to CityWire, the UK’s Financial Conduct Authority is reported to have opened 24 investigations into cryptocurrency businesses. The investigations, some of which are the result of several whistleblower reports focus on regulatory compliance, states CoinTelegraph while citing the responses to Freedom of Information requests
The FCA has not mentioned names but claims that the investigations have been initiated into the companies in order to, “determine whether they might be carrying on regulated activities that require FCA authorization”
The cleanup is not unusual. Globally, regulators have been particularly active over past months with a focus on user protection, as the FCA point out, with investigations largely identifying “risk to consumers.”
The US-Canada “Operation Cryptosweep” is another such investigation underway, as reported recently by BitcoinNews. The focus of the North American operation is to target fraudulent investment programs, which to date has revealed 35 activities, the North American Securities Administrators Association (NASAA) announced.
In Singapore, the Central Bank has issued warnings to eight exchanges regarding securities law infringements and has halted the activities of one ICO token issuer.
Blockchain security company Cipher Trace suggests that the EU’s new General Data Protection Regulation (GDPR), which has now been activated, could reduce cybercrime. Cipher Trace claims that the new regulations could support these types of investigations due to critical ICANN WHOIS information.
Internet WHOIS data is a new resource for investigators comprising the Internet’s database of record, containing the names, addresses and email addresses of those who register domain names for websites on the Internet. Cipher Trace suggests that this data will become a crucial factor in recovering stolen funds and identifying criminals for eventual prosecution.
WHOIS is a fundamental resource for investigators and law enforcement officials who work to prevent these thefts. The Internet’s database of record is crucial in performing investigations that allow for the recovery of stolen funds, identifying the persons involved, and providing vital information for law enforcement to arrest and prosecute these criminals.
In the last year, $700M has been reported stolen by cybercriminals, and hundreds of millions of more thefts go largely unreported, according to the blockchain security company,
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