in a report New published by CypherTrace, an anti-money laundering firm that conducts security investigations related to the crypto market and provides intelligence solutions to blockchain companies that all crypto-related fraud and theft totaled $4.4 billion in 2019.

This is more than the figure previously recorded at $1.7 billion in 2018.

This comes as the industry increasingly seeks to regulate privacy coins.

Although the total annual amount is high, this is largely due to scams of larger size such as:

QuadrigaCX lost $192 million and PlusToken scam $2.9 billion.

However, the last quarter of last year 2018 witnessed a decrease in the number of crimes to only 15.5 million dollars stolen in hacking and fraud,

Read:Bitcoin recovers $20k level, JP Morgan warns of massive BTC selloff

This makes it “the smallest number of cryptocurrency crimes in any quarter over the past few years.”

CipherTrace, in its statement, acknowledges that:

We don’t have firm data to explain this decline except for the anomalous nature of QuadrigaCX and PlusToken scams that have inflated the numbers from previous quarters.

One possible explanation is that government regulation of the industry has a positive effect.

However in terms of systems, CipherTrace found that 63% of the platforms that trade privacy coins have weak KYC procedures.

Including platforms that do not trade privacy coins, the number has risen to 67% of exchanges.

CipherTrace also believes that the proposed Financial Action Task Force (FATF) guidelines may have caused the increased deletion of privacy coins by exchanges.

The report then outlines the different regulations that each country imposes on different cryptocurrencies and the timelines associated with them.

CipherTrace discusses Dash throughout the report and how it has often been grouped with other privacy-focused coins by regulators, and an entire section is outlined in the report to discuss the smaller details that distinguish Dash.

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CipherTrace discussed how Ryan Taylor, CEO of the Dash Core Group, at the cryptocurrency compliance conference in San Francisco, explained that:

Dash is identical to Bitcoin and is 100% capable of meeting the requirements of the FATF team.

“PrivateSend” transactions are not unlike Bitcoin transactions that use privacy-enhancing overlays such as “coinjoin” or “zerolink.”

And that exchanges may take the same approach to Dash’s privacy features as they do with the enhanced privacy features available to Bitcoin when trying to mitigate risks from bad actors.

CipherTrace also adds how his research has found that while privacy coins such as Dash, Zcash and Monero have been offered as alternatives to Bitcoin in the dark market, Bitcoin is still king and hard data indicates that the perceived risks of these coins are unimaginable. realistic.

As a reminder, the privacy feature of cryptocurrencies was one of the most important advantages that attracted many early adopters.

Read:The Norwegian government is planning to use a second layer project for the Ethereum blockchain

But at the moment many exchanges are under pressure from regulators to delete any currency related to privacy.

However, Dash was able to take advantage of the “Dash Core Group” funded by the “Dash DAO” to send representatives to speak with these exchanges and regulators to educate them about how Dash coin privacy works.

This resulted in the reversal of planned UK delistings and the suspension of delisting on OKEx.

Dash is able to offer privacy features to users and please regulators to avoid complete deletions that would make it difficult to obtain or spend coins.

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