Cryptocurrency intelligence firm reported that CipherTraces Q3, 2018, cryptocurrency thefts had already reached $927 million.
Previously CipherTrace second-quarter report said, the company identified that there were more thefts during the first half of 2018 compared to the entire year of 2017 alone. Some $731 million worth of cryptocurrency was stolen from exchanges with some of the most notable hacks including that of Japanese exchange Coincheck at $530 million, and BitGrail that lost some $195 million dollars worth of tokens.
As of the Q3 report, the number now stands at $927 million lost in cyber attacks and CipherTrace predicts that this trend will continue. By the end of the year, they say, thefts will add up to well over $1 billion.
Most exchanges are now taking this KYC thing serious. I read that very soon before you exchange up to $1000 with Bitcoin nor any cryptocurrency you will have to verify your identity. I believe that they are doing this to ensure safety and so that those that scam crypto users can be traced and caught, but I also know that most of the people who are making use of cryptocurrency are not going to like it for sure, because they all like to be anonymous and that's what is more important to them than keeping their money safe e. I make use of the Blockchain wallet and they have started telling users to verify their identity, started since they released this stellar coin and did the airdrop.
I don't know if it really needs to be fiat equivalent. I mean we are in crypto so obviously, it should be measured in bitcoin as well. Anyways, regulatory framework will come definitely as government are really doing everything in their power to enforce it.
So I won't be surprised if majority of top tier exchanges now will required some KYC. In that case, I will prefer to go full DEX. Not your keys not your coins.