Russian Crypto Users Robbed of $1.3 bln in 2018

April 12, 2018

The Central Bank of the Russian Federation reported that more than $1.3 billion were stolen from Russian cryptocurrency users since the beginning of 2018. 

Bank's analysts found over 22 cryptocurrency fraud schemes and that scammers had been stealing $23 million a day. CEO of Moscow Exchange (MOEX) Alexander Afanasiev criticized the regulatory approach of the Central Bank, calling it 'a pool without water'.

Afanasiev is sure that the cryptocurrency market is in need of the integration of innovative technology, related to the cryptocurrency industry. He warns that the situation can become worse. 

It is worthy to recall that the largest cryptocurrency hack to date happened in January, when users of a Japanese cryptocurrency exchange were robbed of more than $530 million in XEM. However, a Vietnamese startup Modern Tech is due to overcome this achievement, as it has been accused of stealing of more than $660 million from investors. 

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