Reuters, in a report from May 24th, reveals that research from the Anti-Phishing Working Group (APWG) shows that up to $1.2 billion in cryptocurrency was stolen since the start of 2017.
The figure is an estimate of combined reported and unreported theft, with less than 20 percent having been recovered.
Dave Jevans, CEO of cryptocurrency security firm CipherTrace and chairman of the APWG, told Reuters in an interview that the upcoming General Data Protection Regulation (GDPR) will negatively affect law enforcement’s ability to find criminals stealing crypto. He said:
“GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals. By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud, and crypto-jacking.”
The new regulations mean that European domain data will no longer be added to the WHOIS Internet database, meaning investigators will no longer have access to data needed for prosecution of criminals. He continues:
“So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore.”