Virtual currencies such as Bitcoin are a popular target for hackers since the trail goes cold easily and cybersecurity criminals can digitally erase their footprint.
Since Bitcoin and other cryptocurrencies are merely digital tokens and are not backed by the government or a physical commodity, victims rarely have any recourse legally or criminally. The largest flaw is that none of the transactions can be reversed, since the criminals are anonymous and can rob owners easily as their heists are not tracked like hacking into a savings or checking account. The FBI's Internet Crime Complaint Center in 2016 received reports of $28 million in losses from individuals as crimes stemming from the virtual currencies increased threefold from the year before.
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