"The 150% increase in cryptocurrency thefts and frauds reflects how criminals adapt to growing profits," said Dave Jevans, chief executive of CipherTrace, quoted by Reuters.
He added that the criminals are chasing the money, and the money is right here, ready to be taken. Small attacks are often easier to prevent, but targeted attacks are much more profitable.
CryptoCurrencies have attracted considerable attention from regulatory authorities around the world, as developers and market participants are trying to bring their asset class to the core segment.
Two major thefts led to this year's increase in losses, according to CipherTrace.
One of the frauds caused users and customers a loss of $ 2.9 billion, consisting of a pyramid scheme (Ponzi) that involved a cryptocurrency wallet and currency exchange, PlusToken.
The other major fraud this year was a $ 195 million loss on the QuadrigaCX platform.
"Even without the two frauds, we witness theft of millions of dollars. From year to year there is a relatively consistent increase in criminal activity and we do not expect this to change overnight," said Jevans.
He added that attacks worth less than $ 5 million are often unreported, with trading platforms and police focusing on higher risks.
CipherTrace reported that thefts and scams in the third quarter reached $ 15.5 million, the lowest level in the last two years.
According to the report, of the 120 largest cryptocurrency trading platforms worldwide, 65% impose poor conditions for acquainting customers.