Close to $700 mln of stolen crypto has been recovered since January this year, following efforts from various governments and organisations to track and recover stolen cryptocurrency, according to data from StockApps.com.
In May, the US Department of Justice (DOJ) announced the creation of a “Cryptocurrency Theft Task Force”, tasked with investigating and prosecuting cases of crypto theft.
“The recovery rate for stolen cryptocurrency is actually quite high, thanks to the efforts of law enforcement and security experts,” said Edith Reads from StockApps .
“This is a huge win for the crypto community, as it shows that even when criminals attempt to take advantage of the decentralised nature of cryptocurrencies, there are still ways to track down and recover stolen funds.”
In June, the G7 nations released a joint statement on cryptocurrency regulation.
One of the key points in the statement was the need for “vigilance” when it comes to cryptocurrency theft. The statement also said that the G7 nations are committed to working together to prevent and recover stolen cryptocurrency.
Authorities are keen to recover any crypto property lost. Yet, criminals and hackers are not taking it politely.
The state has seen hackers and frauds refining their criminal activities to beat the government in monitoring and confiscating cryptos.
One of the tools criminals rely on is Mixers.
Mixers accept money from various sources, mix them and redistribute randomly to conceal the origin of the funds and their final destination. This makes it very hard for the police to track the money and often leads to a dead end.
Despite these challenges, the recovery rate for stolen cryptocurrency is still quite high. This is thanks to the efforts of law enforcement and security experts.
Even though criminals are trying to take advantage of the decentralized nature of cryptocurrencies, there are still ways to track down and recover stolen funds, concluded Reads.