Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration
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Officials still encourage people to report cryptocurrency theft to local police like any other crime saying failing to do so only emboldens criminals.Yet because many victims simply do not see the point, cryptocurrency theft is far more common than any published estimates suggest, security professionals say.According to financial research firm Autonomous NEXT and Crypto Aware, which works with investors affected by crypto scams, about 15 percent of cryptocurrencies have been stolen between 2012 and the first half of 2018, representing a cumulative $1.7 billion in value at the time of the theft and with a rising tendency. According ICO tracker Coinschedule a record $21.3 billion flowed into new tokens so far this year as investors keep snapping up "initial coin offerings," undeterred by high-profile heists, bitcoin's and other currencies' slide from late 2017 peaks, and government warnings of widespread fraud and theft.For example, when hackers stole about $9 million worth of ether tokens from a Zug, Switzerland-based company Swarm City in July 2017, the peer-to-peer digital platform did not report the theft to the police, business leader Bernd Lapp said.
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