9 Ciphertrace (2019b), Cryptocurrency Anti-Money Laundering Report, 2019 Q3, November, https://ciphertrace.com/q3-2019-cryptocurrency-anti-money-laundering-report/ and Ciphertrace (2019a), Cryptocurrency Anti-Money Laundering Report, 2018 Q4, January 2019, https://ciphertrace.com/cryptocurrency-anti-money-laundering-report-q4-2018/. -5through scams using QR codes, malware, and ransomware. These estimates reflect only known fraud and thefts; it is likely that not all losses are reported and some amount of cryptocurrencies is lost or forgotten. In most cases, customers bear the losses.
By contrast, over many decades, consumers in the United States and euro area have come to expect strong safeguards on their bank accounts and the associated payments.